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GA HB893
Bill
Status
Passed
6/30/2020
Primary Sponsor
Matthew Gambill
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AI Summary
- Amends Georgia Code Section 33-1-17 to change the Special Insurance Fraud Fund assessment payment schedule from quarterly installments to a single annual payment due on September 1 of the assessment year
- Retains the Commissioner's authority to establish the assessment formula by regulation, with total proceeds not to exceed amounts appropriated by the General Assembly
- Maintains existing exemptions for agency captive, dormant captive, industrial insured captive, sponsored captive, and pure captive insurance companies
- Foreign and alien captive insurance companies doing business in Georgia remain subject to a fixed annual assessment of $100.00, regardless of Georgia premium volume
- Insurance companies that fail to report and pay assessments remain subject to existing penalties and interest under Code Section 33-8-6
Legislative Description
Special Insurance Fraud Fund; frequency of assessments; reduce
Last Action
Effective Date
7/1/2020
Full Bill Text
No bill text available