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GA HB513
Bill
Status
Engrossed
2/29/2012
Primary Sponsor
Mike Cheokas
Click for details
AI Summary
- Amends Georgia Code Title 33, Chapter 27 to create a new "discretionary groups" category (paragraph 11), allowing group life insurance policies to be issued to groups beyond the 10 types currently authorized under state law
- The Insurance Commissioner must approve any discretionary group policy by finding it is not contrary to the public interest, would result in economies of acquisition or administration, and offers benefits reasonable in relation to premiums charged
- Out-of-state group life insurance policies covering Georgia residents under the discretionary group provision may only be offered if Georgia or the issuing state has made a determination under substantially similar requirements
- Removes the existing requirement that at least 75 percent of eligible employees or members must elect to contribute before dependent (spouse and children) coverage can be placed in force under a contributory group life policy
- Premiums for discretionary group policies may be paid by the policyholder, the covered persons, or both, and insurers may exclude or limit coverage for individuals whose evidence of insurability is unsatisfactory
Legislative Description
Life insurance; group life insurance policy to approved groups; allow issuance
Last Action
Senate Read Second Time
3/21/2012
Committee Referrals
Insurance and Labor3/5/2012
Insurance3/10/2011
Full Bill Text
No bill text available