Georgia Commons

Official Code of Georgia Annotated

Title 10. COMMERCE AND TRADE · Chapter 6B. GEORGIA POWER OF ATTORNEY · Article 2. AUTHORITY OF AGENT

10-6B-49. Insurance and annuities.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities shall authorize the agent to:

  2. (1)

    Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;#

  3. (2)

    Procure new, different, and additional contracts of insurance and annuities for the principal and the principal’s spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment;#

  4. (3)

    Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;#

  5. (4)

    Apply for and receive a loan secured by a contract of insurance or annuity;#

  6. (5)

    Surrender and receive the cash surrender value on a contract of insurance or annuity;#

  7. (6)

    Exercise an election;#

  8. (7)

    Exercise investment powers available under a contract of insurance or annuity;#

  9. (8)

    Change the manner of paying premiums on a contract of insurance or annuity;#

  10. (9)

    Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this Code section;#

  11. (10)

    Apply for and procure a benefit or assistance under a law or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;#

  12. (11)

    Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;#

  13. (12)

    Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and#

  14. (13)

    Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of such tax or assessment.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 10-6B-49, enacted by Ga. L. 2017, p. 435, § 2-1/HB 221.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t10-(v8)-2024-pdf.pdf, Volume V8, 2024 edition, pages 1114 to 1116; merge action: carried; file SHA-256 7afbade16da7.

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