H. B. 2690
(By Delegates Mahan, Palumbo,
Cann, Pino, Armstead and Overington)
[Introduced February 28, 2005; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend §64-7 of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, by adding thereto a new
section, designated §1, relating to authorizing the Insurance
Commissioner to promulgate a legislative rule relating to the
valuation of life insurance policies.
Be it enacted by the Legislature of West Virginia:
That §64-7 of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, be amended by adding thereto a new
section, designated §1, to read as follows:
ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO
PROMULGATE LEGISLATIVE RULES.
§64-7-1. Insurance Commissioner.
The legislative rule filed in the state register on the
twenty-sixth day of August, two thousand four, under the authority
of section ten, article two, chapter thirty-three, of this code,
relating to the Insurance Commissioner (valuation of life insurance
policies, 114 CSR 68), is authorized.
NOTE: The purpose of this bill is to authorize the Insurance
Commissioner to promulgate a legislative rule relating the
Valuation of Life Insurance Policies.
This section is new; therefore, strike-throughs and
underscoring have been omitted.]