SB 505: "Georgia Prior Approval for Consumer Insurance Rates Act"; enact

Currently, Georgia law lets most private passenger auto insurance rate changes take effect 60 days after filing without the Commissioner's approval, and it allows insurers broad flexibility in other lines. This bill, the "Georgia Prior Approval for Consumer Insurance Rates Act," rewrites O.C.G.A. §§ 33-9-4 and 33-9-21 to carve out personal lines insurance (private passenger auto and residential property) from the general rate standards and instead require the Commissioner to approve every new rate, renewal rate, rating factor change, territory or classification change, and algorithmic pricing model before it can be used. Insurers must submit detailed documentation with each filing, including loss experience, expense and profit assumptions, catastrophe and reinsurance data, and information on any algorithmic or predictive pricing models, including bias testing. The Commissioner must post a redacted version of each filing for at least 30 days of public comment and may hold a public hearing. The law would take effect July 1, 2026, and apply to policies issued or renewed on or after October 1, 2026.

• Requires insurers to get written approval from the Insurance Commissioner before using any new rate, rating factor, or pricing model for private passenger auto and residential property insurance.
• Removes the current 60 day automatic approval process for most private passenger auto insurance rate changes.
• Defines when a rate counts as excessive, inadequate, or unfairly discriminatory, giving the Commissioner discretion to judge whether profits are unreasonable or pricing lacks actuarial justification.
• Requires each rate filing to include loss history, expense and profit data, catastrophe assumptions, and documentation of any algorithmic or predictive pricing models, including their variables and bias testing.
• Requires the Department of Insurance to post a redacted version of each rate filing online for at least 30 days of public comment and allows the Commissioner to hold a public hearing.
• Removes older provisions setting fixed filing deadlines and examination triggers for rate increases, replacing them with the new prior approval process.

Insurance companies that sell private passenger car insurance or homeowners insurance in Georgia, the state Insurance Commissioner and Department of Insurance staff who review filings, and Georgia drivers and homeowners whose premiums depend on these rate filings.

Insurers would no longer be able to put new auto or homeowners insurance rates into effect automatically; they would need state sign-off first, along with detailed data including any algorithmic pricing tools. The public would get a window to comment on filings, changing how quickly and transparently rate changes reach Georgia policyholders.

• Section 1 names the act the "Georgia Prior Approval for Consumer Insurance Rates Act."
• Section 2 revises O.C.G.A. § 33-9-4 to exclude personal auto and residential property insurance from the general rate-making standards, since those lines now get their own approval process.
• Section 3 revises O.C.G.A. § 33-9-21 to define 'personal lines insurance' and 'rate filing' and require Commissioner approval before any such rate can be charged or used.
• Section 3 requires each personal lines rate filing to include loss experience, trend assumptions, expense and profit margins, catastrophe assumptions, and documentation of algorithmic or predictive pricing models.
• Section 3 requires the Department of Insurance to post redacted filings online for at least 30 days of public comment and allows the Commissioner to hold a public hearing under the Georgia Administrative Procedure Act.
• Section 3 removes the prior law's fixed 45 and 60 day filing timelines and mandatory examination triggers for large rate increases.
• Section 4 sets the effective date as July 1, 2026, applying to policies issued or renewed on or after October 1, 2026.

1. 2026-02-17Senate Read and Referred (Senate)
2. 2026-02-12Senate Hopper (Senate)

• Nabilah Islam Parkes (D, SD-007)Primary sponsor
• Nikki Merritt (D, SD-009)
• Kim Jackson (D, SD-041)
• Nan Orrock (D, SD-036)
• Elena Parent (D, SD-044)
• Randal Mangham (D, SD-055)
• Derek Mallow (D, SD-002)
• Tonya Anderson (D, SD-043)

• car insurance rates
• homeowners insurance
• insurance regulation
• insurance commissioner approval
• consumer protection