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Following last year’s passage of the state’s tort reform package, Speaker Jon Burns, R-Newington, appointed the House Blue-Ribbon Study Committee on Insurance Rates to develop further legislative recommendations to drive down the cost of insurance and strengthen transparency for Georgia policyholders. Wednesday, Burns and State Insurance Commissioner John King stood with Chairman Matt Reeves, R-Duluth, in introducing historic insurance reform.

House Bill 1344, House Bill 1262, House Bill 1263 and House Bill 1274 aim to address insurance affordability for hardworking Georgia families and businesses, according to Burns.

“For Georgia’s families, homeowners, businesses and drivers, insurance isn’t an option; it’s a necessity,” said Burns. “When disaster strikes, accidents happen, or unexpected circumstances get in the way, Georgians depend on their insurers to help them face life’s most difficult moments with confidence and security. That’s why the Georgia House is continuing to build on our efforts to bring greater stability, transparency and accountability to our insurance markets, ensuring Georgians can afford the coverage they need.”

Reeves and the members of the Blue-Ribbon Study Committee partnered with Commissioner King to enhance the oversight and regulatory capabilities of the Office of Georgia’s Insurance Commissioner, helping ensure fairness and transparency in Georgia’s insurance markets.

“The House Blue-Ribbon Study Committee on Insurance Rates has worked across the state and across the aisle to make insurance more affordable,” said Reeves. “No state is doing more to address affordability and stabilize insurance rates than Georgia is doing right now, and we are committed to continuing this work to ensure every Georgian has access to accessible, competitively priced coverage.”

“It has been an honor to work with Speaker Burns, Representative Reeves and other members of the General Assembly to hold insurance companies accountable and continue the work we have accomplished to drive down the cost of insurance. This legislation is part of our long-term commitment to building a fair, sustainable insurance market that serves every Georgian. By prioritizing accountability and affordability, we are delivering on our promise to protect consumers and provide access to quality coverage to every family in our state,” said King.

The four bills are:

HB 1344, by Rep. Reeves, the “Georgia Insurance Affordability and Claims Integrity Act” is designed to “ensure that Georgia consumers, including businesses and individuals, have access to affordable quality insurance coverage without being subjected to unjustified rate hikes or unfair business practices; and fair and transparent insurance policies under which claims are processed expeditiously and in compliance with policy provisions and federal and state law.”

HB 1262, by Rep. Eddie Lumsden, R-Armuchee, “increases amount of monetary penalties authorized to impose for certain violations of the Georgia Insurance Code”

HB 1263, by Lumsden, addresses premiums made within three years of payment to the Commissioner; provide for a claim for a refund of certain fees and taxes

HB 1274, by Reeves, is the Auto Insurance Excess Profits Act.”