Plain English Breakdown
The official summary confirms the bill covers definitions and calculations but does not list them explicitly in the provided text.
Auto Insurance Excess Profits Act
This bill requires the Department of Insurance to collect yearly data from insurers selling private passenger auto policies and allows the Commissioner to order refunds for any excess profits.
What This Bill Does
- Requires the Department of Insurance to collect certain data annually from insurers writing private passenger automobile insurance policies.
- Allows the Commissioner of Insurance to order a refund if an insurer made excess profit based on that data.
- Provides definitions and rules for calculating these profits.
- Establishes a process including notice and an opportunity for a hearing before finalizing orders.
- Specifies that refunds can be given as cash or account credits.
Who It Names or Affects
- Insurers writing private passenger automobile insurance policies in Georgia.
- The Department of Insurance and the Commissioner of Insurance who oversee data collection and refund orders.
Limits and Unknowns
- The official summary does not define what specific amount or percentage counts as 'excess profit.'
- The exact rules for calculating refunds are to be provided by the bill but details are not listed in the summary.
- The effective date and applicability of the law are mentioned as topics covered by the bill, but no specific dates are given.