Bill Text: GA HB513 | 2011-2012 | Regular Session | Introduced
Bill Title: Life insurance; group life insurance policy to approved groups; allow issuance
Spectrum: Partisan Bill (Republican 7-0)
Status: (Engrossed - Dead) 2012-03-21 - Senate Read Second Time [HB513 Detail]
Download: Georgia-2011-HB513-Introduced.html
11 LC
37 1202
House
Bill 513
By:
Representatives Shaw of the
176th,
Dollar of the
45th,
Smith of the
131st,
Maxwell of the
17th,
Cheokas of the
134th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 27 of Title 33 of the Official Code of Georgia Annotated, relating
to group life insurance, so as to allow the issuance of a group life insurance
policy to certain groups as approved by the Commissioner; to remove a
participation requirement before the extension of group life policy coverage to
dependents of employees or members; to provide for related matters; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
27 of Title 33 of the Official Code of Georgia Annotated, relating to group life
insurance, is amended in Code Section 33-27-1, relating to group requirements
generally, by adding a new paragraph to read as follows:
"(11)
Discretionary
groups. Group
life insurance offered to a resident of this state under a group life insurance
policy issued to a group other than one described in paragraphs (1) through (10)
of this Code section shall be subject to the following
requirements:
(A)
No such group life insurance policy shall be delivered in this state unless the
Commissioner finds that:
(i)
The issuance of such group policy is not contrary to the best interest of the
public;
(ii)
The issuance of the group policy would result in economies of acquisition or
administration; and
(iii)
The benefits are reasonable in relation to the premiums charged;
(B)
No such group life insurance coverage may be offered in this state by an insurer
under a policy issued in another state unless this state or such other state
having requirements substantially similar to those contained in divisions (i)
through (iii) of subparagraph (A) of this paragraph has made a determination
that the requirements have been met;
(C)
The premium for the policy shall be paid either from the policyholder's funds or
from funds contributed by the covered persons, or from both; and
(D)
An insurer may exclude or limit the coverage on any person as to whom evidence
of individual insurability is not satisfactory to the
insurer."
SECTION
2.
Said
chapter is further 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, 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
3.
All
laws and parts of laws in conflict with this Act are repealed.