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GA HB640
Bill
Status
Engrossed
2/22/2012
Primary Sponsor
Carlton Rogers
Click for details
AI Summary
- Amends Georgia Code Section 33-36-14 regarding exhaustion of rights by claimants against insolvent insurers to correct language for internal consistency
- Clarifies that the insurance insolvency pool has the right to recover amounts paid on behalf of two specific categories of persons, rather than only affiliates of the insolvent insurer as the previous language implied
- Preserves the pool's right to recover from any insured whose net worth exceeded $25 million on December 31 of the year immediately preceding the insurer's insolvency, including the aggregate net worth of subsidiaries and affiliates on a consolidated basis
- Retains the pool's right to recover from any person who is an affiliate of the insolvent insurer as a separate enumerated category
- Sponsored by Representative Rogers of the 26th District; makes technical corrections to punctuation and sentence structure without changing substantive legal rights
Legislative Description
Insolvent insurers; claimants rights; correct certain language
Last Action
Senate Read Second Time
3/26/2012
Committee Referrals
Insurance and Labor2/23/2012
Insurance4/12/2011
Full Bill Text
No bill text available