Ga. Comp. R. & Regs. R. 120-2-27-.13 - Agency Matters; Agreements; Claims; and Maintenance of File by Insurer
(1) Insurers
transacting credit insurance in this State shall only pay directly or
indirectly to their agents or managing general agents or to any other person as
remuneration for the sale of credit insurance in this State those commissions,
service fees, or other forms of compensation as are contained in the written
agency agreement or agency contract between such insurer and its agent and is
limited by these regulations.
(2)
Each insurer shall maintain at its home or principal office a complete file
containing copies of all agency agreements or agency contracts between such
insurer and its agents who are authorized to collect credit insurance premiums
on behalf of said insurer in this State. Such file and its contents shall be
subject to regular and periodic inspection by the Office of Commissioner of
Insurance. All such agency agreements or agency contracts shall be maintained
in said file in a manner suitable for inspection by the Office of Commissioner
of Insurance for a period of not less than five (5) years.
(3) Any agent, subagent, agency or creditor
writing credit life or credit accident and sickness insurance in this State
shall provide forms necessary to file claims within fifteen calendar days of a
request with reasonable explanations regarding their use and shall forward such
claim to the insurer within twenty (20) business days of receipt of written
proof of loss.
(4) No person shall
solicit, directly or indirectly, make, or cause to be made, any contract of
credit insurance unless such person holds a valid agent, subagent, or a limited
subagent license.
Notes
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