09 LC
37 0874ER
House
Bill 550
By:
Representatives Meadows of the
5th,
Dempsey of the
13th,
Neal of the
1st,
Loudermilk of the
14th,
and Burkhalter of the
50th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 33-14-76 of the Official Code of Georgia Annotated, relating
to conversion of a mutual insurer to a stock insurer, so as to provide an
additional method of payment by a mutual life insurer of the equity; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 33-14-76 of the Official Code of Georgia Annotated, relating to
conversion of a mutual insurer to a stock insurer, is amended by revising
subparagraph (b)(6)(B) as follows:
"(B)(i)
Payment in cash to each policyholder of 100 percent of his or her equity in the
insurer, as determined in paragraph (4) of this
subsection.
(ii)
If a life insurer, payment may be provided as a paid-up life insurance policy
with a cash value equal to 100 percent of the policyholder's equity in the
insurer; or"
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.