GA
Georgia House Bill HB410

Georgia 2025-2026 Regular Session

Georgia House Bill HB410 Compare Versions

OldNewDifferences
1-25 LC 52 9000/AP
2-House Bill 410 (AS PASSED HOUSE AND SENATE)
1+25 LC 52 9000
2+House Bill 410
33 By: Representatives DeLoach of the 167
44 th
55 , Lumsden of the 12
66 th
77 , and Williamson of the 112
88 th
99
1010 A BILL TO BE ENTITLED
1111 AN ACT
1212 To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to
1313 1
1414 provide for efficiency in the practices of the Department of Insurance; to revise the statutory2
1515 deposit requirement for foreign insurers; to remove fees for branch licensees; to revise3
1616 application requirements for a domestic stock and mutual insurer; to remove the publication4
1717 requirement for application, amendments, and surrenders for such insurer; to remove such5
1818 publication requirement for charters, consolidations, and mergers of fraternal benefit6
1919 societies; to revise application requirements for farmers' mutual fire insurance companies;7
2020 to remove the licensure requirement for agency branches; to provide for biennial renewals8
2121 for agency licenses to be based on the origination month of the agency; to require a license9
2222 to state the legal name of the licensee; to provide for related matters; to provide for an10
2323 effective date; to repeal conflicting laws; and for other purposes.11
2424 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:12
2525 SECTION 1.13
2626 Title 33 of the Official Code of Georgia Annotated, relating to insurance, is amended in14
2727 Chapter 3, relating to authorization and general requirements for transaction of insurance, by15
2828 H. B. 410
29-- 1 - 25 LC 52 9000/AP
29+- 1 - 25 LC 52 9000
3030 revising subsection (b) of Code Section 33-3-8, relating to requirements as to deposit of
3131 16
3232 securities generally, as follows:17
3333 "(b)(1) Except as otherwise provided in this subsection, the amount of the deposit18
3434 required under this Code section for a certificate to transact any one class of insurance19
3535 shall be $100,000.00; to transact each additional class of insurance, the amount of deposit20
3636 shall be $25,000.00, subject to the limitation that not more than $200,000.00 total deposit21
3737 shall be required for any combination of classes.22
3838 (2) As to any foreign insurer, in lieu of such deposit or part of such deposit in this state,23
3939 the Commissioner shall accept the current certificate in proper form of the public official24
4040 having supervision over insurers in any other state to the effect that a like deposit or part25
4141 of like deposit by such insurer is being maintained in public custody in such state in trust26
4242 for the purpose, among other reasonable purposes, of protection of policyholders and
4343 27
4444 creditors or of the protection of all the insurer's policyholders or of all of its policyholders28
4545 and obligees.29
4646 (3) As to any alien insurer, other than a title insurer, which has entered through and the30
4747 United States branch of which is licensed to transact insurance in another state, in lieu of31
4848 such deposit or part thereof in this state, the Commissioner shall accept the certificate of32
4949 the official having supervision over insurance of such other state in the United States,33
5050 given under his or her hand and seal, that the insurer maintains within the United States34
5151 by way of deposits with public depositories, or in trust institutions within the United35
5252 States approved by such official, assets available for discharge of its United States36
5353 insurance obligations, which assets shall be in an amount not less than the outstanding37
5454 liabilities of the insurer arising out of its insurance transactions in the United States38
5555 together with the larger of the following sums: the largest deposit required by this title39
5656 to be made in this state by any type of domestic insurer transacting like kinds of insurance40
5757 or $300,000.00.41
5858 H. B. 410
59-- 2 - 25 LC 52 9000/AP
59+- 2 - 25 LC 52 9000
6060 (4) As to any alien insurer entering through this state to transact insurance in the United
6161 42
6262 States through a United States branch, such insurer shall deposit in accordance with43
6363 Chapter 12 of this title assets available for discharge of its United States insurance44
6464 obligations, which assets shall be in an amount not less than the outstanding liabilities of45
6565 the insurer arising out of its insurance transactions in the United States together with the46
6666 larger of the following sums: the largest deposit required by this title to be made in this47
6767 state by any type of domestic insurer transacting like kinds of insurance or $300,000.00."48
6868 SECTION 2.49
6969 Said title is further amended in Chapter 8, relating to fees and taxes, by repealing50
7070 subparagraphs (B.1) and (B.2) of paragraph (1) of Code Section 33-8-1, relating to fees and51
7171 charges generally.52
7272 SECTION 3.53
7373 Said title is further amended in Chapter 14, relating to domestic stock and mutual insurers,54
7474 by revising Code Section 33-14-5, relating to filing of application for charter, fee,55
7575 certification and publication of application, and approval or disapproval of charter, as56
7676 follows:57
7777 "33-14-5.58
7878 (a) The application for charter with any and all exhibits that may be included with the59
7979 application shall be filed in triplicate
8080 in the office of the Commissioner of Insurance and60
8181 a fee of $100.00 shall be paid to the Commissioner to be paid by him or her into the state61
8282 treasury. The Commissioner shall not receive the application until the fee shall be is paid.62
8383 (b) Reserved. Immediately upon receipt of the triplicate copies of the application, with63
8484 any and all exhibits included with the application, the Commissioner shall certify one of64
8585 the copies of the application and deliver the same to the applicants and the same shall be65
8686 published by the applicants once a week for four weeks in the newspaper in which is66
8787 H. B. 410
88-- 3 - 25 LC 52 9000/AP
88+- 3 - 25 LC 52 9000
8989 published the legal advertisements of the county where the principal office of the company67
9090 is to be located. When the application with any and all exhibits attached to it shall have68
9191 been published once a week for four weeks, the applicants may apply to the judge of the69
9292 probate court of the county to certify the fact of such publication, which certificate shall70
9393 be filed by the applicants in the office of the Commissioner of Insurance.71
9494 (c) The Commissioner shall approve or disapprove the application within 45 days of the72
9595 date the application is received by the Commissioner.73
9696 (d) The Commissioner shall examine the application to determine whether the charter, if74
9797 granted, will enable the insurer to comply with the applicable insurance laws of this state;75
9898 and, if the Commissioner finds that the charter, if granted, will enable the insurer to comply76
9999 with the applicable provisions of law for carrying on the business for which incorporation77
100100 is sought, the Commissioner shall issue under his or her hand and official seal a certificate78
101101 approving the granting of the charter for such insurer and shall transmit a copy of the79
102102 certificate of approval to the Secretary of State.80
103103 (e) If the Commissioner finds that the proposed application for a charter does not comply81
104104 with the law, or that the corporation, if organized, could not meet the requirements for a82
105105 certificate of authority as set forth in this chapter or any other provision of this title, the83
106106 Commissioner shall refuse to approve the application for charter and shall notify the84
107107 incorporators in writing, as to his or her reasons for such failure to approve; and the85
108108 Commissioner shall issue under his or her hand and official seal a certificate disapproving86
109109 the granting of the charter for such insurer."87
110110 SECTION 4.88
111111 Said title is further amended in said chapter by revising Code Section 33-14-6, relating to89
112112 grant of corporate powers and privileges, issuance of certificate of incorporation, recordation90
113113 of documents, and appointment of attorney for acceptance of service of process, as follows:91
114114 H. B. 410
115-- 4 - 25 LC 52 9000/AP
115+- 4 - 25 LC 52 9000
116116 "33-14-6.
117117 92
118118 (a) All corporate powers and privileges to insurance companies shall be issued and granted93
119119 by the Secretary of State upon the terms, liabilities, and restrictions of and subject to this94
120120 title and the laws and Constitution of this state. If from any cause the Secretary of State95
121121 should be
122122 is disqualified from issuing and granting said powers, the duties required by this96
123123 title to be performed by the Secretary of State shall be performed by the Commissioner of97
124124 Insurance.98
125125 (b) When the certificate of the judge of the probate court as to the fact of publication of99
126126 the application for charter and the certificate of the Commissioner as to his or her approval100
127127 of the application for charter shall have been is received in the office of the Secretary of101
128128 State, the Secretary of State shall issue to the corporation under the seal of the state a102
129129 certificate of incorporation. The corporation shall not transact business as an insurer until103
130130 it has applied for and received from the Commissioner a certificate of authority as provided104
131131 by this title.105
132132 (c) The Secretary of State shall record the application for charter, the certificate of106
133133 approval of the Commissioner, the certificate of the judge of the probate court as to107
134134 publication, and the certificate of incorporation.108
135135 (d) No corporation shall directly or indirectly take risks or transact any business of109
136136 insurance in this state by any agent or agents in this state until it shall have has appointed110
137137 an attorney in this state on whom process of law can be served and filed in the office of the111
138138 Commissioner a written instrument duly signed and sealed certifying such appointment112
139139 which shall continue until another attorney shall be is substituted. Any process issued by113
140140 any court of record in this state and served upon the attorney by the proper officer of the114
141141 county in which the attorney may reside or may be found shall be deemed a sufficient115
142142 service of process upon the company, but service of process upon the company may also116
143143 be made in any other manner provided by law. Any violation of this subsection shall117
144144 H. B. 410
145-- 5 - 25 LC 52 9000/AP
145+- 5 - 25 LC 52 9000
146146 subject the party violating this subsection to a penalty of not less than $100.00 nor more
147147 118
148148 than $500.00."119
149149 SECTION 5.120
150150 Said title is further amended in said chapter by revising Code Section 33-14-8, relating to121
151151 procedures for amendment or renewal of charter, as follows:122
152152 "33-14-8.123
153153 (a) A domestic insurer may amend its charter for any lawful purpose by written124
154154 authorization by the holders of a majority of the voting power of its outstanding capital125
155155 stock, by members if a mutual insurer, or by affirmative vote of such a majority voting at126
156156 a lawful meeting of stockholders or members of which the notice given to stockholders or127
157157 members included prior notice of not less than ten days of the proposal to amend.128
158158 (b) Upon authorization of such an amendment, the insurer shall file in the office of the129
159159 Commissioner of Insurance an application asking that its charter be so amended and a fee130
160160 of $50.00 shall be paid to the Commissioner to be transmitted by him or her into the state131
161161 treasury; and the Commissioner shall not receive said application until said fee shall be
162162 is132
163163 paid. The application with any and all exhibits that may be included shall be filed in133
164164 triplicate, and signed with the corporate name and under the corporate seal, and shall state:134
165165 (1) The name and character of the corporation, and the city or town, and county in this135
166166 state in which is located its principal place of business;136
167167 (2) The date of its original charter and any and all amendments to the charter, and the137
168168 date or dates of renewal of the charter; and138
169169 (3)(A) That it desires an amendment to its charter and the purpose of said amendment;.139
170170 (B) There shall be annexed to the application a certificate in triplicate under the140
171171 corporate seal of the insurer and executed by the insurer's president or vice-president141
172172 vice president and attested to by the secretary or assistant secretary under the seal of the142
173173 corporation, setting forth that the amendment has been authorized in writing by the143
174174 H. B. 410
175-- 6 - 25 LC 52 9000/AP
175+- 6 - 25 LC 52 9000
176176 holders of a majority of the voting power of the outstanding capital stock, by members
177177 144
178178 if a mutual insurer, or by affirmative vote of such a majority voting at a lawful meeting145
179179 of stockholders or members of which the notice given to stockholders or members146
180180 included prior notice of not less than ten days of the proposal to amend.147
181181 (c) Immediately upon receipt of the triplicate copies of the application, with any and all
182182 148
183183 exhibits included with the application, the Commissioner shall certify one of the copies of149
184184 the application and deliver the same to the applicants and the same shall be published by150
185185 the applicants once a week for four weeks in the newspaper in which is published the legal151
186186 advertisements of the county where the principal office of said company is to be located. 152
187187 When the application, with any and all exhibits attached to it, shall have been published153
188188 once a week for four weeks, the applicants may apply to the judge of the probate court of154
189189 the county to certify the fact of such publication, which certificate shall be filed by the155
190190 applicants in the office of the Commissioner. The Commissioner shall approve or156
191191 disapprove the application within 45 days of the date the application is received by him or157
192192 her.158
193193 (d) No amendment shall be granted which will reduce authorized capital of a stock insurer159
194194 below the amount required by this title for the kinds of insurance thereafter to be160
195195 transacted; and no amendment shall reduce the surplus of a mutual insurer below the161
196196 amount required by this title for the kinds of insurance thereafter to be transacted.162
197197 (e) If an amendment of the charter would reduce the authorized capital stock of a stock163
198198 insurer below the amount then outstanding, the Commissioner shall not approve the164
199199 amendment if he or she has reason to believe that the interest of policyholders or creditors165
200200 of the insurer would be materially prejudiced by such reduction. If any reduction of capital166
201201 stock is effectuated, the insurer may require return of the original certificates of stock held167
202202 by each stockholder in exchange for new certificates for such number of shares as the168
203203 stockholder is then entitled in the proportion that the reduced capital bears to the amount169
204204 of capital stock outstanding as of immediately prior to the effective date of the reduction.170
205205 H. B. 410
206-- 7 - 25 LC 52 9000/AP
206+- 7 - 25 LC 52 9000
207207 (f) When the certificate of the judge of the probate court as to the fact of publication of the171
208208 application for amendment to the charter and the certificate of the Commissioner as to his172
209209 or her approval of the application for amendment shall have been is received in the office173
210210 of the Secretary of State, the Secretary of State shall issue to the corporation under the great174
211211 seal of the state a certificate of amendment. The Secretary of State shall record the175
212212 application for amendment to the charter, the certificate of approval of the Commissioner,176
213213 the certificate of the judge of the probate court as to publication, and the certificate of177
214214 amendment in a book to be kept by him or her for that purpose.178
215215 (g) A petition for renewal of the charter shall follow the procedure set forth in179
216216 subsections (b) through (f) of this Code section, except that the fee for filing a petition for180
217217 renewal of the charter shall be $100.00."181
218218 SECTION 6.182
219219 Said title is further amended in said chapter by revising subsection (b) of Code183
220220 Section 33-14-24, relating to procedure for voluntary dissolution generally, effective date of184
221221 dissolution, and conditions precedent to effectuation of dissolution, as follows:185
222222 "(b) If, at the special meeting or any adjournment thereof, the holders of record of stock186
223223 entitled to exercise two-thirds of all the voting power on such proposal or if a mutual187
224224 insurer, two-thirds of the insurer's members present or represented by proxy at the meeting188
225225 shall by resolution consent that the dissolution shall take place, a copy of the resolution189
226226 together with a list of the names and residences of the directors and officers certified by the190
227227 president or a vice-president vice president and the secretary or an assistant secretary or the191
228228 treasurer or an assistant treasurer of the insurer shall be filed in triplicate with the192
229229 application to surrender the charter required in Code Section 33-14-25 and one a copy shall193
230230 be filed for record in the office of the clerk of the superior court of the county in which the194
231231 office or principal place of business of the insurer is located in this state."195
232232 H. B. 410
233-- 8 - 25 LC 52 9000/AP
233+- 8 - 25 LC 52 9000
234234 SECTION 7.
235235 196
236236 Said title is further amended in said chapter by revising Code Section 33-14-25, relating to197
237237 procedure for surrender of charter, as follows:198
238238 "33-14-25.199
239239 (a) Any insurance corporation chartered by the Secretary of State may surrender its charter200
240240 upon the company filing in the office of the Commissioner of Insurance an application in
241241 201
242242 triplicate, signed with its corporate name and under its corporate seal, stating:202
243243 (1) The name of the company and the location of its principal place of business in this203
244244 state;204
245245 (2) The date of its charter and all amendments thereto and the date or dates of renewal205
246246 or renewals of its charter;206
247247 (3) That it desires to surrender its charter and franchise to the state;207
248248 (4) A certificate attested to by two officers of the company that the procedure required208
249249 by Code Section 33-14-24 has been carried out; and209
250250 (5) Any other information deemed necessary by the Commissioner of Insurance.210
251251 (b) Upon receipt thereof, the Commissioner shall take such action to investigate the211
252252 proposed surrender to determine if the rights of policyholders, creditors, stockholders or212
253253 members, and third party claimants under liability policies of the insurer have been paid213
254254 or properly provided for in a fair and equitable manner. The Commissioner shall after214
255255 making his or her determination issue under his or her hand and official seal a certificate215
256256 approving or disapproving the application for surrender of the charter and shall transmit216
257257 a copy of such certificate of approval to the Secretary of State. If the Commissioner does217
258258 not approve the application, the Commissioner shall notify the insurer in writing of his or218
259259 her reasons for not approving the application for surrender of the charter.219
260260 (c) The fee and publication other requirements set out in subsections (a) through (c) of220
261261 Code Section 33-14-5 shall be applicable to a surrender of charter under this Code section.221
262262 H. B. 410
263-- 9 - 25 LC 52 9000/AP
263+- 9 - 25 LC 52 9000
264264 (d) Upon receipt of the certificate of the judge of the probate court as to the publication of222
265265 the application and the certificate of approval of the surrender from the Commissioner, the223
266266 Secretary of State shall issue under the seal of the state a certificate dissolving the insurer;224
267267 and the Secretary of State shall record the application, the certificate of the judge of the225
268268 probate court, the certificate of approval of the Commissioner, and the certificate226
269269 dissolving the insurer."227
270270 SECTION 8.228
271271 Said title is further amended in Chapter 15, relating to fraternal benefit societies, by revising229
272272 subsection (b) of Code Section 33-15-40, relating to formation of society, petition for charter,230
273273 preliminary certificate of authority, advance premiums, and certificate of authority, as231
274274 follows:232
275275 "(b) The petition for a charter, duly certified copies of the society's bylaws and rules,233
276276 copies of all proposed forms of certificates, applications therefor, circulars to be issued by234
277277 the society, and a bond conditioned upon the return to applicants of the advanced payments235
278278 if the organization is not completed within one year shall be filed with the Secretary of236
279279 State, who may require such further information which is deemed necessary. The bond237
280280 with sureties approved by the Commissioner shall be in such amount, not less than238
281281 $300,000.00 nor more than $1.5 million, as required by the Commissioner. All documents239
282282 filed are to shall be in the English language. The Secretary of State shall transmit240
283283 immediately one copy of the petition to the Commissioner and shall return one copy to the241
284284 petitioner. The petition for a charter, with any and all exhibits attached thereto, shall be242
285285 published in the manner provided in subsection (b) of Code Section 33-14-5. If the243
286286 purposes of the society conform to the requirements of this chapter and all provisions of244
287287 the law have been complied with, the Commissioner shall so certify in writing to the245
288288 Secretary of State and shall furnish the incorporators a preliminary certificate of authority246
289289 H. B. 410
290-- 10 - 25 LC 52 9000/AP
290+- 10 - 25 LC 52 9000
291291 authorizing the society to solicit members as hereinafter provided, but only after the
292292 247
293293 granting of the certificate of incorporation by the Secretary of State."248
294294 SECTION 9.249
295295 Said title is further amended in said chapter by revising subsection (a) of Code250
296296 Section 33-15-41, relating to amendment of laws, referendum, and approval of251
297297 Commissioner, as follows:252
298298 "(a) A domestic society may amend its laws in accordance with the provisions thereof by253
299299 action of its supreme governing body at any regular or special meeting thereof or, if its254
300300 laws so provide, by referendum. Such referendum may be held in accordance with the255
301301 provisions of its laws by the vote of the voting members of the society, by the vote of256
302302 delegates or representatives of voting members, or by the vote of local lodges. A society257
303303 may provide for voting by mail. No amendment submitted for adoption by referendum258
304304 shall be adopted unless, within six months from the date of submission thereof, a majority259
305305 of the members voting shall
306306 have signified their consent to such amendment by one of the260
307307 methods specified in this Code section. Charter amendments shall be filed in triplicate with261
308308 the Commissioner, published, and approved only under the procedure established in Code262
309309 Section 33-14-8."263
310310 SECTION 10.264
311311 Said title is further amended in said chapter by revising subsections (a) and (e) of Code265
312312 Section 33-15-44, relating to consolidations or mergers, as follows:266
313313 "(a) A domestic society may consolidate or merge with any other society by complying267
314314 with the provisions of this Code section. The filing of application, fee, and publication268
315315 other requirements of subsections (a) through (c) of Code Section 33-14-5 shall be269
316316 applicable to a consolidation or merger under this chapter."270
317317 H. B. 410
318-- 11 - 25 LC 52 9000/AP
318+- 11 - 25 LC 52 9000
319319 "(e) Upon receipt of the certificate as to the publication of the application and the271
320320 certificate of approval of the Commissioner, the Secretary of State shall issue, under the272
321321 great seal of the state, a certificate of merger, which certificate shall be the charter of the273
322322 consolidated or merged society. The Secretary of State shall record the application, the274
323323 contract of merger and the other documents required to be filed, the certificate of the judge275
324324 of the probate court, the certificate of the Commissioner, and the certificate of merger in276
325325 a book to be kept by him for that purpose."277
326326 SECTION 11.278
327327 Said title is further amended in Chapter 16, relating to farmer's mutual fire insurance279
328328 companies, by revising subsection (a) of Code Section 33-16-3, relating to procedure for280
329329 incorporation of companies generally, filing and contents of application for charter, and281
330330 granting of charter by Secretary of State, as follows:282
331331 "(a) Twenty or more persons a majority of whom are citizens of this state may become a283
332332 body corporate for the purpose of transacting insurance upon the farmers' mutual fire284
333333 insurance plan as defined in Code Section 33-16-2 by making an application for a charter285
334334 signed by the persons applying for the charter or their counsel in triplicate specifying:286
335335 (1) The name of the proposed corporation. The name shall contain the words 'Farmers'287
336336 Mutual' and shall not be so similar to any name already used by any other corporation288
337337 authorized to transact business in this state as to be confusing or misleading;289
338338 (2) The purpose for which the corporation is formed;290
339339 (3) The name of the county in this state in which the corporation will have its principal291
340340 office and the names of any other counties in which it proposes to operate;292
341341 (4) The name and address of each incorporator;293
342342 (5) The names and addresses of those composing the board of directors of the294
343343 corporation in which the management shall be vested until the first meeting of the295
344344 members; and296
345345 H. B. 410
346-- 12 - 25 LC 52 9000/AP
346+- 12 - 25 LC 52 9000
347347 (6) Any other provisions not inconsistent with this chapter or other applicable laws as
348348 297
349349 are deemed desirable by the incorporators or as may be required by the Commissioner."298
350350 SECTION 12.299
351351 Said title is further amended in Chapter 23, relating to licensing, by revising subsection (a)300
352352 of Code Section 33-23-3, relating to agency licensing and biennial renewals and ownership301
353353 restrictions, as follows:302
354354 "(a) Each principal office and each branch office of an agency as defined in paragraph (2)
355355 303
356356 of subsection (a) of Code Section 33-23-1 must of an agency shall obtain an agency license304
357357 prior to commencement of operations and renew such license biennially and prior to305
358358 December 31 prior to the last day of the origination month of such agency by filing306
359359 application forms prescribed by the Commissioner."307
360360 SECTION 13.308
361361 Said title is further amended in said chapter by revising subsection (b) of Code Section309
362362 33-23-11, relating to issuance and contents of license and display certificate of licensure, as310
363363 follows:311
364364 "(b) The license shall state the legal name and address of the licensee, the date of issue, the312
365365 general conditions relative to expiration or termination, the kind or kinds of insurance313
366366 covered if not an insurance agency license, and the other conditions of licensing."314
367367 SECTION 14.315
368368 This Act shall become effective upon its approval by the Governor or upon its becoming law316
369369 without such approval.317
370370 SECTION 15.318
371371 All laws and parts of laws in conflict with this Act are repealed.319
372372 H. B. 410
373373 - 13 -