Sen Floor Amend 2 AM 46 0100 to HB 348

LOST Senators Merritt of the 9th, Mallow of the 2nd, Islam Parkes of the 7th, and McLaurin of the 14th offered the following amendment #2: Amend HB 348 (LC 52 0715) by inserting after "definitions;" on line 4 the following: to amend Chapter 24 of Title 33 of the Official Code of Georgia Annotated, relating to insurance generally, so as to prohibit an insurer from transferring funds between affiliates with intent to mislead regarding the insurer's profitability; By inserting between lines 51 and 52 the following: Chapter 24 of Title 33 of the Official Code of Georgia Annotated, relating to insurance generally, is amended by adding a new Code section to read as follows: "33-24-59.34. No insurer shall engage in any scheme or artifice by which it transfers funds between affiliates or subsidiaries of such insurer for the purpose of creating a false or misleading impression regarding the profitability of such insurer or its subsidiaries or affiliates. Following a public hearing as described in Chapter 13 of Title 50, the 'Georgia Administrative Procedure Act,' the Commissioner may fine a violating insurer $100,000.00. Any natural person found guilty of the commission of such an act in a court of law shall be guilty of a misdemeanor of a high and aggravated nature and shall be punished in accordance with Code Section 17-10-4." SECTION 5. By replacing "5" on line 54 with "6".