Ga. lawmakers seek to cut insurance rates, raise accountability

ATLANTA, Ga. - Members of the House Blue-Ribbon Study Committee traveled across the state, engaging with key stakeholders and experts to craft legislation to tackle affordability and accountability in insurance.

State lawmakers look to build on insurance reform momentum, beginning with the Georgia Insurance Affordability and Claims Integrity Act, known as House Bill 1344.

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It is one of the four discussed today at the State Capitol that lawmakers hope will make its way to the governor’s desk.

It calls for increasing fines in Georgia’s insurance code, addressing timely claims processing following storms, and enhancing oversight and transparency by expanding the insurance commissioner’s enforcement authority.

“My hope is that our fines are significant enough to cause pain in insurance companies in continuing this behavior,” Georgia Insurance and Safety Fire Commissioner John King said.

Commissioner King recently announced $25 million in fines against insurers for establishing barriers to accessing mental health care, violating the state’s mental health parity act.

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And now, newly proposed laws would expand his ability to hold insurers accountable not just through fines, but also by examining rates.

“To examine all available evidence when reviewing rates,” Republican state Rep. Matt Reeves said. “If companies have not treated citizens right, that will be considered when they file their rates. If they have processed their claims, kept a clean record, and cut their rates in the past, that will be considered.”

With the current proposals, they hope to build on last year’s tort reform measures, which were signed into law to curb lawsuit abuse.

Mark Friedlander with the Insurance Information Institute provided a statement saying, “Georgia ranks 47th in personal auto affordability, according to the Insurance Research Council, so strong legislative actions were necessary to generate reduced rates. Legal system abuse costs every Georgian $1,544 per year in a ‘tort tax.’”

Speaker Jon Burns also said that recent efforts helped reduce rates, including on the road, where 10 insurers have announced rate cuts, saving Georgia millions.

“I feel very confident that no state does more to drive down the cost of living, address affordability, and stabilize insurance rates like Georgia is doing right now,” Speaker Burns said.