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HB 410

Insurance, Department of; efficiency in the practices; provide

2025-2026 Regular Session Introduced by Buddy DeLoach and 2 co-sponsors

House Bill 410 streamlines Georgia's insurance regulations, cutting fees and simplifying processes, boosting competition and efficiency for insurers and consumers alike.

Effective Date
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Bill Summary · HB 410

Summary of House Bill 410

Bill Number: HB 410
Title: Insurance, Department of; efficiency in the practices; provide
Status: Effective Date
Introduced: February 12, 2025
Effective Date: May 14, 2025
Sponsors:
- Bruce Williamson (Primary)
- Buddy DeLoach (Primary)
- Eddie Lumsden (Primary)

Purpose and Intent

House Bill 410 aims to enhance the efficiency of the Georgia Department of Insurance by amending various provisions in Title 33 of the Official Code of Georgia Annotated. The bill seeks to streamline processes, reduce regulatory burdens, and eliminate unnecessary fees associated with insurance practices in the state.

Key Provisions

The bill includes several significant changes to existing insurance regulations:

  1. Statutory Deposit Requirements:

    • Revises the deposit requirement for foreign insurers to a base amount of $100,000 for the first class of insurance and $25,000 for each additional class, capping the total deposit at $200,000.

  2. Removal of Fees:

    • Eliminates fees for branch licensees, thereby reducing costs for insurance agencies operating in Georgia.

  3. Application Process Revisions:

    • Modifies application requirements for domestic stock and mutual insurers, including the removal of publication requirements for applications, amendments, and surrenders.
    • Removes the publication requirement for charters, consolidations, and mergers of fraternal benefit societies.

  4. Agency Licensing:

    • Removes the licensure requirement for agency branches, simplifying the operational framework for insurance agencies.
    • Establishes a biennial renewal process for agency licenses based on the origination month of the agency.

  5. Legal Name Requirement:

    • Mandates that licenses must state the legal name of the licensee, ensuring clarity and accountability.

Impact

The changes proposed in HB 410 are expected to:

  • Reduce Administrative Burden: By streamlining application processes and removing unnecessary fees, the bill aims to make it easier for insurers to operate in Georgia.
  • Encourage Competition: Lowering the financial barriers for foreign and domestic insurers may attract more companies to the Georgia market, potentially leading to increased competition and better options for consumers.
  • Enhance Regulatory Efficiency: The bill seeks to improve the efficiency of the Department of Insurance, allowing it to focus on more critical regulatory functions rather than administrative tasks.

Procedural Timeline

  • February 12, 2025: Bill introduced in the House.
  • February 26, 2025: Bill passed by the House.
  • March 28, 2025: Bill passed by the Senate.
  • April 10, 2025: Sent to the Governor.
  • May 14, 2025: Signed by the Governor and became effective.

Conclusion

House Bill 410 represents a significant reform in the regulatory landscape for insurance in Georgia, aiming to foster a more efficient and competitive environment for insurers while reducing unnecessary costs and administrative hurdles.

Compiled from official sources — confirm details with the bill’s official record.

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