ENGROSSED
Senate Bill No. 494
(By Senator Minard)
____________
[Introduced March 6, 2009; referred to the
Committee on Banking and Insurance; and
then to the Committee on Finance.]
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A BILL to amend and reenact §33-2-11 of the Code of West Virginia,
1931, as amended, relating to authorizing the Insurance
Commissioner to order restitution in certain cases.
Be it enacted by the Legislature of West Virginia:
That §33-2-11 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 2. INSURANCE COMMISSIONER.
§33-2-11. Enforcement of orders; revocation of licenses; court
action.
In addition to examinations and investigations expressly
authorized by this chapter, the commissioner may conduct
such
examinations and investigation of insurance matters
as he
or she
may deem considers proper to determine whether any person has
violated any provision of this chapter or to secure information
useful in the lawful administration of his
or her duties. If the commissioner determines, after notice and hearing, that any person
is transacting insurance in an illegal, improper or unjust manner
or is failing to pay losses and obligations when they become due,
excepting claims to which there is a substantial defense, he
or she
may order
such the person to discontinue
such the illegal, improper
or unjust manner of transacting insurance,
or may order such person
to adjust and pay his
or her obligations as they become due
:
Provided, That in any order issued pursuant to subsection (j),
section nine of this article or entered as a result of a regulatory
enforcement action initiated and prosecuted by the commissioner
pursuant to this section or section eleven, article three of this
chapter, the commissioner may, in addition to or in lieu of any
other penalties or remedies provided therein, order an insurer to
pay restitution to affected persons. If
any a person
shall fail or
refuse fails or refuses within twenty days after notice to obey
such the order, the commissioner may revoke any license issued by
him the commissioner and held by
such the person.
and In addition,
the commissioner may apply to the circuit court, or the judge
thereof in vacation, having jurisdiction for an injunction or the
appointment of a receiver, or for both.
and such The court or judge
may enforce
such the order of the commissioner by injunction or by
appointment of a receiver to take charge of the affairs and
property of
such the person, or both, and may make
such further
orders as may be necessary and proper to effectuate
such the
injunction or receivership.