Insurance; rental home marketplace guarantees from the definition of property insurance; exempt

The bill's title and purpose were changed to include modernizing the entire Georgia Insurance Code, improving consumer protections, and increasing government efficiency, rather than just updating rental home guarantee rules.

New provisions allow for refunds of certain insurance fees and taxes paid within three years and authorize the Commissioner to order refunds of excess profits made by insurers.

The bill now includes measures to combat insurance fraud, such as requiring data collection from insurers, allowing the Commissioner to hire prosecuting attorneys, and creating a Special Insurance Fraud Fund.

New requirements mandate timely claims processing after catastrophic events, increased fees for driving without minimum insurance, and penalties for soliciting or selling automobile accident information.

The bill adds a new short title, the 'Georgia Insurance Fairness Act (GIFA),' and expands definitions to cover excluded drivers and storm damage mitigation programs.

The bill was reorganized into multiple parts and sections, and the original text regarding rental home guarantees was renumbered and integrated into a larger legislative framework.

Added a new definition clarifying that rental home marketplace guarantees do not constitute any other kind of insurance described in the chapter or elsewhere in law.