Does the Prompt Payment Act of GA also apply to insurance companies making payments to the insured party for an insurance claim?
No, it does not.
However, Georgia does have a bad faith insurance statute-if the insurer fails to pay a claim within 60 days, the insurer could face a penalty of up to 25% of the claim, and be required to pay all your attorney's fees, if the failure to pay is deemed to have been in bad faith.