Plain English Breakdown
The official text confirms the bill amends Title 33 but does not provide the full details of the amendments beyond the summary points listed.
Insurance Rate Transparency and Tort Reform Review
This bill updates insurance laws to require more transparency in rates, allow for hearings and data collection on tort reform savings, and publish related reports.
What This Bill Does
- Provides definitions related to insurance rate regulation.
- Allows for examinations and hearings regarding insurance matters.
- Requires the publication of certain information about insurance rates.
- Extends the time allowed for collecting and analyzing data on tort reform laws.
- Includes findings on savings resulting from tort reform laws.
- Mandates the publication of reports related to these topics.
Who It Names or Affects
- Insurance companies operating in Georgia
- State officials responsible for insurance regulation
Terms To Know
- Tort reform law
- A previous law that changed rules regarding lawsuits, which this bill reviews to find savings.
- Rate regulation
- The government oversight of how insurance prices are set and reported.
Limits and Unknowns
- The official summary does not state the specific effective date for these new rules.
- The exact amount of money expected to be saved is not listed in the provided text.
- Details on how often reports must be published are not included in this excerpt.