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SB 37 - Farmers' Mutual Fire Ins. Policy for Fire Only - risk amount

Madden, Eddie M (47th)

Status Summary	SC:	I&L	HC:	Ins	FR:	01/25/99	LA:	04/27/00	Signed by Governor

First Reader Summary

A bill to amend Code Section 33-16-14 of the Official Code of Georgia Annotated, relating to limitations on amounts of risk applicable to farmers' mutual fire insurance companies, so as to provide an exception applicable to certain companies issuing policies insuring against loss or damage by fire only.

SB 37  00                                             SB37/AP 
 
      SENATE BILL 37 
 
      By:  Senator Madden of the 47th 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 33-16-14 of the Official Code of 
  1- 2  Georgia Annotated, relating to limitations on amounts of 
  1- 3  risk applicable to farmers' mutual fire insurance companies, 
  1- 4  so as to change certain limitation amounts; to repeal 
  1- 5  conflicting laws; and for other purposes. 
 
  1- 6       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 7                           SECTION 1. 
 
  1- 8  Code Section 33-16-14 of the Official Code of Georgia 
  1- 9  Annotated, relating to limitations on amounts of risk 
  1-10  applicable to farmers' mutual fire insurance companies, is 
  1-11  amended by striking subsection (a) and inserting in lieu 
  1-12  thereof the following: 
 
  1-13    "(a) The maximum amount of insurance that a farmers' 
  1-14    mutual fire insurance company may retain on any subject or 
  1-15    subjects of insurance reasonably exposed to loss from the 
  1-16    same fire shall not exceed the amount prescribed in the 
  1-17    following schedule: 
 
  1-18      Amount of Insurance in Force               Maximum Risk 
 
  1-19      $   100,000 but less than $   250,000....$  2,000 5,000 
  1-20          250,000 but less than     400,000....   2,500 5,000 
  1-21          400,000 but less than     600,000....   3,000 5,000 
  1-22          600,000 but less than     900,000....   4,500 5,000 
  1-23          900,000 but less than   1,200,000..........   6,000 
  1-24        1,200,000 but less than   1,500,000..........   7,500 
  1-25        1,500,000 but less than   2,000,000..........  10,000 
  1-26        2,000,000 but less than   2,500,000..........  12,500 
  1-27        2,500,000 but less than   3,000,000..........  15,000 
  1-28        3,000,000 but less than   3,500,000..........  17,500 
  1-29        3,500,000 but less than   7,000,000..........  35,000 
  1-30        7,000,000 and over............................ 50,000" 
 
  1-31                           SECTION 2. 
 
  1-32  All laws and parts of laws in conflict with this Act are 
  1-33  repealed. 
 
 
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