GA HB1554

Establishes a regulatory framework for collateral protection insurance (force-placed insurance) on mortgaged residential real property in Georgia, effective January 1, 2028

Prohibits insurers from issuing collateral protection insurance on properties where they or affiliates own, service, or hold servicing rights, and bars commission payments, profit-sharing, or premium-sharing with lenders, investors, or servicers

Requires coverage and premium calculations to be based on replacement cost value, with any claim payment exceeding the unpaid mortgage balance paid directly to the mortgagor

Mandates insurers with at least $100,000 in direct written premium file annual reports with the Department of Insurance detailing loss ratios, premiums, expenses, and reserves; triggers mandatory rate filing review if loss ratio falls below 35% for two consecutive years

Requires insurers to refile collateral protection insurance rates at least every four years and maintain separate rates for collateral protection insurance versus voluntary insurance on lender-owned foreclosed properties