HB294: Insurance; administration of certain rehabilitation policies by a ceding insurer placed into liquidation; provisions

Legislative Summary

A BILL to be entitled an Act to amend Article 3 of Chapter 37 of Title 33 of the O.C.G.A., relating to procedure for rehabilitation, so as to provide for the administration of contracts reinsuring life, disability income or long-term care policies or annuities issued by a ceding insurer that has been placed into liquidation; to provide for the Georgia Life and Health Insurance Guaranty Association to elect to assume the rights and obligations of a ceding insurer; to provide for duties, rights, and obligations of such association, the reinsurer, and the receiver; to provide for time restrictions for certain actions; to provide for mandatory negotiation; to provide for arbitration; to provide for construction; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.