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GEORGIA CODE (Last Updated: August 20, 2013) |
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Title 33. INSURANCE |
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Chapter 22. INSURANCE PREMIUM FINANCE COMPANIES |
| § 33-22-1. Short title |
| § 33-22-2. Definitions |
| § 33-22-3. Requirement of license for transaction of business; fees; change of address; examination of applicants |
| § 33-22-4. Investigation of applicants for licenses; issuance or denial of license generally; hearing; grounds for issuance or denial |
| § 33-22-5. Minimum capital requirements; deposit of securities or filing of bond |
| § 33-22-6. Grounds and procedure for revocation, suspension, or nonrenewal of license or imposition of probation or fine |
| § 33-22-7. Maintenance of records of transactions by licensees; examination of records by Commissioner |
| § 33-22-8. Form, contents, execution, and delivery of premium finance agreement; financing of additional premiums |
| § 33-22-9. Service charges |
| § 33-22-10. Delinquency charges; returned check fees |
| § 33-22-11. Necessity of filing of premium finance agreement |
| § 33-22-12. Notification of insurer by finance company of existence of premium finance agreement |
| § 33-22-12.1. Notice to insured by premium finance company; copy of premium finance agreement; notice of existence of power of attorney |
| § 33-22-13. Procedure for cancellation of insurance contract upon default |
| § 33-22-14. Disposition of unearned premiums upon cancellation of insurance policy |
| § 33-22-14.1. Transmissions of electronic records subject to provisions of Uniform Electronic Transactions Act |
| § 33-22-15. Promulgation of rules and regulations by Commissioner |
| § 33-22-16. Applicability of chapter |
| § 33-22-999. |
REFS & ANNOS
TITLE 33 Chapter 22 NOTE
ADMINISTRATIVE RULES AND REGULATIONS. --Insurance premium finance companies, Official Compilation of Rules and Regulations of State of Georgia, Rules of Comptroller General, Insurance Department, Chapter 120-2-21.
JUDICIAL DECISIONS
REASON FOR GIVING REGULATORY POWERS TO COMMISSIONER OVER PREMIUM FINANCE COMPANIES. --Although a premium finance company performs much the same role as other finance companies, this role has been recognized by the state as forming an integral part of the insurer-insured relationship. The finance company is legally empowered to act as an agent for the insured, and to terminate a policy, much like an insurance company, if premium installments are not paid. If the state were free to regulate the terms of insurance contracts between the company and the insured, but not free to regulate the finance companies, the entire state regulatory structure could be frustrated. Georgia has recognized this and has therefore extended the Insurance Commissioner's control to such companies. Cochran v. Paco, Inc., 409 F. Supp. 219 (N.D. Ga. 1975), rev'd and remanded on other grounds, 606 F.2d 460 (5th Cir. 1979).
ASSIGNMENT OF PREMIUM FINANCE AGREEMENTS. --Because a written security agreement between a creditor and premium finance company assigned to the creditor all of the company's interest in premium financing agreements, the creditor had standing to bring suit on its right to the return of unearned premiums. Paulsen Street Investors v. EBCO Gen. Agencies, 224 Ga. App. 507, 481 S.E.2d 246 (1997).
JUDICIAL DECISIONS
REASON FOR GIVING REGULATORY POWERS TO COMMISSIONER OVER PREMIUM FINANCE COMPANIES. --Although a premium finance company performs much the same role as other finance companies, this role has been recognized by the state as forming an integral part of the insurer-insured relationship. The finance company is legally empowered to act as an agent for the insured, and to terminate a policy, much like an insurance company, if premium installments are not paid. If the state were free to regulate the terms of insurance contracts between the company and the insured, but not free to regulate the finance companies, the entire state regulatory structure could be frustrated. Georgia has recognized this and has therefore extended the Insurance Commissioner's control to such companies. Cochran v. Paco, Inc., 409 F. Supp. 219 (N.D. Ga. 1975), rev'd and remanded on other grounds, 606 F.2d 460 (5th Cir. 1979).
ASSIGNMENT OF PREMIUM FINANCE AGREEMENTS. --Because a written security agreement between a creditor and premium finance company assigned to the creditor all of the company's interest in premium financing agreements, the creditor had standing to bring suit on its right to the return of unearned premiums. Paulsen Street Investors v. EBCO Gen. Agencies, 224 Ga. App. 507, 481 S.E.2d 246 (1997).