06
SB385/AP
Senate
Bill 385
By:
Senator Hudgens of the 47th
AS
PASSED
AN
ACT
To
amend Title 33 of the Official Code of Georgia Annotated, relating to insurance,
so as to provide that insurers may invest in the obligations of certain Canadian
cities; to provide for legislative intent; to provide a definition; to provide
for related matters; to provide an effective date; to repeal conflicting laws;
and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
33 of the Official Code of Georgia Annotated, relating to insurance, is amended
by striking Code Section 33-11-13, relating to authorized investments of
insurers generally, and inserting in lieu thereof a new Code Section 33-11-13 to
read as follows:
"33-11-13.
An
insurer may invest in the obligations of any county, any incorporated city,
town, or village, any school district, water district, sewer district, road
district, or any special district, or any other political subdivision or public
authority of any state, territory, or insular possession of the United States,
or of the District of Columbia, or of the Canadian cities that have a population
of over 25,000 according to the most recent official Census of Canada, which has
not defaulted for a period of 120 days in the payment of interest upon, or for a
period of more than one year in the payment of principal of, any of its bonds,
notes, warrants, certificates of indebtedness, securities, or any other
interest-bearing obligation during the five years immediately preceding the
acquisition of the
investment."
SECTION
2.
Said
title is further amended by inserting a new Code Section 33-24-16.1 to read as
follows:
"33-24-16.1.
(a)
The term 'actual charge' or 'actual fee,' when used in an individual or group
specified disease insurance policy, shall mean the amount actually paid by or on
behalf of an insured person and accepted as full payment by a health care
provider or other designated person for the goods or services
provided.
(b)
The General Assembly finds and declares that the provisions of subsection (a) of
this Code section are intended to clarify the current correct interpretation of
the defined terms for instances in which the particular insurance policy does
not otherwise contain a
definition."
SECTION
3.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.