summary
Introduced
02/12/2025
02/12/2025
In Committee
03/13/2025
03/13/2025
Crossed Over
02/26/2025
02/26/2025
Passed
04/10/2025
04/10/2025
Dead
Signed/Enacted/Adopted
05/14/2025
05/14/2025
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to provide for efficiency in the practices of the Department of Insurance; to revise the statutory deposit requirement for foreign insurers; to remove fees for branch licensees; to revise application requirements for a domestic stock and mutual insurer; to remove the publication requirement for application, amendments, and surrenders for such insurer; to remove such publication requirement for charters, consolidations, and mergers of fraternal benefit societies; to revise application requirements for farmers' mutual fire insurance companies; to remove the licensure requirement for agency branches; to provide for biennial renewals for agency licenses to be based on the origination month of the agency; to require a license to state the legal name of the licensee; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.
AI Summary
This bill aims to improve efficiency in the practices of the Georgia Department of Insurance by making several key changes to insurance regulations. The bill revises the statutory deposit requirements for foreign and alien insurers, removing some specific language about the purpose of such deposits. It eliminates fees for branch licensees and removes publication requirements for various insurance-related applications, including charters, amendments, and surrenders for domestic stock and mutual insurers, fraternal benefit societies, and other insurance entities. The bill changes agency licensing to require biennial renewals based on the agency's origination month and mandates that licenses state the legal name of the licensee. Additionally, the legislation simplifies application processes by removing requirements for multiple copies of documents and reducing bureaucratic steps like mandatory newspaper publications. These changes are intended to streamline administrative procedures, reduce paperwork, and potentially lower costs for insurance companies operating in Georgia, while maintaining regulatory oversight by the Department of Insurance.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Effective Date 2025-05-14 (on 05/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/70251 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/238069 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/232256 |
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