Invest Georgia Exemption - Sec of state invest ga exemption
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16. 07/28/15
Code of ConduCt of InsuranCe agents
Every person holding a licence, shall adhere to the code of conduct
specified below:-
(i)Every insurance agent shall---
(a)identify himself and the insurance company of whom he is an insurance agent;
(b) disclose his licence to the prospect on demand;
(c) disseminate the requisite information in respect of insurance products offered for sale by
his insurer and take into account the needs of the prospect while recommending a specific
insurance plan;
(d) disclose the scales of commission in respect of the insurance product offered for sale, if
asked by the prospect;
(e) indicate the premium to be charged by the insurer for the insurance product offered for
sale;
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(f) explain to the prospect the nature of information required in the proposal form by the insurer,
and also the importance of disclosure of material information in the purchase of an insurance
contract;
(g) bring to the notice of the insurer any adverse habits or income inconsistency of the
prospect, in the form of a report (called “Insurance Agent’s Confidential Report”) along with
every proposal submitted to the insurer, and any material fact that may adversely affect the
underwriting decision of the insurer as regards acceptance of the proposal, by making all
reasonable enquiries about the prospect;
(h) inform promptly the prospect about the acceptance or rejection of the proposal by the
insurer;
(i) obtain the requisite documents at the time of filing the proposal form with the insurer; and
other documents subsequently asked for by the insurer for completion of the proposal;
(j) render necessary assistance to the policyholders or claimants or beneficiaries in complying
with the requirements for settlement of claims by the insurer;
(k) advise every individual policyholder to effect nomination or assignment or change of
address or exercise of options, as the case may be, and offer necessary assistance in this
behalf, wherever necessary;
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(ii) No insurance agent shall----
(a)solicit or procure insurance business without holding a valid licence;
(b) induce the prospect to omit any material information in the proposal form;
(c) induce the prospect to submit wrong information in the proposal form or
documents submitted to the insurer for acceptance of the proposal; 2
(d) behave in a discourteous manner with the prospect;
(e) interfere with any proposal introduced by any other insurance agent;
(f) offer different rates, advantages, terms and conditions other than those offered
by his insurer;
(g) demand or receive a share of proceeds from the beneficiary under an insurance
contract;
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(h) force a policyholder to terminate the existing policy and to effect a new proposal
from him within three years from the date of such termination;
(i) have, in case of a corporate agent, a portfolio of insurance business under which
the premium is in excess of fifty percent of total premium procured, in any year, from
one person (who is not an individual) or one organization or one group of
organizations;
(j) apply for fresh licence to act as an insurance agent, if his licence was earlier
cancelled by the designated person, and a period of five years has not elapsed from
the date of such cancellation;
(k) become or remain a director of any insurance company;
(iii) Every insurance agent shall, with a view to conserve the insurance business
already procured through him, make every attempt to ensure remittance of the
premiums by the policyholders within the stipulated time, by giving notice to the
policyholder orally and in writing;
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POWER OF CENTRAL GOVERNMENT TO ISSUE DIRECTIONS.—
(1) Without prejudice to the foregoing provisions of this Act, the Authority shall,
in exercise of its powers or the performance of its functions under this Act, be
bound by such directions on questions of policy, other than those relating to
technical and administrative matters, as the Central Government may give in
writing to it from time to time.
PROVIDED that the Authority shall, as far as practicable, be given an
opportunity to express its views before any direction is given under this sub-
section.
(2) The decision of the Central Government, whether a question is one of policy
or not, shall be final.
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POWER OF CENTRAL GOVERNMENT TO SUPERSEDE AUTHORITY.—
(1)If at any time the Central Government is of the opinion-
(a) that, on account of circumstances beyond the control of the
Authority, it is unable to discharge the functions or perform the
duties imposed on it by or under the provisions of this Act, or
(b) that the Authority has persistently defaulted in complying with any
direction given by the Central Government under this Act or in the
discharge of the functions or performance of the duties imposed on
it by or under the provisions of this Act and as a result of such
default the financial position of the Authority or the administration of
the Authority has suffered; or
(c) that circumstances exist which render it necessary in the public interest
so to do, the Central Government may, be notification and for reasons to
be specified therein, supersede the Authority for such period, not
exceeding six months, as may be specified in the notification and
appoint a person to be the Controller of Insurance under section 2B of
the Insurance Act, 1938 (4 of 1938), if not already done :
Provided that before issuing any such notification, the Central Government shall
give a reasonable opportunity to the Authority to make representations, if any, of
the Authority.
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(2) Upon the publication of a notification under sub-section(1) superseding the
Authority, -
(a) the Chairperson and other members shall, as from the date of
supersession, vacate their offices as such;
(b) all the powers, functions and duties which may, by or under the
provisions of this Act, be exercised or discharged by or on behalf of
the Authority shall, until the Authority is reconstituted under sub-
section(3), be exercised and discharged by the Controller of
Insurance; and
(c) all properties owned or controlled by the Authority shall, until the Authority
is reconstituted under sub-section(3), vest in the Central Government.
(3) On or before the expiration of the period of supersession specified in the
notification issued under sub-section(1), the Central Government shall
reconstitute the Authority by a fresh appointment of its Chairperson and
other members and in such case any person who had vacated his office
under clause(a) of sub-section(2) shall not be deemed to be disqualified for
reappointment.
(4) The Central Government shall cause a copy of the notification issued under
sub-section(1) and a full report to any action to be laid before each House
of Parliament at the earliest.