Rule 120-2-27-.07. Credit Accident and Sickness Insurance Rates

The following standards shall be observed and followed in the use of Credit Accident and Sickness Insurance Forms in this State:

1. (1) All credit accident and sickness insurance forms used in this State shall contain schedules of premium rates to be charged in connection therewith which:

   1. (a) are reasonable in relation to the benefits and coverages provided;
   2. (b) are neither excessive nor inadequate, nor shall they be unfairly discriminatory; and
   3. (c) have been determined after due consideration has been given to past and prospective loss experience within and outside this State, to a reasonable margin for underwriting profits and contingencies, to past and prospective expenses both within and outside this State, to all other factors including judgment factors deemed relevant within and outside this State, and to such other relevant factors and data as the Commissioner may from time to time require.
2. (2) No credit accident and sickness insurance shall be used in this State which provides for a waiting period less than fourteen (14) days, except for loans made pursuant to the Georgia Industrial Loan Act and Rules and Regulations of such Act.

Submitted for Publishing: Apr. 6, 2007.

Authority: O.C.G.A. Secs. 33-2-9, 33-27-1, 33-31-8, 33-31-12.

History. Original Rule entitled "Credit Accident and Sickness Insurance Rates" adopted. F. Mar. 8, 1977; eff July 1, 1977, as specified by the Agency.

Repealed: New Rule of same title adopted. F. Dec. 7, 1984; eff. Jun. 1, 1985, as specified by the Agency.

Amended: F. Oct. 12, 1993; eff. Nov. 1, 1993.

Amended: F. Dec. 6, 1993; eff. Dec. 26, 1993.