Rule 120-2-40-.13. Compensation of Administrator or Trustee
- (1) Each Agency shall submit to the Commissioner, at least thirty (30) days prior to their use, a copy of any proposed agreement or contract or amendment thereto, entitling any administrator or any trustee or officer of an Agency to direct or indirect compensation from the Agency or any of its Funds for services performed or sales or purchases made to or for the Agency or any of its Funds.
- (2) The Commissioner shall determine whether the compensation is reasonable and equitable under the circumstances and consistent with the provisions of the laws of Georgia and this Regulation. The Commissioner may accept, modify, or reject the proposed contract. If the Commissioner modifies the proposed contract, the trustee, officer, or administrator may withdraw the application prior to its effective date.
- (3) Any form of direct or indirect compensation to a trustee, officer, or administrator or to a corporation or firm in which a trustee, officer or administrator is in any way financially interested, other than that provided by this Regulation or the Georgia Insurance Code, shall be a violation of the trustee's, officer's, or administrator's fiduciary responsibility. In such event, the Commissioner may, in addition, suspend, revoke, or refuse to renew the certificate of authority of the Agency.
Editor's Note: In accordance with Ga. Laws 1967, p. 618, (Ga. Code Ann., Section 3A-124), the contents of the following Rules are not filed with or published by the Secretary of State; only the name and designation is filed, printed, and distributed. These Regulations are on file in the office of the Comptroller General and are open for public examination and copying. (See Editor's Note, p. 88.03.)
Authority: O.C.G.A. §§ 20-2-2016, 33-2-9; 36-85-16, 50-13-21.
History. Original Rule entitled "Compensation of Administrator or Trustee" was filed on April 10, 1987; effective April 30, 1987.
Amended: F. Aug. 4, 2025; eff. Aug. 24, 2025.