History. Code 1933, § 56-2602.1, enacted by Ga. L. 1979, p. 1407, § 3; Ga. L. 1982, p. 3, § 33; Ga. L. 1990, p. 8, § 33; Ga. L. 1999, p. 536, § 2; Ga. L. 2000, p. 1486, § 1; Ga. L. 2003, p. 577, § 1; Ga. L. 2004, p. 578, § 1; Ga. L. 2019, p. 386, § 84/SB 133; Ga. L. 2020, p. 493, § 33/SB 429; Ga. L. 2022, p. 284, § 1/HB 1021.
The 2019 amendment, effective July 1, 2019, substituted “such contract” for “the contract” throughout subsections (c), (f) and (g); substituted “No” for “In the case of contracts issued on or after July 1, 2000, no” at the beginning of the introductory paragraph of subsection (c); substituted “company shall” for “company will” in paragraph (c)(1) and in the first sentence of paragraph (c)(2).
The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, revised punctuation at the end of paragraph (c)(5).
The 2022 amendment, effective July 1, 2022, substituted “0.15 percent” for “1 percent” in subsection (d). See Editor’s notes for applicability.
Editor’s notes.
Ga. L. 1999, p. 536, § 3, not codified by the General Assembly, provides that: “This Act shall apply to contracts issued, delivered, or issued for delivery on or after July 1, 1999.”
Ga. L. 2022, p. 284, § 2/HB 1021, not codified by the General Assembly, makes subsection (d) of this Code section applicable to all applicable contracts issued, delivered, issued for delivery, or renewed in this state on or after July 1, 2022.
U.S. Code.
Section 408 of the Internal Revenue Code, referred to in this Code section, is codified as 26 U.S.C. § 408 .
Law reviews.
For article surveying recent legislative and judicial developments regarding Georgia’s insurance laws, see 31 Mercer L. Rev. 117 (1979).