05 LC 28
2188
Senate
Bill 167
By:
Senators Rogers of the 21st, Hudgens of the 47th, Stephens of the 27th and
Stoner of the 6th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 33-31-9 of the Official Code of Georgia Annotated, relating
to refunds and credits of credit life insurance premiums, so as to provide that
the insured shall notify the credit life insurer upon the early payoff of the
indebtedness; to provide for related matters; to provide an effective date; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 33-31-9 of the Official Code of Georgia Annotated, relating to refunds
and credits of credit life insurance premiums, is amended by striking subsection
(c) and inserting in lieu thereof a new subsection (c) to read as
follows:
"(c)
Each individual policy, notice of proposed insurance, or group certificate of
credit life insurance and credit accident and sickness insurance shall provide
that, in the event of termination of the insurance prior to the scheduled
maturity date of the indebtedness, any refund of premium due shall be paid or
credited promptly to the person entitled to such refund; provided, however, that
the Commissioner shall prescribe a minimum refund and no refund which would be
less than such minimum need be made. The formula to be used in computing a
refund shall be filed with and approved by the Commissioner.
It shall be
the obligation of the insured to notify the insurer of the early payoff of the
indebtedness which is covered by the
insurance."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.