§ 33-22-6. Grounds and Procedure for Revocation, Suspension, or Nonrenewal of License or Imposition of Probation or Fine
The Commissioner may revoke or suspend the license of any premium finance company when and if after investigation the Commissioner finds that: Any license issued to the company was obtained by fraud; There was any misrepresentation in the application for the license; The holder of the license has otherwise shown himself untrustworthy or incompetent to […]
§ 33-22-7. Maintenance of Records of Transactions by Licensees; Examination of Records by Commissioner
Every licensee shall maintain records of its premium finance transactions and the said records shall be open to examination and investigation by the Commissioner. Every licensee shall preserve its records of its premium finance transactions, including cards used in a card system, for at least three years after making the final entry in respect to […]
§ 33-22-8. Form, Contents, Execution, and Delivery of Premium Finance Agreement; Financing of Additional Premiums
A premium finance agreement shall: Be dated and signed by or on behalf of the insured, and the printed portion of the agreement shall be in approximately eight-point type and shall be readable by an individual with average eyesight; Contain the name and place of business of the insurance agent or insurance broker negotiating the […]
§ 33-22-9. Service Charges
As used in this Code section, the term: “Commercial insurance premium finance agreement” means any insurance premium finance agreement other than a consumer premium finance agreement. “Consumer insurance premium finance agreement” means an insurance premium finance agreement, as defined in Code Section 33-22-2, wherein the insurance contracts which are the subject of the premium finance […]
§ 33-22-10. Delinquency Charges; Returned Check Fees
A premium finance agreement may provide for the payment by the insured of a delinquency charge ranging in amount from $1.50 to a maximum of 5 percent of the delinquent payment on any payment which is in default for a period of five days or more. If the default results in the cancellation of any […]
§ 33-22-11. Necessity of Filing of Premium Finance Agreement
No filing of the premium finance agreement shall be necessary to perfect the validity of the agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns. History. Ga. L. 1969, p. 561, § 14.
§ 33-22-12. Notification of Insurer by Finance Company of Existence of Premium Finance Agreement
Any premium finance company which enters into a premium finance agreement under this chapter shall notify the insurer whose premiums are being financed of the existence of the agreement. A draft of the premium finance company made payable directly to the order of the insurer of the premium due such insurer for a policy or […]
§ 33-22-12.1. Notice to Insured by Premium Finance Company; Copy of Premium Finance Agreement; Notice of Existence of Power of Attorney
Whenever a premium finance company executes a premium finance agreement relative to a personal or family-type policy of insurance, it shall deliver to the insured or send by electronic means or mail to the insured at his or her address shown in the agreement a copy of the agreement and a written notice which clearly […]
§ 33-22-13. Procedure for Cancellation of Insurance Contract Upon Default
When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless the cancellation is effectuated in accordance with this Code section. Not less than ten […]
§ 33-22-14. Disposition of Unearned Premiums Upon Cancellation of Insurance Policy
Whenever an insurance policy is canceled and the premiums have been paid by an insurance premium finance company on behalf of the insured, if the insurer has been notified of the existence of the insurance premium finance agreement as required in Code Section 33-22-12, the insurer shall return whatever unearned premiums are due to the […]