Plain English Breakdown
The official bill title confirms the five-year prohibition but does not specify which types of liability insurance are covered.
HB345: Prohibit Liability Insurance Rate Increases for Five Years
This bill prohibits increases in liability insurance rates for a period of five years.
What This Bill Does
- Prohibits raises in liability insurance rates for five years.
- Amends Chapter 1 of Title 33 of the Official Code of Georgia Annotated regarding general provisions of insurance.
- Provides an effective date and explains which policies the law applies to.
- Includes a rule that automatically ends this ban after five years (automatic repeal).
- Repeals any existing laws that conflict with these new rate limits.
Who It Names or Affects
- Insurance companies subject to general provisions of insurance in Georgia
Limits and Unknowns
- The official summary does not state the specific date when this ban begins.
- The text does not explain how insurance companies must handle claims or policies already in place before the law starts.
- It is unclear if exceptions exist for certain types of liability risks.