Bill > HB902

This bill aims to enhance transparency and accountability in insurance rate regulation in Georgia by making several key changes. It provides clear definitions for terms like "excessive" (rates likely to produce unreasonably high long-term profits), "inadequate" (rates insufficient to sustain projected losses), and "unfairly discriminatory" (rates not based on sound actuarial principles or that discriminate based on personal characteristics). The bill requires insurance companies to publish rate increases on their websites starting July 1, 2026, detailing percentage increases by insurance line and allowing insurers to explain their rate changes. When an insurer proposes a rate increase of 10% or more within 12 months or files for rate increases more than twice in 24 months, the Insurance Commissioner must conduct a financial and market conduct examination, which now includes a mandatory public hearing within 30 days of completing the examination. Additionally, the bill extends the data collection period for analyzing tort reform law's impact from 2029 to 2035 and requires the Commissioner to generate subsequent reports detailing historic trends, effects of tort reform legislation, and potential benefits to policyholders and the state. These changes are designed to provide more oversight, transparency, and public accountability in insurance rate regulation.

Business and Industry

https://www.legis.ga.gov/legislation/71975