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GA HB931
Bill
Status
Engrossed
3/5/2012
Primary Sponsor
Bob Hanner
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AI Summary
- Establishes a minimum surplus requirement of $150,000 for Georgia domestic farmers' mutual fire insurance companies to receive and maintain a certificate of authority, replacing the previous $10,000–$30,000 deposit requirements
- Removes the restriction limiting these companies to operating only in contiguous counties, and requires any post-licensure changes to a plan of operation, including geographical expansion, to be filed with and approved by the Commissioner in advance
- Replaces the previous tiered maximum risk schedule (ranging from $5,000 to $50,000 based on insurance in force) with a single cap limiting retained risk on any subject of insurance to 10 percent of surplus
- Requires bylaw amendments to be filed with the Commissioner at least 30 days prior to adoption, changing the previous rule that allowed filing within 30 days after adoption
- Requires applicants for a certificate of authority to submit a business plan to the Commissioner including two-year financial projections, expected premiums and losses, target counties, and member contingent liability information
Legislative Description
Insurance; state domestic farmers' mutual fire insurance companies; update provisions
Last Action
Senate Read Second Time
3/21/2012
Committee Referrals
Insurance and Labor3/7/2012
Insurance2/8/2012
Full Bill Text
No bill text available