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:
<ins>"(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."
</ins> SECTION 2.
By renumbering Section 2 through Section 5 as Section 3 through Section 6, respectively.