§ 33-59-1. Short Title
This chapter shall be known and may be cited as the “Life Settlements Act.” History. Code 1981, § 33-59-1 , enacted by Ga. L. 2005, p. 998, § 1/SB 217; Ga. L. 2009, p. 370, § 1/SB 61.
§ 33-59-10. Lender-Financed Premiums Using Policy as Collateral; Disclosures and Certifications
In addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may inquire in the application for insurance whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing. If, as described […]
§ 33-59-11. Required Documents and Information; Confidentiality; Seller’s Right to Rescind; Escrow Proceedings; Failure to Tender Consideration; Limitation on Contracts With the Insured for the Purpose of Determining the Insured’s Health Status
A provider entering into a life settlement contract, wherein the insured is terminally or chronically ill, shall first obtain: If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a settlement contract; and A […]
§ 33-59-12. Determining Governing Law When Multiple Owners
If there is more than one owner on a single policy, and the owners are residents of different states, the life settlement contract shall be governed by the law of the state in which the owner having the largest percentage ownership resides or, if the owners hold equal ownership, the state of residence of one […]
§ 33-59-13. Unlawful Activities Deemed Fraudulent Life Settlement Act
It shall be unlawful for any person to: Enter into a life settlement contract if such person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for such policy; Engage in any transaction, practice, or course of business if such person knows […]
§ 33-59-14. Violations; Required Statement; Reporting of Fraudulent Acts to the Commissioner; Immunity for Providing Information Concerning Fraudulent Acts; Confidentiality of Documents and Evidence; Mandatory Adoption of Antifraud Initiatives by Providers
It shall be illegal for a person to commit a fraudulent life settlement act. A person shall not knowingly and intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual violations of this chapter. A person in the business of life settlements shall not knowingly or intentionally permit […]
§ 33-59-15. Remedies and Penalties for Violations; Procedural Issues
In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule or regulation implementing this chapter, the Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply […]
§ 33-59-16. Fraudulent Life Settlement Acts Prohibited; Criminal and Civil Penalties; Revocation of License
It is a violation of this chapter for any person, provider, life settlement broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act. For criminal liability purposes, a person that commits a fraudulent life settlement act shall be guilty of committing insurance fraud and shall be […]
§ 33-59-17. Unfair Trade Practice
A violation of this chapter shall be considered an unfair trade practice pursuant to state law and subject to the penalties provided by state law. History. Code 1981, § 33-59-14 , enacted by Ga. L. 2005, p. 998, § 1/SB 217; Code 1981, § 33-59-17 , as redesignated by Ga. L. 2009, p. 370, § […]
§ 33-59-2. Definitions
As used in this chapter, the term: “Advertisement” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed directly before the public in this state for […]
§ 33-59-3. License Requirements; Representation of Producers; Exceptions; Application and Renewal; Fees; Licenses for Legal Entities; Investigations; Nonresident Applicants; Required Information From Provider; Continued Training Requirements
No person, wherever located, shall act as a provider or life settlement broker with an owner or multiple owners who are residents of this state without first having obtained a license or acknowledgment of registration from the Commissioner. If there is more than one owner on a single policy and the owners are residents of […]
§ 33-59-4. Suspension, Revocation, or Refusal to Renew Licenses; Grounds; Hearing Required
The Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the Commissioner finds that: There was any material misrepresentation in the application for the license; The licensee or any officer, partner, member, or director has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or […]
§ 33-59-5. Filing of Contracts and Disclosure Statements With the Commissioner; Approval or Disapproval
No person may use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies, and contracts. No insurer may, as […]
§ 33-59-6. Filing of Annual Statement With the Commissioner; Confidential Information
Each provider shall file with the Commissioner on or before May 1 of each year an annual statement containing such information as the Commissioner may prescribe by rule or regulation in addition to any other requirements for any policy settled within five years of policy issuance. In addition to any other requirements, the annual statement […]
§ 33-59-7. Examination of Licensees and Businesses; Record Retention Requirements; Examination Reports; Orders; Hearings; Confidentiality of Examination Information; Conflict of Interest; Immunity; Investigative Authority of the Commissioner
The Commissioner may, when the Commissioner deems it reasonably necessary to protect the interests of the public, examine the business and affairs of any licensee or applicant for a license. The Commissioner may order any licensee or applicant to produce any records, books, files, or other information reasonably necessary to ascertain whether such licensee or […]
§ 33-59-8. Advertising
A registered life settlement broker or licensed provider who is registered or licensed pursuant to this chapter may conduct or participate in advertisements within this state. Such advertisements shall comply with all advertising and marketing laws of this state and rules and regulations promulgated by the Commissioner that are applicable to life insurers or to […]
§ 33-59-9. Required Written Disclosures; Consequence for Failure to Provide
The provider or broker shall provide in writing, in a separate document that is signed by the owner, the following information no later than the date of the application for a life settlement contract: The fact that possible alternatives to life settlement contracts exist, including, but not limited to, accelerated benefits offered by the issuer […]