Georgia Code
Chapter 25 - Life Insurance
§ 33-25-4. Required Nonforfeiture Provisions

(1.1) This subsection shall apply to any life insurance policy issued on or after January 1, 1989, or such earlier date as may have been elected by the insurer with respect to such policy in accordance with the provisions of paragraph (11) of this subsection. Except as provided in paragraph (3) of this subsection, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding amounts payable as extra premiums to cover impairments or special hazards and also excluding any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid-up nonforfeiture benefits, that the present value, at the date of issue of the policy, of all adjusted premiums shall be equal to the sum of (A) the then present value of the future guaranteed benefits provided for by the policy; (B) one percent of either the amount of insurance, if the insurance is uniform in amount, or the average amount of insurance at the beginning of each of the first ten policy years; and (C) 125 percent of the nonforfeiture net level premium as defined in this subsection; provided, however, that in applying the percentage specified in item (C) of this paragraph no nonforfeiture net level premium shall be deemed to exceed 4 percent of either the amount of insurance, if the insurance is uniform in amount, or the average amount of insurance at the beginning of each of the first ten policy years. The date of issue of a policy for the purpose of this subsection shall be the date as of which the rated age of the insured is determined.
For purposes of determining the applicability of this Code section, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
History. Code 1933, § 56-2504, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1962, p. 487, §§ 2, 3; Ga. L. 1973, p. 617, § 2; Ga. L. 1979, p. 1407, § 2; Ga. L. 1981, p. 936, §§ 3, 4; Ga. L. 1982, p. 3, § 33; Ga. L. 1982, p. 650, § 3; Ga. L. 1984, p. 22, § 33; Ga. L. 1985, p. 149, § 33; Ga. L. 1986, p. 10, § 33; Ga. L. 2015, p. 846, § 2/HB 185; Ga. L. 2017, p. 774, § 33/HB 323; Ga. L. 2018, p. 1112, § 33/SB 365.
The 2018 amendment, effective May 8, 2018, part of an Act to revise, modernize, and correct the Code, substituted “has the same meaning as in paragraph (2) of subsection (o) of Code Section 33-10-13” for “means January 1 of the first calendar year that the valuation manual as defined in Code Section 33-1-10 becomes effective” in paragraph (e)(1).
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1985, in paragraph (e)(6) a colon was inserted at the end of the introductory language, and in paragraph (i)(6) “or” was substituted for “nor” at the end of the paragraph.
Administrative rules and regulations.
Life and Annuity Tables, Official Compilation of the Rules and Regulations of the State of Georgia, Comptroller General, Commissioner of Insurance, Subject 120-2-39.

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