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H. B. 4468
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(By Delegate Beane)
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[Introduced
February 13, 2002
; referred to the
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Committee on Banking and Insurance then Finance.]
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:
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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.
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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.
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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:
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(1) The state in which the primary executive and
administrative headquarters of the insurer is located;
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(2) The state in which the principal office of the chief
executive officer of the insurer is located;
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(3) The state in which the assets and books and records of the
insurer are located;
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(4) The state in which the board of directors (or similar
governing body) of the insurer conducts the majority of its
meetings;
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(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
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(6) The state from which the management of the overall
operations of the insurer is directed.
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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.
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Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates language that would be
added.