Georgia: Governor Gives Nod to Rate Modernization

Saying, “I believe the market should be allowed to regulate automobile insurance rates,” Georgia Gov. Sonny Perdue signed SB 276 into law last week. NAMIC sent out a Member Alert and a press release to notify contacts of the milestone.

NAMIC Southeast state affairs manager Liz Reynolds had written to the governor several weeks ago, urging him to sign the legislation. She was extremely pleased with Perdue’s action. “While we believed the governor understood the importance of SB 276, we were concerned that the virulent opposition by Insurance Commissioner Oxendine could potentially derail its becoming law. We appreciate Governor Perdue’s leadership in this matter and his willingness to point out that consumers and companies alike benefit from applying free market principles to the insurance business.”

SB 276 also allows consumers more choices when it comes to uninsured motorist coverage. The Georgia Insurance Information Service has already taken the lead on preparing materials and strategies to educate Georgians about changes in coverage and premiums that will result as the governor was promised. GIIS is a NAMIC state trade partner, and we are an integral part of this effort.

Perdue also signed SB 348, which will prohibit local governments from charging fees for responding to traffic accidents. This practice is also known as “accident taxes.”

NAMIC’s Reynolds had written to Perdue on SB 348, too, emphasizing that “insurance industry representatives and city/county government representatives worked together to ensure appropriate language in the bill. SB 348 sends a message that all of Georgia is open for business and its cities and towns welcome visitors and provide critical services for all.”

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, May 20, 2008 12:00:00 AM. Modified: Tuesday, May 20, 2008 2:50:26 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.