Insurance laws Georgia
In Georgia, insurance is regulated by the Office of the Insurance and Safety Fire Commissioner. This office oversees insurance companies, agents, and policies to ensure compliance with state law. Here's a breakdown of key aspects of Georgia's insurance laws:
Auto Insurance
Minimum Requirements: Georgia law mandates that all drivers carry liability insurance with specific minimum limits. These limits are:
$25,000 for bodily injury liability per person.
$50,000 for bodily injury liability per incident.
$25,000 for property damage liability per incident.
Tort System: Georgia operates under a tort system, which means that the at-fault driver is responsible for damages. The insurance coverages typically sold under this system are bodily injury liability, property damage liability, and uninsured motorists coverage.
Physical Damage Coverage: While not required by law, physical damage coverage like comprehensive and collision insurance is often required by lenders or leasing companies if you have a financed or leased vehicle.
Consumer Protection and Regulation
Licensing: Any individual or company selling, soliciting, or negotiating insurance in Georgia must be licensed by the state.
Consumer Complaints: The Georgia Department of Insurance's Consumer Services Division is responsible for handling and investigating complaints against insurance companies and agents. They work to ensure fair dealings between insurers and policyholders.
Georgia Life & Health Insurance Guaranty Association: This association was established to protect policyholders and beneficiaries in the event that a life and health insurance company becomes insolvent. It provides coverage up to specified limits.
Jurisdiction: The Consumer Protection Division of the Georgia Attorney General's office does not handle insurance complaints. All insurance-related issues should be directed to the Office of the Insurance and Safety Fire Commissioner.
General Regulations
Licensing and Renewal: Insurance producers (agents) must be at least 18 years old, be Georgia residents, and complete a pre-licensing course and exam. Licenses are typically valid for two years and require continuing education for renewal.
Company Regulation: Insurance companies must be authorized by the Department of Insurance to do business in the state. This includes submitting rate tables and articles of incorporation for review.
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