2006 Georgia Code - 33-59-15

33-59-15. The Commissioner shall have the authority to: (1) Promulgate rules and regulations implementing this chapter; (2) Establish standards for evaluating reasonableness of payments under a life settlement contract for a person who is terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a policy. A life settlement provider, where the insured is not terminally or chronically ill, shall pay an amount greater than the cash surrender value or accelerated death benefit then available; (3) Establish appropriate licensing requirements, fees, and standards for continued licensure for a life settlement provider and a fee for life insurance producers; (4) Require a bond or other mechanism for financial accountability for a life settlement provider; and (5) Adopt rules and regulations governing the relationship and responsibilities of an insurer and a life settlement provider, life insurance producer, and others in the business of life settlements during the period of consideration or effectuation of a life settlement contract.

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