Ga. Comp. R. & Regs. R. 120-2-3-.29 - Resident Credit Insurance Agents and Limited Subagents
(1) Resident Credit
Insurance Agent:
(a) To be eligible for a
resident credit insurance agent license issued in accordance with Chapter 23 of
Title 33 of the Official Code of Georgia Annotated and this Regulation, the
applicant must make proper application to the Commissioner and pay all required
fees. Upon application to the Commissioner, a license for an agent limited to
credit insurance shall be issued to any resident individual provided:
1. The individual otherwise meets the
requirements for an agent license under Chapter 23 of Title 33 of the Official
Code of Georgia Annotated and this Regulation; and
2. The application process shall include
sponsorship by an insurer licensed to do business in this state. Prior to
issuance of the license, the sponsor shall agree to appoint the applicant as a
representative of the company. The sponsor shall affirm that an investigation
of the general character of the applicant has been conducted by an agency not
affiliated with the insurer and that the sponsor recommends the applicant for a
license. Such investigation shall include a criminal background check;
and
3. The insurer and applicant
certify that the applicant has read the following laws and regulations:
(i) Chapters 6, 7, 24, 27, 30, and 31 of
Title 33 of the Official Code of Georgia Annotated; and O.C.G.A. §§
33-1-9,
33-1-16,
33-2-12, and
33-2-15.
(ii) Rule and Regulations of the State of
Georgia Department 120 Chapter 2 Subject 27.
(b) No prelicensing education shall be
required other than the certification of compliance with Rules
120-2-3-.29(1)(a)3.(i) and
(ii).
(c) No examination shall be required for the
issuance of such license.
(d)
Effective January 1, 2010, the application process for an agent license will no
longer require sponsorship by an insurer. Upon issuance of the agent license,
the licensee must obtain a certificate of authority from each insurer that they
will represent.
(e) Effective
January 1, 2010, all new applicants, excluding active licensees and individuals
that apply for reinstatement within 6 months of expiration date, shall be
required to submit electronic fingerprints through a vendor selected by the
Department for a criminal background check. The applicant shall bear the cost
for electronic fingerprinting.
(2) Resident Limited Subagent:
(a) To be eligible for a resident limited
subagent credit license issued in accordance with Chapter 23 of Title 33 of the
Official Code of Georgia Annotated and this Regulation, the applicant must make
proper application to the Commissioner and pay all required fees. The
application shall include sponsorship by a licensed resident agent who agrees
to assume responsibility for the limited subagent's acts; and,
1. The application process shall include
sponsorship by a resident agent licensed to do business in this state. Prior to
issuance of the license, the sponsoring agent shall agree to appoint the
applicant as a representative of the agent. The sponsoring agent shall affirm
that an investigation of the general character of the applicant has been
conducted by an agency not affiliated with the agent and that the sponsoring
agent recommends the applicant for a license. Such investigation shall include
a criminal background check; and
2.
Both the applicant and the sponsoring agent certify that the applicant has read
the following laws and regulations:
(i)
Chapters 6, 7, 24, 27, 30, and 31 of Title 33 of the Official Code of Georgia
Annotated; and O.C.G.A. §§
33-1-9,
33-1-16,
33-2-12, and
33-2-15.
(ii) Rule and Regulations of the State of
Georgia Department 120 Chapter 2 Subject 27.
(b) No prelicensing education shall be
required other than the certification of compliance with Rules
120-2-3-.29(2)(a)3.(i) and
(ii).
(c) No examination shall be required for
issuance of such license.
(d) The
sponsoring agent shall hold the credit insurance limited subagent's license and
return such license to the Commissioner upon termination of the subagent's
authority.
(e) The termination,
cancellation, or nonrenewal of the sponsoring agent's license will result in
the cancellation of the limited subagent's license.
(f) Effective January 1, 2010, all new
applicants, excluding active licensees and individuals that apply for
reinstatement within 6 months of expiration date, shall be required to submit
electronic fingerprints through a vendor selected by the Department for a
criminal background check. The applicant shall bear the cost for electronic
fingerprinting.
(3)
License Renewal and Continuing Education Filing Requirements. Each year by the
dates specified in Rule
120-2-3-.16, license renewals must
be filed on forms prescribed by the Commissioner, accompanied by the
appropriate fee; additionally, credit insurance agents and limited subagents
must file as follows:
(a) Resident Credit
Insurance Agent. The insurer shall certify to the Commissioner that the credit
insurance agent has spent a minimum of five (5) hours of self-study during the
preceding year in credit insurance subjects specified in Rules
120-2-3-.29(1)(a)3.(i) and
(ii). In lieu of such certification, the
agent may submit evidence of completion of a minimum of five (5) hours of
classroom study or equivalent correspondence or other individual study programs
as provided in this Regulation, provided such study includes credit insurance
subjects specified in Rules
120-2-3-.29(1)(a)3.(i) and
(ii). After conversion to a biennial license
and upon subsequent renewal, each credit licensee is required to provide proof
of ten (10) hours of self-study or continuing education.
(b) Resident Limited Subagent. The sponsoring
agent shall certify to the Commissioner that the credit insurance limited
subagent has received at least five (5) hours of self-study during the
preceding year in credit insurance subjects specified in Rules
120-2-3-.29(2)(a)3.(i) and
(ii). In lieu of such certification, the
limited subagent may submit evidence of completion of a minimum of five (5)
hours of classroom study or equivalent correspondence or other individual study
programs as provided in this Regulation, provided such study includes credit
insurance subjects specified in Rules
120-2-3-.29(2)(a)3.(i) and
(ii). The limited subagent certificate of
authority must be renewed in conjunction with the limited subagent license
renewal. After conversion to biennial license and upon subsequent renewal, each
credit licensee is required to provide proof of ten (10) hours of self-study or
continuing education.
Notes
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