Georgia House of Representatives - 1995/1996 Sessions

HB 595 - Insurers; data processing, etc., equipment; consider as assets

Page Numbers - 1

1. Towery  30th           2. Harbin  113th           3. Shipp  38th


House Comm: Ins        /                Senate Comm: I&L        /               
House Vote: Yeas 91    Nays 0           Senate Vote: Yeas 51  Nays 0            
              ----------------------------------------                          
               House          Action         Senate                             
              ----------------------------------------                          
              2/6/95   Read 1st Time         3/7/95                             
              2/7/95   Read 2nd Time         3/10/95                            
              2/22/95  Favorably Reported    3/9/95                             
              3/6/95   Read 3rd Time         3/14/95                            
              3/6/95   Passed/Adopted        3/14/95                            
              3/22/95  Sent to Governor                                         
              4/11/95  Signed by Governor                                       
              308      Act/Veto Number                                          
              7/1/95   Effective Date                                           
              ----------------------------------------                          
                                                                                
Code Sections amended: 33-10-1                                                  


HB 595                                            LC 16 4044






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Code Section 33-10-1 of the Official Code of
  1- 2  Georgia Annotated, relating to assets to be considered in
  1- 3  determining the financial condition of insurers, so as to
  1- 4  provide that electronic and mechanical machines constituting
  1- 5  a data processing, record keeping, or accounting system
  1- 6  shall be allowed to be counted as assets under certain
  1- 7  conditions; to repeal conflicting laws; and for other
  1- 8  purposes.

  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-10  Code Section 33-10-1 of the Official Code of Georgia
  1-11  Annotated, relating to assets to be considered in
  1-12  determining the financial condition of insurers, is amended
  1-13  by striking paragraph (3) of said Code section in its
  1-14  entirety and inserting in lieu thereof the following:

  1-15      "(3) Electronic and mechanical machines constituting a
  1-16      data processing, record keeping, and or accounting
  1-17      system if the cost of such system is at least
  1-18      $25,000.00, which cost shall be amortized in full over a
  1-19      period not to exceed ten calendar years does not exceed
  1-20      ten percent of admitted assets;".

                         SECTION 2.

  1-21  All laws and parts of laws in conflict with this Act are
  1-22  repealed.












                                 -1- (Index)