33-25-15. Insurer prohibited from penalizing agent for apprising policy owner of alternatives to lapse or surrender of individual life insurance policy.

As used in this Code section, the term:#

1. (1)

   ‘‘Agent’’ means a person that is the agent of record of a policy or that has a business relationship with the policy owner or insured.#

2. (2)

   ‘‘Insurer’’ means the insurance company that issued or currently insures the policy.#

3. (3)

   ‘‘Person’’ means an individual or a legal entity.#

4. (4)

   ‘‘Policy’’ means an individual life insurance policy owned by an individual who is a resident of this state, regardless of whether such individual life insurance policy has been issued, delivered, or renewed in this state.#

No insurer or any other person shall terminate, fine, or otherwise penalize an agent for:#

1. (1)

   Apprising a policy owner or his or her designee of options under the policy terms to the lapse or surrender of the policy; or#

2. (2)

   Assisting a policy owner with securing any benefits under the policy terms.#