Bill > SB155

This bill, known as the "Georgia Insurance Premium Reduction Act," aims to enhance transparency and fairness in the insurance industry by implementing several key provisions. The legislation prohibits insurers from using census tract information as a factor in vehicle insurance rating plans, expanding existing restrictions on discriminatory rating practices. The bill requires insurers to publicly disclose any premium rate increase requests exceeding 5 percent, including a detailed justification report explaining the reasoning behind the proposed increase. Additionally, the Georgia insurance department will create an online database allowing consumers to compare insurance coverage options and rates across different policies. The bill mandates that insurers submit comprehensive actuarial data to support rate increase requests over 5 percent and requires the Commissioner to hold public hearings for rate increases exceeding 10 percent. The legislation also explicitly prohibits insurers from colluding on premium rates or deliberately manufacturing losses to justify premium increases, with violations potentially being classified as unfair trade practices. Notably, the bill introduces a requirement that insurance policies can only be sold through independent insurance brokers, aiming to provide consumers with more impartial guidance when purchasing insurance.

Business and Industry

https://www.legis.ga.gov/legislation/70243