TITLE 33 INSURANCE

Section 29. Individual Accident and Sickness Insurance, 33-29-1 through 33-29-22.

ARTICLE 4 UNDERWRITING AND RATE RISKING

33-29-8. Provision in policies renewable or cancelable at option of insurer for refund of premiums.

1. Except as provided in subsection (b) of this Code section, every insurer delivering or issuing for delivery in this state policies of accident and sickness insurance which are renewable at the option of the insurer or cancelable at the option of the insurer shall provide in said policies a provision as follows:

   "If the company cancels or refuses to renew this policy except for nonpayment of premiums prior to age ____________ (insert age which shall not be less than 60), it will refund 75 percent of the premiums paid in excess of the benefits received. The requirements of this provision shall not apply to cancellation or refusal to accept renewal premiums because of change in occupation of the insured to an occupation generally classified by the insurer as to all applicants as uninsurable."

2. This Code section shall not apply to and the provision prescribed in subsection (a) of this Code section need not be included in any major medical policy which provides that the insurer may cancel or refuse to renew the policy as of an anniversary date when also canceling or refusing to renew all policies with the same provisions and premium rate basis in the jurisdiction in which the insured resides, and then only if either or both of the following conditions are applicable:
   1. The insured is or could be covered by benefits, substantially similar in both kind and amount to those of the policy, in accordance with any federal or state governmental health insurance program; or
   2. The insurer is prevented by any law or any regulation or ruling of a governmental agency from applying to the policy a table of premium rates which the insurer certifies, based on its experience, is reasonable in relation to the benefits provided.
3. For the purpose of this chapter, a major medical policy is any policy which provides benefits of at least 75 percent of necessary, reasonable, and customary charges for medical care, including hospitalization in semiprivate accommodations, with maximum lifetime benefit of at least $100,000.00, subject only to such exceptions, restrictions, limitations, and deductible as the Commissioner may deem reasonable.

(Code 1933, § 56-3009, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1973, p. 499, § 7; Ga. L. 1975, p. 415, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 2005, p. 481, § 8/HB 291.)