Bill Text: GA HB411 | 2009-2010 | Regular Session | Introduced
Bill Title: Insurance; group life policy insurance; remove participation requirement
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2009-02-17 - House Second Readers [HB411 Detail]
Download: Georgia-2009-HB411-Introduced.html
09 LC 37
0835
House
Bill 411
By:
Representative Knox of the
24th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 33 of the Official Code of Georgia Annotated, relating to insurance,
so as to remove a participation requirement before the extension of group life
policy coverage to dependents of employees or members; to provide cash surrender
values of annuities are exempt from claims of creditors; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
33 of the Official Code of Georgia Annotated, relating to insurance, is amended
by revising paragraph (1) of subsection (a) of Code Section 33-27-2, relating to
the extension of group life policy coverage to dependents of employees or
members, to read as follows:
"(1)
The premium for the insurance shall be paid by the policyholder either from the
employer's or union's funds or funds contributed by the insured employees or
members, or from both.
If any part
of the premium is to be derived from funds contributed by the insured employees
or members, the insurance with respect to spouses and children may be placed in
force only if at least 75 percent of the then eligible employees or members,
excluding any as to whose family members evidence of insurability is not
satisfactory to the insurer, elect to make the required
contribution. If no part of the premium is
to be derived from funds contributed by the employees or members, all eligible
employees or members, excluding any as to whose family
members
members'
evidence of insurability is not satisfactory to the insurer, must be insured
with respect to their spouses and children;"
SECTION
2.
Said
title is further amended by revising Code Section 33-28-7, relating to right of
beneficiaries and assignees to proceeds of annuity, reversionary annuity, and
pure endowment contracts as against creditors, to read as follows:
"33-28-7.
The
cash surrender
values or proceeds of annuity,
reversionary annuity, or pure endowment contracts issued to citizens or
residents of this state, upon whatever form, shall not in any case be liable to
attachment, garnishment, or legal process in favor of any creditor of the person
who is the beneficiary of such annuity contract unless the annuity contract was
assigned to or was effected for the benefit of such creditor or unless the
purchase, sale, or transfer of the policy is made with the intent to defraud
creditors."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.