Both bodies of the Georgia General Assembly have passed a bill that would allow Georgia-domiciled insurers to divide into one or more parts. HB 754 would allow domestic insurers to draft a detailed plan of division and submit that plan to the Commissioner for approval. HB 754 would not require court approval, and except in limited circumstances or where required by an insurer’s articles of incorporation or bylaws, shareholder approval of the plan of division would not be required. HB 754 now heads to Governor Deal for his signature or veto. We will continue to monitor developments related to HB 754.
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