Latest news with #GeorgiaChamberofCommerce
Yahoo
22-04-2025
- Business
- Yahoo
Governor signs bills limiting lawsuit damage awards for medical malpractice, property liability
Gov. Brian Kemp gives remarks before signing new lawsuit limits into law at the state Capitol Monday. Jill Nolin/Georgia Recorder Gov. Brian Kemp signed new lawsuit award limits into law Monday that he argues will bring balance to Georgia's legal environment and send relief to the state's businesses. The signing marks the end of a bruising fight at the state Capitol with both sides of the aisle feeling the fallout. But the debate over whether the pair of bills will help rein in costs rages on. 'Both of these bills accomplished our goal of leveling the playing field in Georgia's courtrooms and ensuring our business environment remains the best in the nation,' Kemp said in remarks at the state Capitol Monday. '(They) simply bring transparency and fairness to a process that has been abused for too long, that has driven up costs for businesses and consumers alike,' he added. Some of the bills' biggest supporters caution that it will take time for that relief to come. Chris Clark, president and CEO of the Georgia Chamber of Commerce said he believed the changes would help the state's small businesses and health care providers, especially in rural communities – but not overnight. 'It's not an easy fix. It's not going to lower rates for everybody tomorrow,' Clark said Monday. 'But if it can stabilize them, I think that's a huge win.' Insurance Commissioner John King, a Republican who is seen as a potential U.S. Senate candidate, said Monday that he expects to see reduced rates. If not, King said he wants to hear insurers explain why rates are not decreasing. 'We've expended so much political currency in getting this done. Now I expect insurance companies to meet us in the middle,' King said. In January, Kemp pledged to drag lawmakers back to Atlanta for a special session if 'meaningful, impactful' changes were not made to the state's civil litigation system. At one point, the governor's top aide said the governor's war chest would be used to back primary challengers for GOP defectors. In the end, the votes did not fall neatly along party lines, with eight Republican lawmakers in the House voting against Senate Bill 68, which contained the bulk of the changes. It just barely cleared the House with a 91-82 vote after some changes were made. The main bill includes provisions that would limit owners' liability for injuries that occur on their property, restrict damages awarded for medical bills, and enable trials to more easily be split into multiple stages so that juries can determine liability and damages separately. Georgia Democrats blasted Monday's bill signing. 'Congratulations to Brian Kemp for threatening and arm-twisting his way to the signing of his number one priority this year: shielding insurance companies from accountability to Georgians in court,' said Matthew Wilson, who is serving as interim chair of the Democratic Party Georgia and who is also a trial lawyer. Rep. Tanya Miller, an Atlanta Democrat and an attorney who was a leading voice of opposition to the bills this session, said Monday that if insurance rates do stabilize, it won't be because the state limited lawsuits in Georgia. Miller called the Kemp-backed package 'a manufactured solution to a manufactured problem.' 'The truth is, this so-called reform was never about solving a real problem,' Miller said. 'The tort reform campaign has long been run on half-truths, selective anecdotes, and outright misinformation. There was no crisis in our judicial system, and no credible data supports the claim that injured citizens seeking justice in a court of law caused insurance premiums to spike.' The bill had faced opposition from crime victims and their families and the trial attorneys who represent them. In the House, the bill was changed to carve out greater protections for survivors of human trafficking, but lawmakers did not extend similar protections to other child, elderly and sexual assault victims. Critics had argued that the last-minute changes didn't go far enough. 'Our laws should stand up for injured Georgians, not give big corporations a free pass for turning a blind eye,' said Rep. Stacey Evans, an Atlanta Democrat and an attorney who also helped lead the Democratic opposition to the bill. In the House, the focus on insurance rates will continue this year. House Speaker Jon Burns last week announced the creation of a blue-ribbon study committee on insurance rates. 'Throughout the interim, the House will take another look at something that's important: a close look at our state's insurance markets and premiums to ensure that our fellow Georgians and companies of every size have access to coverage and are not being subjected to unjustified rate increases,' Burns said in remarks at Monday's bill signing ceremony. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
21-03-2025
- Business
- Yahoo
Georgia Sen. Brandon Beach nominated to serve as US treasurer, would control US Mint if confirmed
Georgia State Sen. Brandon Beach of Alpharetta was nominated to serve as the U.S. treasurer by President Donald Trump. The Georgia Chamber of Commerce released a statement congratulating the senator Friday afternoon. According to the U.S. Department of the Treasury, 'The treasurer of the United States has direct oversight of the U.S. Mint and Fort Knox and is a key liaison with the Federal Reserve. Additionally, the treasurer serves as a senior advisor to the (treasury) secretary on community development and engagement.' The U.S. Mint is the part of the federal government that has control of maintaining U.S. currency, including the issuing of dollars and cents. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Ford recalls Bronco, Edge, Explorer, and F-150 vehicles due to engine problem NTSB warns of dangerous bridges as part of Key Bridge investigation Construction worker dies after falling from 19th floor in downtown Atlanta Similarly, Fort Knox is the U.S. military base that makes up the U.S. Bullion Depository, where the federal government stores the metal bullion reserves used to mint official U.S. coins, such as quarters, dimes, nickels and pennies. In the statement from the Georgia Chamber of Commerce, President and CEO Chris Clark said: 'The Georgia Chamber congratulates Senator Beach on his nomination as treasurer of the United States, and we look forward to continuing our successful partnership with him in Washington D.C. Sen. Brandon Beach has tremendous experience in economic development, having served as a board member of the Georgia Chamber of Commerce, former president of the North Fulton Chamber of Commerce, and being one of the founders of the North Fulton Community Improvement District. While serving as a member of the Georgia State Senate, Sen. Beach established himself as an expert on monetary and economic policy. His strong legislative background and professional expertise makes Sen. Beach uniquely qualified to be treasurer of the United States. Sen. Beach will bring his strong business mindset to the Treasury Department, ensuring it remains an efficient government agency.' Beach confirmed the news to Channel 2′s Richard Elliot, though an official statement had not yet been issued by the White House. Fulton County Manager Dick Anderson posted earlier Friday congratulating Beach. 'Congratulations to the next treasurer of the United States and my longtime good friend, Brandon Beach!' he wrote online. [SIGN UP: WSB-TV Daily Headlines Newsletter]
The Independent
30-01-2025
- Business
- The Independent
Georgia Republicans push to limit lawsuits. But would that keep insurance rates from rising?
The pitch from Georgia Gov. Brian Kemp is simple: Putting limits on lawsuits will halt rising insurance costs. The reality, though, is more complicated. Changes could reduce liability insurance costs for businesses and commercial property owners. The evidence is mixed on whether it would drive large premium reductions for car and other types of insurance. And some researchers say efforts limiting lawsuits, often called tort reform, fattens insurers' profits more than it cuts the price of policies. 'The net impact is that it really improves insurer profitability,' said Tyler Leverty, a business professor who studies risk and insurance at the University of Wisconsin-Madison. When Kemp unveils his proposals Thursday, the Republican governor is likely to keep leaning on his argument that everyone's insurance rates are increasing because unfair lawsuits are on the rise and juries are awarding excessive damages. The issue is Kemp's top priority this year after promising the Georgia Chamber of Commerce he would take action and instead pushed a law to have Georgia Insurance Commissioner John King gather data in 2024. King said that lawsuits are driving insurance companies to reduce coverage for retail businesses, apartment owners, drivers and others. He said business owners in areas that insurers label as high crime are among those struggling the most. Companies that offer low-income housing have also complained. 'Go down to southeast Atlanta and talk to the small convenience owners having to close because they can't find insurance,' King said. Are unfair lawsuits and big jury awards real problems? Some say there's no evidence that a nationwide litigation crisis is driving high insurance rates. 'I went in search of the data, and I have not found it,' said Kenneth Klein, a law professor at California Western School of Law. 'It's not to say it isn't happening. It's to say we cannot document it.' But Mike Iverson of Oakbridge Insurance and former president of the Independent Insurance Agents Association said insurance companies like predictability when determining rates and how to spread out losses. In a well-known case, a jury awarded a man almost $43 million after a shooting in a CVS parking lot in Atlanta, arguing the company should have strengthened security. In another case, a Jonesboro mobile home park was ordered to pay $31 million to the daughter of a man who was shot and killed there. Opponents note that few verdicts are that large and insurance companies are still profitable. They want lawmakers to demand more transparency on how they set rates. 'Whenever they want an excuse to raise rates or limit coverage they will always point to a verdict here and there and make all kinds of claims about how it's affecting their bottom line,' said Joanne Doroshow, executive director of the Center for Justice & Democracy at New York Law School. Studying how tort reform impacts premiums in other states is difficult because other factors are in play and there are different combinations of reform. Some saw benefits, but the research varies. What drives rates? Other factors that influence insurance rates include inflation, extreme weather, and the costs of labor and materials. It is normal for insurance markets to cycle through tough years where less coverage is offered as rates rise. In many lines of coverage, including those not heavily impacted by lawsuits, insurers in 2022 were less profitable in Georgia than in several other states, according to data from the National Association of Insurance Commissioners. A spokesperson said over a longer period, though, nothing is abnormal about Georgia's fluctuations. King's report, using mostly auto insurance data, says the number of claims and the size of resulting payments have risen over the years, especially those involving lawsuits. Some numbers dropped in 2022 and 2023, but he said that was because the data is incomplete. King also found that a greater percentage of legal claims are resulting in payments that hit the maximum dollar amount a policy covers. The Georgia Trial Lawyers Association, which lobbies against tort reform, disputes King's conclusions. Risk consultant David Stegall said the number of claims is in line with Georgia's high number of car accidents. Both claims and payouts have mostly been stable or falling, especially when adjusted for population growth and inflation, he said. He also found that while Georgia residents pay between 11% and 68% more for car insurance than residents of other states, they are more than 200% more likely to be in an accident. Adam Willis, president of trucking firm F&W Transportation, said his company's premiums have doubled over the last 10 years while fewer insurers offer full coverage. His company also has been sued more often, he said. Defenders of the current system say the trade-offs of lawsuit limits are a bad deal. 'The governor says that limiting your right as a consumer will lower your insurance costs, but that is not only a bad idea for everyday citizens, it's just not correct,' said state Rep. Tanya Miller, an Atlanta Democrat. ___
