Bill > HB477

This bill amends Georgia's insurance regulations to restrict how often insurers can raise rates on private passenger motor vehicle insurance policies. Specifically, the bill prohibits insurance companies from increasing rates on these policies more than once per calendar year, regardless of other existing rate regulations. The current law allows rate increases when they are deemed not "unreasonably high" and when there is a lack of reasonable competition in the insurance market. The new provision adds a clear limitation on rate increases, ensuring that consumers will have more predictability in their auto insurance costs. The bill will take effect on January 1, 2026, and will apply to all motor vehicle insurance policies issued, delivered, or renewed in Georgia on or after that date. This legislation aims to provide financial protection for Georgia drivers by preventing frequent rate hikes and giving consumers more stability in their insurance expenses.

Business and Industry

https://www.legis.ga.gov/legislation/70394