Nothing in this title or in any other law shall be construed to prohibit any person insured under a group life insurance policy from making an assignment of all or any part of his or her incidents of ownership under the policy, including, but not limited to, the privilege to have issued to him or her an individual policy of life insurance pursuant and subject to paragraphs (8) and (9) of subsection (a) of Code Section 33-27-3 and Code Section 33-27-5 and the right to name a beneficiary.Subject to the terms of the policy or agreement between the insured, the group policyholder and the insurer relating to assignment of incidents of ownership under the policy, an assignment made by an insured is valid for the purpose of vesting in the assignee, in accordance with any provisions included in the policy as to the time at which it is to be effective, all of the incidents of ownership so assigned without prejudice to the insurer on account of any payment it may make or individual policy it may issue in accordance with paragraphs (8) and (9) of subsection (a) of Code Section 33-27-3 prior to receipt of notice of the assignment.
(Code 1933, § 56-2707, enacted by Ga. L. 1969, p. 32, § 1; Ga. L. 2019, p. 386, § 82/SB 133.)
The 2019 amendment, effective July 1, 2019, in the first sentence, inserted "or her" in two places, inserted a comma following "including" and "but not limited to", and substituted "an assignment made by an insured is valid" for "an assignment by an insured made either before or after July 1, 1969, is valid" in the middle of the second sentence.
RESEARCH REFERENCES
Am. Jur. 2d.
- 44A Am. Jur. 2d, Insurance, §§ 1869 et seq., 1884 et seq.
C.J.S.- 45 C.J.S., Insurance, § 733 et seq.
ALR.- Law governing assignment of life insurance policy or of rights thereunder, 97 A.L.R.2d 1399.
Change of beneficiary in group life insurance policy as affected by failure to comply with policy requirements as to manner of making change, 78 A.L.R.3d 466.