If you have entered into a loan arrangement where the policy is used as collateral and the policy changes ownership at some point in the future in satisfaction of the loan, the following may be true:
“(A) I have not entered into any agreement or arrangement providing for the future sale of this life insurance policy;
(B) My loan arrangement for this policy provides funds sufficient to pay for some or all of the premiums, costs, and expenses associated with obtaining and maintaining my life insurance policy, but I have not entered into any agreement by which I am to receive consideration in exchange for procuring this policy; and
(C) The borrower has an insurable interest in the insured.”
History. Code 1981, § 33-59-10 , enacted by Ga. L. 2009, p. 370, § 1/SB 61.
Editor’s notes.
Former Code Section 33-59-10 (Code 1981, § 33-59-10 , enacted by Ga. L. 2005, p. 998, § 1/SB 217), relating to contracts entered into within two years of the issuance of the policy being prohibited, was repealed by Ga. L. 2009, p. 370, § 1/SB 61, effective July 1, 2009.
Structure Georgia Code
§ 33-59-4. Suspension, Revocation, or Refusal to Renew Licenses; Grounds; Hearing Required
§ 33-59-6. Filing of Annual Statement With the Commissioner; Confidential Information
§ 33-59-9. Required Written Disclosures; Consequence for Failure to Provide
§ 33-59-10. Lender-Financed Premiums Using Policy as Collateral; Disclosures and Certifications
§ 33-59-12. Determining Governing Law When Multiple Owners
§ 33-59-13. Unlawful Activities Deemed Fraudulent Life Settlement Act
§ 33-59-15. Remedies and Penalties for Violations; Procedural Issues