Ga. Comp. R. & Regs. R. 120-2-76-.19 - Prohibition Against Tying; Prohibition Against Rebating and Impermissible Discounting

(1) Tying availability of credit, establishment or maintenance of a trust account or deposit account, or the provision of other traditional bank products from a lending institution to the purchase of insurance from that lending institution is not permitted. Federal bank on these activities.

(2) If insurance is marketed in connection with or in conjunction with any activities described in this section, any marketing to a loan applicant on bank premises shall not occur until the financial institution discloses both verbally and in writing that the purchase of an insurance product is unrelated to and not a condition to the provision or term of any banking service or activity and has committed to such banking service or activity. The written disclosure required by this section shall be a part of the disclosures required by the Department of Banking and Finance Regulation § 80-5-4-.08.

(3) No rebating of premiums or discounting except in accordance with an applicable rate filing, rating plan, or rating system filed with and approved by the Commissioner of Insurance shall be permitted.

Notes

Ga. Comp. R. & Regs. R. 120-2-76-.19

O.C.G.A. Secs. 33-2-9, 33-3-23, 33-6-1et seq.

Original Rule entitled "Prohibition Against Typing, Prohibition Against Rebating and Impermissible Discounting" adopted. F. Feb. 18, 1997; eff. Mar. 10, 1997.