Industry Issues | Surplus Lines Reform

Georgia to become the 15th DSLI State

Georgia - UPDATE

Georgia to become the 15th DSLI state

Georgia Senate Bill 381 has been passed by both the House and Senate, and is now enrolled for the Governor's signature. The Governor has 40 calendar days after Sine Die (March 29) to act which is May 8. Unless the Governor vetoes the bill (not likely), it will go into effect July 1, 2018, with our without his signature.

The bill provides for a "domestic surplus lines insurer", a nonadmitted insurer that is domiciled in this state with which a surplus lines broker may place surplus lines insurance.

The legislation provides for the criteria to establish a DSLI; applicable surplus lines tax assessment; certain exceptions to guaranty fund protections; financial and solvency requirements; exemptions to certain statutory requirements in same manner as with other eligible nonadmitted insurers; and, repeal of any conflicting laws.