How is aviation insurance regulated?

Aviation insurance is regulated by the Georgia Department of Insurance. This department works to protect consumers and promote a healthy insurance market in the state of Georgia. Aviation insurance policies must meet certain requirements as determined by the Department of Insurance, which includes ensuring that the policyholder is properly provided with the coverage they need. To begin, all aviation insurance policies must cover liability for personal injury, property damage, death, and loss of use. Georgia law also requires aircraft to be insured for its full market value. When a policy is written, the insurer must provide the policyholder with a written declaration about the coverage offered, including the limits and conditions of the policy. The Department of Insurance also requires the policyholder to be notified when the policy is to be canceled, at least thirty days in advance. The policyholder must also be issued a Certificate of Insurance listing the coverage provided and the policy limits. The insurer is further required to provide notice through the Department to the policyholder if there is an increase or decrease in coverage. In addition to the specific requirements for aviation insurance policies, the Georgia Department of Insurance has general rules that apply to all insurance policies, such as the need to properly disclose all pertinent information and to properly rate and classify policyholders. Failure to comply can result in penalties or sanctions including fines and suspensions.

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How is aviation insurance regulated?

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