Plain English Breakdown
The official text confirms the bill passed both chambers and reached final enrollment, but no specific effective date is listed in the provided metadata or summary.
FAIR Plan Stabilization Act
This bill changes Georgia law to let the directors of the FAIR Plan underwriting association share risks among insurance companies more fairly, with approval from the state Commissioner.
What This Bill Does
- Amends Chapter 33 of Title 33 of the Official Code of Georgia Annotated regarding fair access to insurance requirements.
- Authorizes directors of the underwriting association affiliated with the FAIR Plan to redistribute risks among insurers in the plan on a more equitable basis, subject to Commissioner approval.
Who It Names or Affects
- Directors of the underwriting association affiliated with the FAIR Plan
- Insurers participating in the FAIR Plan
Limits and Unknowns
- The official summary does not define what 'more equitable basis' means or how risks will be redistributed.
- The text mentions an effective date is provided but does not list a specific calendar date in the available material.