05 LC 28
2189
Senate
Bill 166
By:
Senators Rogers of the 21st, Hudgens of the 47th, Stephens of the 27th, Harbison
of the 15th and Stoner of the 6th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 33-31-7 of the Official Code of Georgia Annotated, relating
to issuance of policy or certificate of credit life insurance, so as to provide
that the insurer shall deliver the policy or certificate to the insured within
90 days after the indebtedness is incurred; 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 33-31-7 of the Official Code of Georgia Annotated, relating to issuance
of policy or certificate of credit life insurance, is amended by striking
subsection (d) and inserting in lieu thereof a new subsection (d) to read as
follows:
"(d)
If the individual policy or group certificate of insurance is not delivered to
the debtor at the time the indebtedness is incurred and if an identifiable
charge is made to him
or
her for credit life insurance or credit
accident and sickness insurance, a copy of the application for the policy signed
by the debtor or a notice of proposed insurance setting forth the name and home
office address of the insurer, the name or names of the debtor, the rate or
amount of premium separately in connection with credit life insurance and credit
accident and sickness insurance coverage, and a brief description of the
coverage provided shall be delivered to the debtor at the time the indebtedness
is incurred. The copy of the application or the notice of proposed insurance
shall refer exclusively to insurance coverage and shall be separate and apart
from the loan, sale, or other credit statement of account, instrument, or
agreement unless the information required by this subsection is prominently set
forth in the application or the notice of proposed insurance. Upon acceptance
of the insurance and within
30
90
days of the date upon which the indebtedness is incurred, the insurer shall
cause the individual policy or group certificate of insurance to be delivered to
the debtor. The application or notice of proposed insurance shall state when
the insurance shall become effective, which shall be determined as provided in
Code Section
33-31-5."
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.