Sen Floor Amend 1 AM 46 0099 to HB 348

LOST Senators Mallow of the 2nd and Merritt of the 9th offered the following amendment #1: Amend HB 348 (LC 52 0715) by replacing "To" on line 1 with "To amend Code Section 33-3-3 of the Official Code of Georgia Annotated, relating to qualifications for transactions of insurance generally, transaction of insurance by insurers owned by states, and foreign governments, so as to prohibit insurers from ceasing to do business in this state in certain circumstances; to" By inserting between lines 7 and 8 the following: Code Section 33-3-3 of the Official Code of Georgia Annotated, relating to qualifications for transactions of insurance generally, transaction of insurance by insurers owned by states, and foreign governments, is amended by adding a new subsection to read as follows: "(a.1) No insurer authorized to transact insurance in this state pursuant to subsection (a) of this Code section may cease to do business in this state if, during at least four of the immediately previous five years, the sum of such insurer's total net profits from the combination of all policy lines and investment income attributable to Georgia are greater than one dollar." SECTION 2. By renumbering Section 2 through Section 5 as Section 3 through Section 6, respectively.