In testimony before the Georgia House Committee on Budget and Fiscal Affairs Oversight, the Consumer Federation of America urged them to support HB 733, the Georgia Insurance Consumer Protection Act, which provides much needed balance between consumers and insurance companies in a market where consumers are required to buy this product.

The bill creates the position of Insurance Consumer Advocate, who will review insurance rates and participate in hearings to make sure any rate increases are fair. It further requires any insurance rate filing that results in an overall rate increase of 10% or more over a 12-month period to go through an open and transparent review process. Finally, the Commissioner shall only approve insurance rate increases if those increases are supported by clear and compelling data, are needed for the insurance company to be financially stable, and are fair to consumers.