The Georgia House of Representatives has approved four measures designed to lower insurance costs for residents and businesses throughout the state. The legislation addresses affordability issues in areas such as auto, homeowner, and business insurance.
“Georgia is leading the nation in tackling affordability and driving down the cost of living for our neighbors—from energy and healthcare to housing and now insurance,” said House Speaker Jon Burns (R-Newington). “Georgians rely on their insurers during some of life’s most challenging moments, and we are committed to ensuring families across our state can count on transparency, accountability and reliability from the companies they trust to keep them covered.”
Speaker Burns appointed the House Blue-Ribbon Study Committee on Insurance Rates after last year’s passage of lawsuit reform bills SB 68 and SB 69. The committee was led by Chairman Matt Reeves (R-Duluth) with a mandate to recommend ways to reduce insurance costs and improve transparency for policyholders.
“The Georgia House has worked across the state and across the aisle to make insurance more affordable for hardworking Georgians,” said Chairman Matt Reeves.
The four bills—House Bill 1344, House Bill 1262, House Bill 1263, and House Bill 1274—were developed based on recommendations from both the study committee and Georgia Safety Fire and Insurance Commissioner John King.
HB 1262 increases fines against insurance companies for violations such as surprise billing or failing to cover mental health treatment. HB 1263 shortens the period during which insurers can seek refunds for premium tax payment errors from five years to three. HB 1274 requires insurers with profits above five percent over three consecutive years to file a rate decrease; similar laws in other states have resulted in customer rebates. HB 1344 raises nearly forty different fines within Georgia’s insurance code, strengthens enforcement powers for regulators, targets fraud, enforces uninsured motorist laws, and tightens claims processing rules after storms or damage.
Jon Burns has served as a Republican representative since his election in 2005 representing Georgia’s 159th District.
Further details about these reforms are available through information released by the House Blue-Ribbon Study Committee on Insurance Rates.
