Bill > SB503

This bill exempts "rental home marketplace guarantees" from being classified as "property insurance" under Georgia law, provided that the entity offering these guarantees meets specific conditions. A "rental home marketplace" is defined as a platform, like a website or app, that connects people to rent out properties, but it is not a government entity. A "rental home marketplace guarantee" is an agreement related to these marketplaces that reimburses a user for damages a renter is responsible for, as outlined in the marketplace's terms of service. To qualify for this exemption, the provider of these guarantees must insure their own obligations under a reimbursement insurance policy from an authorized insurer in Georgia or a surplus lines insurer, clearly state in their guarantee terms that it is not an insurance contract, detail any limitations or exclusions, and register with the Commissioner as required by regulation. This ensures that these guarantees, which are ancillary to the primary business of facilitating property rentals, are not regulated as traditional insurance policies.

Business and Industry

https://www.legis.ga.gov/legislation/73184