ATLANTA — Georgia Insurance Commissioner-elect Keisha Sean Waites says lowering insurance costs and strengthening consumer protections will be among her top priorities when she takes office.
In an exclusive interview with Channel 2 Action News, Waites said she wants to return the Insurance Commissioner’s Office to what she described as its core mission of advocating for Georgia consumers.
“The Insurance Commissioner really is a consumer protection advocacy role,” Waites said. “We’re charged with regulating and making decisions as it relates to rate hikes.”
Waites said the commissioner cannot simply freeze insurance rates but can scrutinize proposed increases and delay or deny them when companies don’t provide actuarial data to justify the higher prices.
She also pointed to the office’s ability to investigate complaints and penalize insurers when customers experience problems with claims.
“We have the authority to fine and penalize insurance companies,” Waites said.
Tackling rising insurance costs
Waites said soaring auto and homeowners insurance premiums were among the biggest concerns she heard from Georgians during the campaign.
“There’s not anybody, I think, that lives in the state of Georgia that has not been impacted by the exorbitant cost of automobile insurance, homeowners premiums and things of that nature,” she said.
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Waites said she wants to increase competition among insurance companies, arguing that giving consumers more choices could help drive down rates.
She also wants to streamline Georgia’s regulatory system to make it easier for additional insurers to enter the market.
3 priorities for her first 100 days
Waites said she plans to work with Georgia lawmakers on three major initiatives.
First, she wants to ban the use of credit scores and ZIP codes in determining insurance risk and premiums.
“Those things have nothing to do with calculating your risk as it relates to your insurance premiums,” Waites said.
Second, she wants to strengthen the ability of consumers to recover money or take action against insurers in cases involving alleged wrongdoing or negligence.
Her third priority is making Georgia’s insurance regulatory process more efficient, with the goal of attracting additional companies and increasing competition.
For Waites, the significance of her victory is still sinking in.
Asked what the moment means to her as someone who grew up in metro Atlanta, she said she hopes her journey inspires young women.
“That part has not set in for me yet,” Waites said. “But for every young woman out there, I hope that my resilience tells you that there is nothing that you can’t do, and if you get knocked down, to just keep trying.”