Bill > SB324

This bill, known as the "Georgia Policyholder Bill of Rights," aims to strengthen protections for life insurance policyholders and beneficiaries in Georgia. It mandates that insurance companies, referred to as "insurers," must regularly search a national database (the National Association of Insurance Commissioners' policy locator system) to find potential matches for existing policies and beneficiaries, and then take steps to confirm these matches and contact relevant parties. The bill also grants policyholders the right to keep their original insurance agent, receive important policy documents like projected values and status reports, and to receive an annual report on their policy's status, even if fully paid. To facilitate access to information, policyholders can authorize a designated recipient to view certain policy details using a standardized form, but this authorization cannot be used to make policy changes. Furthermore, insurers must report the results of their policy locator searches to the state Commissioner of Insurance, who will then publish a statement on policyholder rights and the authorization form on the Department of Insurance website, and distribute this information to all life insurance companies operating in Georgia.

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https://www.legis.ga.gov/legislation/71181