read Read

e-mail E-mailprint Print

2004 Summary of New State Laws - West Virginia

Issue

Bill #

Bill Description

Financial Regulation

SB 506

Provides that only a banking institution or a person authorized by the banking commissioner may conduct banking or trust business in West Virginia. Effective 6/8/04.

Financial Regulation

HB 2914

Amends various provisions pertaining to liquidation and rehabilitation of insurers. Effective 90 days after passage - 3/11/04.

Insurance Scoring

HCR 31

Requesting the Joint Committee on Government and Finance to study the use of credit scoring to be used as a factor in determining the amount of a premium charged for issuance of an insurance policy.

Licensure

HB 4303

Repeals the requirement that insurance contracts be "countersigned" by a licensed resident agent of the insurer. Effective 7/1/04.

Miscellaneous New Insurance Provisions

(Availability of P/C Insurance)

SCR 65

Requesting the Joint Committee on Government and Finance study the availability and affordability of commercial property and casualty insurance.

Motor Vehicle Insurance

(Traffic Safety - DUI)

SB 166

Reduces BAC level at which a driver is guilty of Driving Under the Influence and related offenses from .10% to .08%. The offenses also cover operation of a motor boat, jet ski or other motorized vessel. Additional fees are imposed to defray administrative expenses. Effective 5/5/04.

(Fraud Prevention)

HB 4004

Establishes a fraud unit in the office of the Insurance Commissioner as well as an alternative for nonrenewal of auto policies. Effective 6/11/04.

State Regulator Authority

SB 471

Continues the state board of risk and insurance management through July 1, 2005, unless otherwise terminated or continued. Effective 6/3/04.

State Regulator Authority

SB 479

Establishes that foreign insurers do not require authorization from the secretary of state to transact business in West Virginia. Effective 6/11/04. Chapter 140, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

West Virginia State Resource Center