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GA SB432
Bill
Status
Engrossed
3/12/2020
Primary Sponsor
Marty Harbin
Click for details
AI Summary
- Requires every insurer licensed to transact life insurance or annuity policies in Georgia to provide an annual disclosure of policy existence to the policy owner, delivered in person or by first-class mail, with the initial disclosure due within one year of the policy's effective date or one year from the Act's effective date, whichever is later.
- Mandates that insurers also send the annual disclosure to any additional party designated by the policy owner, subject to rules set by the Commissioner; however, the disclosure requirement applies only to policies that were paid up in full for the entire preceding year.
- Requires insurers to respond within 90 days to any policy existence inquiry from the NAIC and to review the NAIC Life Insurance Policy Locator Service on at least a quarterly basis for policyholder matches, retaining search reports until December 31, 2024.
- Requires insurers to submit quarterly search reports to the Department of Insurance per the Commissioner's rules, with this reporting requirement set to sunset on December 31, 2024.
- Exempts individual insurance agents from the notice requirements and grants the Commissioner enforcement authority; the Act takes effect January 1, 2021.
Legislative Description
Life Insurance; annual notification of policy owners and requested beneficiaries of the existence of such policies; require
Last Action
House Second Readers
6/15/2020
Full Bill Text
No bill text available