Bill > SB156

This bill, known as the "Georgia Insurance Premium Reduction Act," proposes several significant changes to insurance regulations in Georgia. It prohibits insurers from using census tract information when setting vehicle insurance rates, in addition to existing prohibitions on using race, creed, and ethnic extraction. The bill mandates that insurers disclose premium rate increase requests over 5% on their public websites, accompanied by a justification report explaining the reasoning behind the increase. The state insurance department will create an online database allowing consumers to compare insurance coverage and rates across different policy types. Insurers requesting premium rate increases over 5% must submit detailed actuarial data, and rate increases over 10% will require public hearings. The bill also introduces new prohibitions against insurers colluding on premium rates or deliberately manufacturing litigation losses to justify rate increases. Additionally, the legislation requires a minimum 60-day written notice for policy nonrenewals and mandates that consumers be represented by an independent insurance broker when purchasing policies. Violations of these provisions could result in findings of unfair trade practices, potentially subjecting insurers to penalties.

Business and Industry

https://www.legis.ga.gov/legislation/70244