Rule 120-2-10-.05. Describing Premiums as "Deposits", "Savings", or "Investments"

The use of the words "deposit," "savings," or "investments" in any insurance or annuity contract, other printed material, or oral presentation to refer to an amount where, in fact, the amount referred to is a premium as defined in Section 33-24-1 of the Georgia Insurance Code is prohibited unless:

1. (1) The premium payment establishes a debtor-creditor relationship between the insurance company and the policyholder; or
2. (2) The terms are used in conjunction with the word "premium" in such a manner as to clearly indicate the true character of the premium payment; or
3. (3) The terms are used in conjunction with a deposit administration plan.

Authority: Ga. L. 1960, pp. 289, 305; O.C.G.A. Sec. 33-2-9.

History. Original Rule entitled "Describing Premium, as "Deposits" was filed on November 13, 1967; effective November 1, 1967.

Amended: Role repealed and a new Rule entitled "Describing Premiums as "Deposits," "Savings," or "Investments"" adopted. Filed April 11, 1980; effective July 1, 1980, as specified by the Agency.