Insurer Prohibited From Penalizing Agent for Apprising Policy Owner of Alternatives to Lapse or Surrender of Individual Life Insurance Policy

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  5. Insurer Prohibited From Penalizing Agent for Apprising Policy Owner of Alternatives to Lapse or Surrender of Individual Life Insurance Policy

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  1. As used in this Code section, the term:
    1. "Agent" means a person that is the agent of record of a policy or that has a business relationship with the policy owner or insured.
    2. "Insurer" means the insurance company that issued or currently insures the policy.
    3. "Person" means an individual or a legal entity.
    4. "Policy" means an individual life insurance policy owned by an individual who is a resident of this state, regardless of whether such individual life insurance policy has been issued, delivered, or renewed in this state.
  2. No insurer or any other person shall terminate, fine, or otherwise penalize an agent for:
    1. Apprising a policy owner or his or her designee of options under the policy terms to the lapse or surrender of the policy; or
    2. Assisting a policy owner with securing any benefits under the policy terms.

(Code 1981, §33-25-15, enacted by Ga. L. 2016, p. 211, § 1/HB 193.)


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