SB 324: Life Insurance; certain protections for life insurance policyholders and beneficiaries; provide

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Discussed in meetings (8)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. Senate Insurance and Labor Committee, February 19, 2026

   From 0:40:08 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor presented a substitute intended to protect life insurance policyholders by preserving access to an original or designated agent, requiring policy information and annual reports even for paid-up policies, and requiring quarterly National Association of Insurance Commissioners policy-locator searches with annual reporting beginning in 2027. The sponsor described losing access to clients’ information after insurers changed ownership and finding policies families did not know existed. Members asked about interstate policies, universal-life fees, administrative costs and beneficiary rights. The sponsor said annual illustrations help monitor policy values, insurers do not charge for those illustrations, and searches are a cost of doing business. A witness for State Farm and the American Council of Life Insurers raised concerns about requiring insurers to work with agents outside existing contracts and said annual reports could reduce availability of small policies. The witness said existing law already requires semiannual death-record checks and documented efforts within 90 days of a match to confirm deaths and locate beneficiaries, differing from the sponsor’s earlier answer about notification duties. A member warned that defining beneficiaries as policyholders could unintentionally give children or former spouses policy rights. The sponsor agreed to further discussions. No amendment or vote followed.

2. Senate Insurance and Labor Committee, February 26, 2026

   From 0:17:45 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor presented a substitute requiring insurers to search the National Association of Insurance Commissioners policy locator at least quarterly. The sponsor said beneficiaries may not know a policy exists and that voluntary use of the locator had recovered over $13 billion. The sponsor said the substitute narrowed the definition of policyholder to the owner, allowed owners to retain their original agent after a policy transfer, and required annual reports even for paid-up policies. The sponsor also described a Department of Insurance form allowing an authorized recipient to obtain policy information without authority to change beneficiaries, borrow against or surrender the policy. One member asked whether the changes would confuse insurers. The sponsor acknowledged an additional search requirement but said major insurers already used the locator and a standard form would simplify access. A second member asked what information the locator contained and whether a 10-day deadline to confirm a match and contact the person was reasonable. The sponsor described identifying information and supported extending the deadline. The committee unanimously adopted an amendment changing 10 days to 30 days, then unanimously approved the bill as amended as a committee substitute.

3. Senate Rules Committee, March 5, 2026

   From 0:23:27 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor described SB 324 as a life-insurance policyholder bill of rights. The sponsor said it would add use of the National Association of Insurance Commissioners' policy locator to efforts to find policies and benefits. The sponsor also said insurers that acquire another company's business would have to continue sending annual reports to agents, describing difficulty obtaining reports after a sale in the sponsor's own insurance business. The sponsor briefly mentioned a simple form to be created by the insurance commissioner but did not explain it further. The committee unanimously included the bill in the floor-calendar package.

4. Senate floor session, March 6, 2026 (legislative day 28, part 1)

   From 8:33:44 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Tabled)

   Summary by Georgia Commons: The sponsor described SB 324 as a bill of rights for life-insurance policyholders and beneficiaries. The sponsor said insurers would have to check the National Association of Insurance Commissioners' policy locator as well as death records to help connect benefits with beneficiaries before money goes to unclaimed property. The sponsor said Georgia held $3 billion in unclaimed property and that the national locator had helped recover more than $13 billion in policies. The sponsor also described continued access to reports for an existing agent after an insurer is sold, a uniform authorization form for representatives seeking policy information and annual statements for active policies, including paid-up policies. The sponsor argued that older policies often lack enough beneficiary information and that these requirements would help families receive benefits. No questions or opposing speeches followed. The Senate adopted the committee substitute and passed the bill, 50 to 0.

• Read aloud: Senate floor session, March 3, 2026 (legislative day 26), 0:31:56
• Read aloud: Senate floor session, March 4, 2026 (legislative day 27), 0:47:38
• Read aloud: House floor session, March 9, 2026 (legislative day 29), 0:50:05
• Read aloud: House floor session, March 10, 2026 (legislative day 30), 0:41:30

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