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Introduced Version Senate Bill 461 History

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Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 461

(By Senators Minard and Kessler)

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[Introduced January 31, 2002; referred to the Committee

on Banking and Insurance.]

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A BILL to amend and reenact section thirty-two, article five, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to the definition of principal office or place of business.

Be it enacted by the Legislature of West Virginia:
That section thirty-two, article five, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 5. ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS.

§33-5-32. Principal place of business of domestic insurers.

Any domestic insurer which moves its principal office or place of business outside the state of West Virginia after the first day of June, one thousand nine hundred sixty-nine, shall not thereafter be licensed as a domestic insurer in this state.
For purposes of this article, "principal office or place of business" means the single state in which the direction, control and coordination of the operations of the insurer as a whole are primarily exercised, with consideration being given to, but not limited to:
(1) The state in which the primary executive and administrative headquarters of the insurer is located;
(2) The state in which the principal office of the chief executive officer of the insurer is located;
(3) The state in which the assets and books and records of the insurer are located;
(4) The state in which the board of directors (or similar governing body) of the insurer conducts the majority of its meetings;
(5) The state in which the executive or management committee of the board of directors (or similar governing body) of the insurer conducts the majority of its meetings; and
(6) The state from which the management of the overall operations of the insurer is directed.

(NOTE: The purpose of this bill is to set forth standards which will allow for the proper enforcement of the domestication requirements of W.Va. code §33-5-32 that a domestic insurer maintain the majority of its operations and assets in West Virginia.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates language that would be added.)

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BANKING AND INSURANCE COMMITTEE AMENDMENTS


On page one, section thirty-two, line twenty-one, after the word
"moves" by inserting the words "or maintains";
And,
On page one, by striking out the title and substituting therefor a new title, to read as follows
Eng. Senate Bill No. 461--A Bill to amend and reenact section thirty-two, article five, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to domestic stock and mutual insurers; and defining principal office or place of business.
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