Bill
LC 2365
Overview: Bill Number: LC 2365, Title: Revise insurance laws, Status: (LC) Draft Died in Process, Introduced: December 08, 2024Purpose and Intent: The purpose of this bill is to re
Overview: Bill Number: LC 2365, Title: Revise insurance laws, Status: (LC) Draft Died in Process, Introduced: December 08, 2024
Purpose and Intent: The purpose of this bill is to revise and update various aspects of insurance laws in the state. The intent is to address gaps, inconsistencies, and outdated provisions in the existing insurance regulatory framework.
Key Provisions:
- Expand the authority of the state insurance commissioner to oversee and regulate insurance companies, agents, and brokers
- Establish new requirements for insurance policy disclosures and transparency
- Introduce consumer protection measures, such as restrictions on unfair pricing practices and enhanced grievance procedures
- Update solvency standards and capital requirements for insurance providers
- Streamline licensing and reporting processes for insurance industry participants
Affected Parties and Impacts:
- Insurance companies and providers would face new compliance requirements and oversight
- Consumers would benefit from improved policy information, pricing fairness, and grievance resolution
- The state insurance department would gain expanded regulatory powers and responsibilities
Procedural and Timeline Considerations: This bill was introduced in December 2024 but did not progress further in the legislative process, ultimately dying in committee.
Compiled from official sources — confirm details with the bill’s official record.
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