Gov. Brian Kemp signed four pieces of legislation Tuesday that had been sought by Insurance and Safety Fire Commissioner John F. King.
“From protecting Georgia policyholders by strengthening our life and health insolvency pool to streamlining rules in order to reduce the administrative burden on industry, these bills help ensure Georgia remains the No. 1 state in the nation to do business,” King said.
Armuchee Republican Rep. Eddie Lumsden, who chairs the House Insurance Committee, said he considered the bills priority items to pass in a session hobbled by the coronavirus pandemic.
One was the measure he sponsored, House Bill 1050, which strengthens the state’s life and health insurance guaranty fund in the event of future long-term care insolvencies. It adds HMOs to broaden the assessment base and splits future assessments between life and health insurers.
“It’s an industry solution to an industry problem, but it really is a consumer protection bill,” Lumsden said.
He also said Senate Bill 377 was another industry-specific bill that, while it didn’t appear to be a major initiative, “needed to be taken care of.”
The measure codifies Kemp’s executive order allowing third-party inspections of certain construction projects, and helps King’s office complete more elevator inspections without increasing his staff.
Other bills signed into law Tuesday were:
HB 893, which lets the Insurance Commissioner’s office collect annual, instead of quarterly, assessments from insurers for the Special Fraud Fund. The move is aimed at reducing paperwork.
SB 188 updates the state’s Credit for Reinsurance Law to reflect new agreements between the U.S. and the European Union and United Kingdom. The update was necessary to maintain accreditation and to avoid federal preemption of Georgia insurance law.