Georgia insurance commissioner calls for the GUA board to resign
The Georgia Underwriting Association recently fell victim to the alleged crimes of former Insurance Commissioner Jim Beck.
On Monday, Georgia Insurance Commissioner John F. King called for the resignation of the board members of the Georgia Underwriting Association (GUA), as well as an audit of GUA’s books.
Former Insurance Commissioner Jim Beck was indicted in May on multiple fraud and money-laundering charges, and was accused of embezzling more than $2 million from GUA, where he served as manager of operations. The indictment alleged Beck siphoned funds from the GUA for at least five years before he was elected insurance commissioner.
“As Georgia’s new Insurance and Safety Fire Commissioner, my mission is simple: to restore trust in the Department of Insurance. Today, we are taking a small — but deliberate step — towards accomplishing that goal,” said Commissioner King in a news release. “According to U.S. Attorney BJ Pak and his 38-count indictment, this organization fell victim to Mr. Beck’s alleged crimes. This ongoing investigation has undermined the confidence that hardworking Georgians have in the Georgia Underwriting Association, its operations, and those who are responsible for its finances.”
The GUA functions as a residual insurance market, ensuring basic property and liability insurance be made available to all Georgians and is governed by a board of 12 individuals.
“We have a duty to put people over politics and accountability over the status quo. It is my hope that fresh faces, who reflect our state and our values, will apply to fill the vacancies. I am confident we can address the organization’s shortcomings and restore its reputation,” Commissioner King continued. “We will work diligently in the months ahead to restore confidence in GUA, which serves as the last resort for many families and businesses looking for insurance.”
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