Bill > SB364

This bill amends Georgia's insurance regulations by updating Code Section 33-9-29 to add a new provision that strengthens penalties for insurers who provide false or misleading information to the Commissioner of Insurance. Specifically, if an insurer, rating organization, or similar entity is found to have willfully withheld information or knowingly given false or misleading information in an attempt to affect insurance rates, rating systems, or premiums, the Commissioner may now order that organization to pay the department up to ten times the amount of refunds owed to policyholders. This new penalty is in addition to existing fine authorities and comes alongside other existing powers of the Commissioner, such as ordering rate refunds, requiring compliance with regulations, and potentially suspending or revoking an organization's license or certificate of authority for willful violations. The bill also makes minor grammatical updates, such as changing "he" to "he or she" throughout the section, to ensure gender-neutral language. The legislation aims to increase transparency and accountability in the insurance industry by creating more significant consequences for deliberately misleading regulatory authorities.

Business and Industry

https://www.legis.ga.gov/legislation/71735