A new bill has been introduced into the Georgia House of Representatives that introduces sponsored captives, incorporated protected cell captives and dormant captives.
House Bill 939, which amends Georgia’s insurance code so as to extensively revise chapter 41 relating to captive insurance companies, was introduced on 14 February 2018.
The bill is sponsored by Republican representatives Darlene Taylor, Richard Smith, Eddie Lumsden and James Shaw, and is now pending with the Georgia House Insurance Committee.
It also amends a number of definitions of terms relating to captive insurance, such as ‘captive insurance company’, ‘protected cell’ and ‘risk retention group captive insurance company’.
Additionally, the bill amends the title’s relating to permissible business and limitations of risk retention groups, agency captives and sponsored captives.
All laws in conflict with the new act will be repealed.
Georgia altered its captive law in May 2017 with the introduction of Senate Bill 173, which offers businesses and captive managers a more efficient method of forming and domiciling in the state.