Bill > HR40

This resolution creates the House Study Committee on Reinsurance for Essential Industries to investigate challenges in Georgia's commercial property and casualty insurance market, particularly for small businesses. The seven-member committee, composed of five state representatives from the House Insurance Committee and two non-legislative members (the Commissioners of Insurance and Agriculture), will study the conditions and needs for public-private partnerships in reinsurance. The committee's specific tasks include identifying ways to create special risk pools with public-private funds, determining necessary funding for premium reductions, establishing criteria for identifying essential strategic industries, and recommending which industries would benefit most economically from premium reductions. The committee will receive standard legislative allowances, conduct meetings as needed, and is required to file a report with findings and potential legislative recommendations by December 1, 2025. The resolution stems from concerns about rising insurance costs, increasing claim frequencies, and the disproportionate impact on small businesses, particularly in the wake of events like Hurricane Helene, which caused an estimated $6.46 billion in agricultural damage in Georgia.

Government Affairs

https://www.legis.ga.gov/legislation/69445