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GA HB1050
Bill
Status
Passed
6/30/2020
Primary Sponsor
Eddie Lumsden
Click for details
AI Summary
- Extends Georgia Life and Health Insurance Guaranty Association protections to persons covered under health maintenance organization (HMO) subscriber contracts and health care corporation plans, adding these entities as "member insurers" subject to association membership and assessments
- Expands the association's board of directors from 5-9 members to 7-11 members and updates the applicability date for coverage provisions from July 1, 2012, to July 1, 2020
- Revises the assessment formula for long-term care insurance written by impaired or insolvent insurers, requiring 50 percent allocation to accident and health member insurers and 50 percent to life and annuity member insurers
- Allows member insurers exempt from premium tax offsets to recoup assessments through a surcharge on premiums, as approved by the Commissioner, with recouped amounts excluded from gross premium tax, medical loss ratio, and agent commission calculations
- Excludes from coverage persons who acquire payment rights through structured settlement factoring transactions and adds a new definition of "health benefit plan" with a $500,000 per-individual coverage cap for basic hospital, medical, and surgical insurance or health benefit plans
Legislative Description
Georgia Life and Health Insurance Guaranty Association; certain persons receiving insurance coverage from health maintenance organization subscriber contracts or health care corporation plans; extend association protections
Last Action
Effective Date
7/1/2020
Full Bill Text
No bill text available