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O.C.G.A. § 47-1-16 — Public retirement systems prohibited from having insurable interest in members; prohibition on expending or obligating funds for purchase of life insurance on members; exception | Georgia Code

O.C.G.A. § 47-1-16 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 47 RETIREMENT AND PENSIONS

Section 1. General Provisions, 47-1-1 through 47-1-86.

ARTICLE 1 IN GENERAL

47-1-16. Public retirement systems prohibited from having insurable interest in members; prohibition on expending or obligating funds for purchase of life insurance on members; exception.

No public retirement system in this state shall have an insurable interest in active or retired members of such retirement system. No public retirement system shall have the authority to expend or obligate funds under the control of such retirement system to purchase life insurance on its members except where all benefits are paid to a member's estate or to a beneficiary designated by the individual member.

(Code 1981, §47-1-16, enacted by Ga. L. 2012, p. 673, § 1/HB 297.)

Effective date.

- This Code section became effective May 1, 2012.

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