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

Currently, Georgia policyholders and their beneficiaries can lose track of life insurance policies, and insurers have limited obligations to search for missing beneficiaries or keep policyholders informed. This bill amends Georgia's life insurance law (O.C.G.A. Chapter 25 of Title 33) to add new consumer protections. Insurers would have to check a national database at least quarterly for matches to policies and beneficiaries, and act within 30 days if a match is found. The bill also creates a new 'Georgia Policyholder Bill of Rights,' letting policyholders keep their original insurance agent even if the policy is sold to another company, receive annual status reports on their policy, and use a standardized, notarized form to authorize someone else to access their policy documents. The Department of Insurance must publish a plain-language rights statement and the authorization form by January 1, 2027, and insurers must begin annual reporting on beneficiary searches by that date. The law would take effect as soon as the Governor signs it.

• Requires insurers to search the National Association of Insurance Commissioners' policy locator system at least quarterly to find matches to policies and beneficiaries.
• Requires insurers to confirm a match, contact the person or beneficiary, and update records within 30 days of finding one.
• Creates a new Code section, the 'Georgia Policyholder Bill of Rights,' guaranteeing policyholders the right to keep their original agent of record even after a policy is sold to another insurer.
• Gives policyholders the right to receive an annual report on their policy's status, even if the policy is fully paid, and to authorize another person to access policy documents through a standardized, notarized form.
• Requires insurers to report annually to the Insurance Commissioner on the results of their beneficiary searches, starting no later than January 1, 2027.
• Directs the Department of Insurance to publish a plain-language rights statement and the authorization form on its website and send them to all licensed life insurers by January 1, 2027.

Life insurance policyholders who are Georgia residents, their designated beneficiaries, insurance agents who serve as agents of record, life insurance companies operating in Georgia, and the Georgia Department of Insurance, which must publish materials and collect annual reports.

Policyholders and their families would gain new tools to track policies and keep the same trusted agent even after a company sells the policy, while insurers face new search, disclosure, and reporting duties meant to reduce the chance that life insurance benefits go unclaimed after someone dies.

• Section 1 adds a new subsection to O.C.G.A. § 33-25-14 requiring insurers to run quarterly searches of the NAIC policy locator system and act on matches within 30 days.
• Section 2 creates O.C.G.A. § 33-25-16, the 'Georgia Policyholder Bill of Rights,' defining 'insurer,' 'policy,' and 'policyholder' for purposes of the new protections.
• Subsection (c) guarantees a policyholder's right to keep their original agent of record even if the policy is sold or transferred to another insurer.
• Subsection (d) creates a standardized, notarized authorization form for sharing policy documents, limited to 12 months and barring the recipient from making policy changes or transfers.
• Subsection (e) guarantees policyholders an annual report on their policy's status, even for fully paid policies.
• Subsection (f) requires insurers to report beneficiary search results to the Commissioner annually starting no later than January 1, 2027.
• Subsection (g) requires the Commissioner to publish a plain-language rights statement and the authorization form by January 1, 2027 and send them to all licensed life insurers.
• Section 3 states the law takes effect upon the Governor's approval or upon becoming law without signature.

1. 2026-03-10House Second Readers (House)
2. 2026-03-09House First Readers (House)
3. 2026-03-06Senate Passed/Adopted By Substitute (Senate)
4. 2026-03-06Senate Third Read (Senate)
5. 2026-03-06Senate Taken from Table (Senate)
6. 2026-03-06Senate Tabled (Senate)
7. 2026-03-04Senate Read Second Time (Senate)
8. 2026-03-03Senate Committee Favorably Reported By Substitute (Senate)

• Marty Harbin (R, SD-016)Primary sponsor
• Ricky Williams (R, SD-025)
• John Albers (R, SD-056)
• Steve Gooch (R, SD-051)
• Randy Robertson (R, SD-029)
• Mike Hodges (R, SD-003)
• Drew Echols (R, SD-049)
• Max Burns (R, SD-023)

1. PassedSenate voteMarch 6, 2026

   50 yea, 0 nay (1 not voting, 4 absent)

   Passage By Substitute: Senate Vote #675

• life insurance
• insurance regulation
• unclaimed benefits
• consumer protection
• Georgia Department of Insurance