H. B. 2740
(By Delegate Walters)
[Introduced January 30, 2007; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact §33-3-7 of the Code of West Virginia,
1931, as amended; and to amend and reenact §33-15-1 of said
code, all relating to permitting life and health insurance
agents to sell workers' compensation policies as well.
Be it enacted by the Legislature of West Virginia:
That §33-3-7 of the Code of West Virginia, 1931, as amended,
be amended and reenacted; and that §33-15-1 of said code be amended
and reenacted, all to read as follows:
ARTICLE 3. LICENSING, FEES AND TAXATION OF INSURERS.
§33-3-7. Issuance of license to transact insurance; kinds of
insurance authorized to be transacted.
(a) Upon receiving the application and supporting documents
required by section four of this article, if the commissioner is
satisfied that an insurer has complied with the terms of its
charter and the provisions of this chapter and other laws of this state and that such insurer is solvent and will transact insurance
in a legal, proper and just manner, he or she may issue to such
insurer a license authorizing it to transact insurance in this
state. Such license may authorize an insurer which otherwise
qualifies therefor to transact life,
and/or accident and sickness,
and/or workers' compensation insurance or an insurer other than a
life insurer to transact any of the kinds of insurance other than
life for which it otherwise qualifies. However, as to any life
insurer which, immediately prior to the effective date of this
chapter, lawfully held a license granting to it the right to
transact in West Virginia additional kinds of insurance other than
life and accident and sickness, the commissioner may continue to
license said insurer to transact the same kinds of insurance as
those specified in such prior license so long as such insurer is
otherwise in compliance with this chapter.
(b) A foreign insurer that obtains a license pursuant to the
provisions of this section may transact the business of insurance
in this state without obtaining the certificate of authority from
the Secretary of State otherwise required by the provisions of
section 1501, article fifteen, chapter thirty-one-d of this code.
ARTICLE 15. ACCIDENT AND SICKNESS INSURANCE.
§33-15-1. Scope of article.
Nothing in this article shall apply to or affect:
(a) Any policy of liability or workers' compensation insurance nor shall any of the references to "other insurance" contained in
this article be interpreted to mean, include, or apply to, any
policy of liability or workers' compensation insurance.
(b) (a) Any group accident and sickness policy issued in
accordance with article sixteen of this chapter.
(c) (b) Life insurance (including endowment or annuity
contracts), or contracts supplemental thereto, which contain only
such provisions relating to accident and sickness insurance as:
(1) Provide additional benefits in case of death by accidental
means; or as (2) operate to safeguard such contracts against lapse,
or to give a special surrender value or special benefit or an
annuity in the event that the insured shall become totally and
permanently disabled as defined by the contract or supplemental
contract.
(d) (c) Reinsurance.
NOTE: The purpose of this bill
is to permit life and health
insurance agents to sell Workers' Compensation policies.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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