HB477: HB477 Insurance; prohibit insurers from raising private passenger motor vehicle insurance rates more often that once every calendar year

25 LC 46 1041 House Bill 477 By: Representatives Bazemore of the 69th, Gilliard of the 162nd, Crawford of the 89th, Bennett of the 94th, Kendrick of the 95th, and others A BILL TO BE ENTITLED AN ACT To amend Chapter 9 of Title 33 of the Official Code of Georgia Annotated, relating to1 regulation of rates, underwriting rules, and related organizations, so as to prohibit insurers2 from raising private passenger motor vehicle insurance rates mo re often than once every3 calendar year; to provide for related matters; to provide for an effective date; to provide for4 applicability; to repeal conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Chapter 9 of Title 33 of the Official Code of Georgia Annotated , relating to regulation of8 rates, underwriting rules, and related organizations, is amended by revising paragraph (2) of9 Code Section 33-9-4, relating to standards applicable to making and use of rates, as follows:10 "(2) No rate shall be held to be excessive unless such rate is unreasonably high for the11 insurance provided and a reasonable degree of competition does not exist in the area with12 respect to the classification to which such rate is applicable; provided, however, that, with13 respect to rate filings involving an increase in rates, no rate for personal private passenger14 motor vehicle insurance shall be held to be excessive unless su ch rate is unreasonably15 high for the insurance provided and a reasonable degree of comp etition does not exist.16 H. B. 477 - 1 - 25 LC 46 1041 Notwithstanding any other provision of this chapter, no insurer in this state shall raise17 rates on a private passenger motor vehicle insurance policy more often than once every18 calendar year;"19 SECTION 2.20 This Act shall become effective on January 1, 2026, and shall a pply to all policies issued,21 delivered, issued for delivery, or renewed in this state on or after such date.22 SECTION 3.23 All laws and parts of laws in conflict with this Act are repealed.24 H. B. 477 - 2 -