SB155: SB155 "Georgia Insurance Premium Reduction Act"; enact

25 LC 46 1083 Senate Bill 155 By: Senators Mallow of the 2nd, Harbison of the 15th, Merritt of the 9th, Islam Parkes of the 7th, Lucas of the 26th and others A BILL TO BE ENTITLED AN ACT To amend Code Section 33-9-4 of the Official Code of Georgia An notated, relating to1 standards applicable to making and use of rates, so as to add c ensus tract to the categories2 upon which insurers may not consider when promulgating standard s or rating plans; to3 amend Article 1 of Chapter 24 of Title 33 of the Official Code of Georgia Annotated, relating4 to general insurance provisions, so as to broadly address insurer premium rate increases; to5 require certain disclosures; to establish a new state-run database; to require the submission6 of certain data in certain situations; to increase penalties; t o provide for a short title; to7 provide for related matters; to repeal conflicting laws; and for other purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 This Act shall be known and may be cited as the "Georgia Insura nce Premium Reduction11 Act." 12 SECTION 2.13 Code Section 33-9-4 of the Official Code of Georgia Annotated, relating to standards14 applicable to making and use of rates, is amended by revising paragraph (9) as follows:15 S. B. 155 - 1 - 25 LC 46 1083 "(9) No insurer shall base any standard or rating plan on vehicle insurance, in whole or16 in part, directly or indirectly, upon race, creed, or ethnic extraction, or census tract; and"17 SECTION 3.18 Article 1 of Chapter 24 of Title 33 of the Official Code of Geo rgia Annotated, relating to19 general insurance provisions, is amended by adding a new Code section to read as follows:20 "33-24-59.34.21 (a) All insurers in this state shall disclose on such insurer' s public website all requests22 made to the department to increase premium rates by more than 5 percent. All such23 disclosures shall be accompanied by a justification report. The term 'justification report'24 means a document which describes such insurer's reasoning and the data relied upon which25 form the basis for such insurer's request.26 (b) The department shall establish a state-run online database where consumers can27 compare coverage options and insurance rates of all lines of insurance policies filed with28 the department. At the discretion of the department, such data base may not contain29 information already publicly available on the All-Payer Claims Database.30 (c) Notwithstanding any provision of law to the contrary, all insurers requesting31 department approval of premium rate increases of more than 5 percent shall submit detailed32 actuarial data to support such request.33 (d) Notwithstanding any provision of law to the contrary, the Commissioner shall hold34 public hearings in accordance with Code Section 33-2-17 and oth er relevant law on all35 premium rate increase requests of more than 10 percent.36 (e) No insurer shall collude with another insurer with regard to premium rates. Any37 insurer found by the Commissioner to have violated this subsection and whose actions are38 determined by the Commissioner to have contributed toward premium inflation shall also39 be found to have committed an unfair trade practice or act in v iolation of Code40 Section 33-6-4.41 S. B. 155 - 2 - 25 LC 46 1083 (f) No insurer shall settle litigation with the primary purpose of manufacturing losses to42 justify premium increases. Any insurer determined by the Commissioner to have violated43 this subsection shall also be found to have committed an unfair trade practice or act in44 violation of Code Section 33-6-4.45 (g) No insurance policy may be sold to a consumer in this stat e without such consumer46 being represented by an independent insurance broker."47 SECTION 4.48 All laws and parts of laws in conflict with this Act are repealed.49 S. B. 155 - 3 -