The contract shall contain a statement of the essential features of the procedure to be followed by the company in determining the dollar amounts of such variable benefits. The contract and any group certificate issued under the contract shall state that such dollar amounts may decrease or increase and shall contain on its first page, in a prominent position, a statement that the benefits under the contract are on a variable basis.
History. Code 1981, § 33-11-65 , enacted by Ga. L. 1999, p. 592, § 12.
Structure Georgia Code
Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers
§ 33-11-50. Legislative Purpose; Application of Article; Separate Accounts
§ 33-11-52. Determining Minimum Financial Security Benchmark
§ 33-11-53. Factors to Be Considered in Determining Prudence
§ 33-11-54. Written Plan and Policy; Duty of Board of Directors
§ 33-11-55. Investments Eligible for Support of Outstanding Liabilities
§ 33-11-56. Conditions for Engaging in Derivative Transactions
§ 33-11-59. Obligations in Different Currencies
§ 33-11-60. Prohibited Investments and Activities
§ 33-11-62. Retention of Personnel to Assist Commissioner; Confidentiality
§ 33-11-65. Establishment of Separate Accounts by Domestic Life Insurance Companies