Senate Bill No. 463

(By Senators D. Hall and Kessler (Mr. President))

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[Introduced January 31, 2014; referred to the Committee on Banking and Insurance; and then to the Committee on the Judiciary.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §33-4-22, relating to property, casualty or surety insurance carriers; and requiring at least seventy-five percent of the claims investigated and settled in West Virginia to be investigated and settled by a resident West Virginia licensed adjuster.

Be it enacted by the Legislature of West Virginia:

    That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §33-4-22, to read as follows:

ARTICLE 4. GENERAL PROVISIONS.

§33-4-22. Investigations and settlements by resident West Virginia licensed adjuster.

    By July 1, 2016, every property, casualty or surety insurance carrier that does business in West Virginia must have at least seventy-five percent of the claims it investigates and settles in West Virginia investigated and settled by a resident West Virginia licensed adjuster.

    NOTE: The purpose of this bill is to require property, casualty or surety insurance carriers doing business in West Virginia to have at least seventy-five percent of the claims it investigates and settles in West Virginia investigated and settled by a resident West Virginia licensed adjuster.

    This section is new; therefore, strike-throughs and underscoring have been omitted.