Ga. Comp. R. & Regs. R. 120-2-32-.12 - Qualification of Agents for the Sale of Variable Life Insurance
(1) Qualification
to Sell Variable Life Insurance. Agents shall be qualified to sell variable
life insurance upon satisfying the following requirements:
(a) No person may sell or offer for sale in
this State any variable life insurance policy unless such person:
1. holds a current life agent's
license.
2. holds a current
N.A.S.D. Registration as certified by the Central Registration
Depository.
3. has filed with the
Commissioner evidence that such person holds any license or authorization which
may be required by the solicitation or sale of variable life insurance by any
federal or state securities law.
4.
has submitted an application for licensing and a certification by his
sponsoring company that the agent has completed a preexamination course meeting
the requirements of this State.
5.
has passed the variable life agent examination administered by this
State.
(b) Any
examination administered by the Insurance Department for the purpose of
determining the eligibility of any person for licensing as an agent shall
include such questions concerning the history, purpose, regulation, and sale of
variable life insurance as the Commissioner deems appropriate.
(2) Reports of Disciplinary
Actions. Any person qualified in this State under this Rule to sell or offer to
sell variable life insurance shall immediately report to the Commissioner:
(a) any suspension or revocation of his
agent's license in any other state or territory of the United States;
(b) the imposition of any disciplinary
sanction, including suspension or expulsion from the membership, suspension, or
revocation of or denial of registration, imposed upon him by any national
securities exchange, or national securities association, or any federal, state,
or territorial agency with jurisdiction over securities or variable life
insurance;
(c) any judgment or
injunction entered against him on the basis of conduct deemed to have involved
fraud, deceit, misrepresentation, or violation of any insurance or securities
law or regulation.
(3)
Refusal to Qualify Agent to Sell Variable Life Insurance, Suspension,
Revocation, or Nonrenewal of Qualification. The Commissioner may reject any
application or suspend or revoke or refuse to renew any agent's qualification
under this Rule to sell or offer to sell variable life insurance upon any
ground that would bar such applicant or such agent from being licensed to sell
other life insurance contracts in this state. The rules governing any
proceeding relating to the suspension or revocation of any agent's license
shall also govern any proceeding for suspension or revocation of an agent's
qualification to sell or offer to sell variable life insurance.
Notes
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