2006 Georgia Code - 33-59-10

33-59-10. It is a violation of this chapter for a person to enter into a life settlement contract within a two-year period commencing with the date of issuance of the policy unless the seller certifies to the life settlement provider that one or more of the following conditions have been met within the two-year period: (1) The policy was issued upon the selleŕs exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least 24 months. The time covered under a group policy shall be calculated without regard to a change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship; or (2)(A) The seller submits independent evidence to the life settlement provider that one or more of the following conditions have been met within the two-year period: (i) The seller or insured is terminally or chronically ill; or (ii) The seller or insured disposes of his or her ownership interests in a closely held corporation, pursuant to the terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued. (B) Copies of the independent evidence described in paragraph (2) of this Code section and documents required in subsection (a) of Code Section 33-59-9 shall be submitted to the insurer when the life settlement provider submits a request to the insurer for verification of coverage. The copies shall be accompanied by a letter of attestation from the life settlement provider that the copies are true and correct copies of the documents received by the life settlement provider; (C) If the life settlement provider submits to the insurer a copy of independent evidence provided for in subparagraph (A) of paragraph (2) of this Code section when the life settlement provider submits a request to the insurer to effect the transfer of the policy to the life settlement provider, the copy is deemed to conclusively establish that the life settlement contract satisfies the requirements of this Code section and the insurer shall respond timely to the request.

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