GA SB505

Private passenger motor vehicle and residential property insurance rates must receive written approval from the Insurance Commissioner before insurers can charge or implement them, shifting Georgia from a "file and use" to a "prior approval" regulatory system.

Rate filings must include historical loss experience, trend projections, expense provisions, profit margins, catastrophe assumptions, territory/classification support, and documentation for any algorithmic or predictive pricing models including bias testing.

Rates can be disapproved if deemed excessive (creating unreasonable profits or unsupported by credible data), inadequate (threatening insurer solvency or destroying competition), or unfairly discriminatory (charging similarly situated risks different premiums without actuarial justification).

The Commissioner must post redacted versions of rate filings on the department website with a minimum 30-day public comment period, and may hold public hearings if determined to be in the public interest.

The Act becomes effective July 1, 2026, applying to policies issued or renewed on or after October 1, 2026.