Bill Text: GA HB411 | 2009-2010 | Regular Session | Introduced

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Bill Title: Insurance; group life policy insurance; remove participation requirement

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-02-17 - House Second Readers [HB411 Detail]

Download: Georgia-2009-HB411-Introduced.html

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09 LC 37 0835

House Bill 411

By: Representative Knox of the 24th

A BILL TO BE ENTITLED
AN ACT

To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to remove a participation requirement before the extension of group life policy coverage to dependents of employees or members; to provide cash surrender values of annuities are exempt from claims of creditors; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Title 33 of the Official Code of Georgia Annotated, relating to insurance, is amended by revising paragraph (1) of subsection (a) of Code Section 33-27-2, relating to the extension of group life policy coverage to dependents of employees or members, to read as follows:

"(1) The premium for the insurance shall be paid by the policyholder either from the employer's or union's funds or funds contributed by the insured employees or members, or from both. If any part of the premium is to be derived from funds contributed by the insured employees or members, the insurance with respect to spouses and children may be placed in force only if at least 75 percent of the then eligible employees or members, excluding any as to whose family members evidence of insurability is not satisfactory to the insurer, elect to make the required contribution. If no part of the premium is to be derived from funds contributed by the employees or members, all eligible employees or members, excluding any as to whose family members members' evidence of insurability is not satisfactory to the insurer, must be insured with respect to their spouses and children;"

SECTION 2.

Said title is further amended by revising Code Section 33-28-7, relating to right of beneficiaries and assignees to proceeds of annuity, reversionary annuity, and pure endowment contracts as against creditors, to read as follows:

"33-28-7.

The cash surrender values or proceeds of annuity, reversionary annuity, or pure endowment contracts issued to citizens or residents of this state, upon whatever form, shall not in any case be liable to attachment, garnishment, or legal process in favor of any creditor of the person who is the beneficiary of such annuity contract unless the annuity contract was assigned to or was effected for the benefit of such creditor or unless the purchase, sale, or transfer of the policy is made with the intent to defraud creditors."

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.