In light of new information, the Property Casualty Insurers Association of America (PCI) has reportedly retracted its original position on admitting Georgia captive insurers to the state’s guaranty fund and will be formally reassessing the situation pending further developments.
“We mistakenly issued a press release yesterday (Jan. 19) that stated our objection to H.B. 1076, a bill that would make several of Georgia’s captive insurers part of the state’s guaranty fund,” said Robert Herlong, Southeast regional manager for the PCI. “We have since retracted the press release and our previously stated position because of new information that we received on the issue.”
Herlong added that when PCI develops a new position on the bill based on current facts, the association will issue a new press release outlining its revised position.
“We apologize for any confusion generated by our previous release, and look forward to working with the bill’s sponsor and Commissioner Oxendine in their objective to best represent the interests of Georgia insurers and consumers,” he said.
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