GA HB1364

Establishes that the Georgia Insurers Insolvency Pool shall be liable to claimants and electing insureds in "emergency circumstances," defined as situations where an association or industrial insured captive insurance company issuing workers' compensation insurance contracts has been declared insolvent.

Allows electing insureds with net worth under $25 million to obtain pool coverage for workers' compensation claims by paying $20,000 per claim prior to October 1, 2010, while those with net worth exceeding $25 million must pay $100,000 per claim for the same coverage.

Removes the prior exclusion of third-party claims from "covered claims" for insureds with net worth exceeding $25 million, and eliminates the pool's right to recover amounts paid on behalf of high-net-worth insureds, narrowing recovery rights to affiliates of the insolvent insurer only.

Requires every association and industrial insured captive insurance company issuing or having issued workers' compensation contracts to be a member of the Georgia Insurers Insolvency Pool, and extends pool liability to workers' compensation claims incurred by such companies before January 1, 2008, under the new emergency provisions.

Creates an exception to the standard 18-month claim filing deadline and the requirement to exhaust rights under solvent insurers' policies for claims arising under the new emergency circumstance provisions.