§ 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.
§ 33-59-2. 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 […]
§ 33-56-7. Notification to Insurer of Determination or Action by Commissioner; Right to Hearing
Upon notification: To an insurer by the Commissioner of an adjusted RBC report; To an insurer by the Commissioner that: The insurer’s RBC plan or revised RBC plan is unsatisfactory; and Such notification constitutes a regulatory action level event with respect to such insurer; To any insurer by the Commissioner that the insurer has failed […]
§ 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 […]
§ 33-56-8. Confidentiality of Certain Information and Corrective Orders
Notwithstanding the provisions of Article 4 of Chapter 18 of Title 50, all RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC plans, including the results or report of any examination or analysis of an insurer performed pursuant hereto, and […]
§ 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 […]
§ 33-56-9. Chapter Supplemental to Other Laws; Exemption for Certain Domestic Property and Casualty Insurance
The provisions of this chapter are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including, but not limited to, Chapters 2, 3, 13, 14, 20, 21, and 37 of this title. The Commissioner may exempt […]
§ 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 […]