H. B. 4471
(By Mr. Speaker, Mr. Kiss (By Request))
[Introduced February 13, 2002; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact sections one and two, article
twenty-two, chapter thirty-three of the code of West Virginia,
one thousand nine hundred thirty-one, as amended, all relating
to farmers' mutual fire insurance companies generally and
providing that farmers mutual fire insurance companies are
governed by the same provisions of chapter thirty of this code
as other insurance companies.
Be it enacted by the Legislature of West Virginia:
That sections one and two, article twenty-two, chapter
thirty-three of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, be amended and reenacted, all to
read as follows:
ARTICLE 22. FARMERS' MUTUAL FIRE INSURANCE COMPANIES.
§33-22-1. Scope of article.
Every farmers' mutual fire insurance company, hereinafter
called "company," organized under the laws of this state shall be
are governed by the provisions of this article and by no other
provisions of this chapter. except such provisions as are
specifically made applicable and referred to in this article. No
law hereafter enacted shall apply to such companies unless such law
shall declare that it is specifically applicable to farmers' mutual
fire insurance companies
§33-22-2. Applicability of other provisions.
Each company to the same extent such provisions are applicable
to domestic mutual insurers shall be governed by and be subject to
the following articles of this chapter. Article one (definitions);
article two (insurance commissioner); article four (general
provisions) except that section sixteen of said article shall not
be applicable thereto; article seven (assets and liabilities);
article ten (rehabilitation and liquidation) except that under the
provisions of section thirty-two of said article assessments shall
not be levied against any former member of a farmers' mutual fire
insurance company who is no longer a member of the company at the
time the order to show cause was issued; article eleven (unfair
trade practices); article twelve (agents, brokers and solicitors) except that the agent's license fee shall be five dollars; article
twenty-six (West Virginia insurance guaranty association act);
article twenty-seven (insurance holding company systems); article
thirty (mine subsidence insurance) except that under the provisions
of section six of said article, a farmers' mutual insurance company
shall have the option of offering mine subsidence coverage to all
of its policyholders but shall not be required to do so; article
thirty-three (annual audited financial report); article thirty-four
(administrative supervision); article thirty-four-a (standards and
commissioner's authority for companies deemed to be in hazardous
financial condition); article thirty-five (criminal sanctions for
failure to report impairment); article thirty-six (business
transacted with producer-controlled property/casualty insurer);
article thirty-seven (managing general agents); article thirty-nine
(disclosure of material transactions); article forty (risk-based
capital for insurers); and article forty-one (privileges and
immunity); but only to the extent these provisions are not
inconsistent with the provisions of this article
NOTE: The purpose of this bill is to subject farmers' mutual
fire insurance companies to the same provisions of chapter
thirty-three of the West Virginia code as other insurance companies.
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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