SB 542 - Insurance Commissioner - cert. fil- ings public, financial statements

First Reader Summary

A bill to amend Code Section 33-3-16 of the Official Code of Georgia Annotated, relating to expiration of certificate of authority to transact insurance and procedure for renewal, so as to provide specifically that certain filings shall be public records of the Commissioner's office; to eliminate a requirement for insurers to publish annual financial statements in newspapers.

Guhl, Bob (45th) Roberts, Sam P (30th) Balfour, Don (9th)
Status Summary HC: Ins SC: I&L LA: 02/18/98 H - Read 2nd Time
Page Numbers - 1/ 2
Senate Action House
1/30/98 Read 1st time 2/17/98
2/4/98 Favorably Reported
2/5/98 Read 2nd Time 2/18/98
2/16/98 Read 3rd Time
2/16/98 Passed/Adopted

SB 542 98                                          LC 25 0879 
 
      SENATE BILL 542 
 
      By:  Senators Guhl of the 45th, Roberts of the 30th, 
           Balfour of the 9th and others 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 33-3-16 of the Official Code of 
  1- 2  Georgia Annotated, relating to expiration of certificate of 
  1- 3  authority to transact insurance and procedure for renewal, 
  1- 4  so as to provide specifically that certain filings shall be 
  1- 5  public records of the Commissioner's office; to eliminate a 
  1- 6  requirement for insurers to publish annual financial 
  1- 7  statements in newspapers; to repeal conflicting laws; and 
  1- 8  for other purposes. 
 
  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-10                           SECTION 1. 
 
  1-11  Code Section 33-3-16 of the Official Code of Georgia 
  1-12  Annotated, relating to expiration of certificate of 
  1-13  authority to transact insurance and procedure for renewal, 
  1-14  is amended by striking subsection (a) and inserting in lieu 
  1-15  thereof the following: 
 
  1-16    "(a) All certificates of authority shall expire at 12:00 
  1-17    Midnight on June 30 of the year following date of issuance 
  1-18    or renewal. An insurer desiring renewal shall file on 
  1-19    March 1 preceding expiration a copy of its annual 
  1-20    statement of December 31 of the preceding year in a form 
  1-21    approved for current use by the Commissioner, which filing 
  1-22    shall be a public record of the Commissioner's office and 
  1-23    subject to public inspection as provided by law. On or 
  1-24    before March 1 of each year, each insurer at its expense 
  1-25    shall publish in a newspaper of general circulation 
  1-26    published in this state a copy of such statement in short 
  1-27    form showing income, assets, expenditures, and liabilities 
  1-28    in gross as of December 31 of the preceding year to be 
  1-29    sworn to by the officer or agent making the same; and such 
  1-30    statement so published must be filed with the Commissioner 
  1-31    with a copy of the statement as published attached 
  1-32    thereto. Notwithstanding the March 1 deadline, the 
  1-33    Commissioner may for good cause grant an extension of time 
  1-34    for filing such annual statement not to exceed 60 days. If 
  1-35    the insurer qualifies, its certificate shall be renewed 
 
 
                                 -1- 
 
 
 
  2- 1    annually; provided, however, that any certificate of 
  2- 2    authority shall continue in full force and effect until 
  2- 3    the new certificate is issued or specifically refused." 
 
  2- 4                           SECTION 2. 
 
  2- 5  All laws and parts of laws in conflict with this Act are 
  2- 6  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2- 

Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/20/98

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