New captive insurance legislation has been delayed in Georgia, after a bill was dropped by the state’s senate due to time constraints.
House Bill 214, proposes amendments to Chapter 41 of Title 33, relating to captive insurance, and, more specifically, to sponsored captive insurance companies.
First introduced to the Georgia House of Representatives in February 2017, the bill passed its first and second Senate readings during the 2017 legislative session.
The bill passed its third Senate reading on 29 March 2018 but, as it was late in the legislative session, the bill was dropped.
The 2018 legislative session in Georgia began on 8 January and closed on 31 March.
A statement from the Georgia Department of Insurance said: “There was no opposition to the bill, but unfortunately due to time restraints it was dropped late in the legislative session.”
It added: “The Insurance Department plans to propose the bill again during the 2019 legislative session.”
