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ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 492
(Senator Minard, original sponsor)
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[Passed April 14, 2001; in effect ninety days from passage.]
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AN ACT to amend and reenact section two, article twenty-three,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
providing that fraternal benefit societies be subject to the
laws regulating variable contracts.
Be it enacted by the Legislature of West Virginia:
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That section two, article twenty-three, 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 23. FRATERNAL BENEFIT SOCIETIES.
§33-23-2. Applicability of other provisions.
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Every fraternal benefit society shall be governed and be
subject to the same extent as other insurers transacting like kinds
of insurance, to the following articles of this chapter: Article
one (definitions); article two (insurance commissioner); article four (general provisions); section thirty, article six (fee for
form and rate filing); article seven (assets and liabilities);
article ten (rehabilitation and liquidation); article eleven
(unfair trade practices); article twelve (agents, brokers,
solicitors and excess lines); article thirteen (life insurance);
article thirteen-a (variable contracts); article fifteen-a
(long-term care insurance); article twenty-seven (insurance holding
company systems); article thirty-three (annual audited financial
report); article thirty-four (administrative supervision); article
thirty-four-a (standards and commissioner's authority for companies
considered to be in hazardous financial condition); article thirty-
five(criminal sanctions for failure to report impairment); article
thirty-seven(managing general agents); and article
thirty-nine(disclosure of material transactions).