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GA SB381
Bill
Status
Passed
5/8/2018
Primary Sponsor
Bruce Thompson
Click for details
AI Summary
- Creates a new "domestic surplus lines insurer" classification for nonadmitted insurers domiciled in Georgia that meet four criteria: maintaining at least $15 million in policyholder surplus, holding eligible surplus lines status in at least one other state, passing a board resolution to seek the designation, and obtaining Commissioner approval.
- Subjects domestic surplus lines insurers to surplus lines premium taxes only, exempting them from other taxes levied on admitted insurers.
- Excludes policies issued by domestic surplus lines insurers from protections under the Georgia Insurers Insolvency Pool and the Georgia Life and Health Insurance Guaranty Association.
- Requires domestic surplus lines insurers to comply with all financial and solvency requirements applicable to domestic admitted insurers unless specifically exempted.
- Exempts domestic surplus lines insurers from statutory requirements related to insurance rating plans, policy forms, and premiums charged, granting them the same regulatory flexibility as out-of-state nonadmitted insurers.
Legislative Description
Surplus Line Insurance; nonadmitted insurer domiciled in this state will be deemed a domestic surplus lines insurer if certain criteria are met; provide
Last Action
Act 448
5/8/2018
Full Bill Text
No bill text available