Ga. Comp. R. & Regs. R. 120-2-73-.02 - Scope
(1) To the extent
hereinafter provided, this regulation shall apply to any solicitation,
negotiation or procurement of annuity contracts, or deposit funds accepted in
conjunction with individual life insurance policies or with annuity contracts
which are subject to this regulation, occurring within this state. The
regulation shall apply to any issuer of life insurance policies or annuity
contracts, including fraternal benefit societies. For the purpose of this
regulation, annuity contracts include annuity riders to life insurance
policies.
(2) This regulation shall
apply to:
(a) Individual deferred annuities
and group annuities.
(b) Deposit
funds (i.e. arrangements under which amounts to accumulate at interest are paid
in addition to life insurance premiums or annuity considerations under
provisions of individual life insurance policies or annuity
contracts).
(3) This
regulation shall not apply to:
(a) Group
annuity contracts whose cost is borne in whole or in part by the annuitant's
employer or by an association of which the annuitant is a member. The cost of a
contract shall be deemed to be borne by an annuitant's employer to the extent
the annuitant's salary is reduced or the annuitant forgoes a salary increase;
(b) Immediate annuity contracts;
(c) Policies or contracts issued
in connection with employee benefit plans as defined by Section 3(3) of the
federal Employee Retirement Income Security Act of 1974 (ERISA) as amended from
time to time;
(d) Individual
retirement accounts and individual retirement annuities as described in Section
408 of the federal Internal Revenue Code;
(e) A single advance payment of specific
premiums equal to the discounted value of such premiums;
(f) A policyholder's deposit account
established primarily to facilitate payment of regular premiums and where the
anticipated balance of such account does not exceed twice the sum of the
premiums payable in one year on all policies for which premiums are being paid
from such account.
Notes
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