An announcement of importance to all Georgia insurance agents who sell group life and health insurance policies was made at the annual convention for the Independent Insurance Agents of Georgia last weekend. Tammy Holmes, who heads the Agent’s Licensing Division of the Georgia Insurance Commissioner’s Office, informed the annual meeting that, effective July 1, 2012, a limited group life and health counselor’s license will be available. The holders of such a license will be able to charge a fee for their services in addition to receiving a commission on all group life and health policies they may sell. This limited license will be available to all insurance agents who have been licensed for the sale of group life and health insurance policies for 5 years or more, without having to take an examination. Those who have not held such a license for that period of time will have to take an examination. The application for such a license should be available in the near future on the agents licensing page of the Insurance Commissioner’s website, click here.
The Insurance Commissioner’s Office is taking this step in light of the significant reductions in commissions for group life and health policies that have occurred as a result of the new health care legislation enacted at the federal level. However, please note that the same requirements that the holder of a counselor’s license must meet to obtain both a fee and a commission for the sale of the same commercial lines property and casualty insurance policy will apply to the sale of group life and health insurance policies. For a general description of those requirements, click here.