Senate Bill 471

Chairman: Tom Knox

Committee:Insurance

House Sponsor: Tom Knox

Senate Sponsor: Ralph Hudgens

Sections 1-3 of SB 471 address the examination of domestic insurers, changing the examination frequency from every three years to every five years, addressing the confidentiality of certain materials used in the reports, and giving examiners authorized by the commissioner the same immunity in investigations as is given to department employees in these situations.

Section 4 would enact the “Property and Casualty Actuarial Opinion Law” which would require property and casualty insurance companies doing business in this state to annually file the opinion of an appointed actuary with the Commissioner. The required content and process is set out in detail.

This bill comes to the House Floor under the Open Rule.

Chairman Knox’s Opinion of the Legislation:

This legislation is necessary to keep the Georgia Insurance Department’s National Association of Insurance Commissioners Accreditation and Membership.