---
title: O.C.G.A. § 33-59-5. Filing of contracts and disclosure statements with the Commissioner; approval or disapproval.
collection: code
id: 33-59-5
cite_as: O.C.G.A. § 33-59-5 (2025)
canonical_url: https://georgiacommons.org/code/33-59-5
md_url: https://georgiacommons.org/code/33-59-5.md
text_url: https://georgiacommons.org/code/33-59-5/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=1031
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-59.md
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index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / LIFE SETTLEMENTS
---

# O.C.G.A. § 33-59-5. Filing of contracts and disclosure statements with the Commissioner; approval or disapproval.

(a) No person may use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies, and contracts.

(b) No insurer may, as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy pursuant to a life settlement contract, require that the owner, insured, provider, or life settlement broker sign any form, disclosure, consent, waiver, or acknowledgment that has not been expressly approved by the Commissioner for use in connection with life settlement contracts in this state.

(c) A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with and approved by the Commissioner. The Commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the Commissioner’s opinion, the contract or provisions contained therein fail to meet the requirements of Code Sections 33-59-8, 33-59-9, 33-59-11, and 33-59-15 or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner. At the Commissioner’s discretion, the Commissioner may require the submission of advertising material.

## History

Code 1981, § 33-59-5, enacted by Ga. L. 2005, p. 998, § 1/SB 217; Ga. L. 2009, p. 370, § 1/SB 61.