H. B. 2863
(By Delegate Underwood)
[Introduced March 28, 1997; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section seven, article twelve,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
insurance policies and countersignature reform.
Be it enacted by the Legislature of West Virginia:
That section seven, article twelve, 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 12. AGENTS, BROKERS, SOLICITORS AND EXCESS LINE.
§33-12-7. Countersignature requirements.
No contract of insurance covering a subject of insurance,
resident, located, or to be performed in this state, shall be
executed, issued or delivered by any insurer unless the contract,
or in the case of an interstate risk a countersignature endorsement carrying full information as to the West Virginia
risk, is signed or countersigned in writing by a licensed
resident agent of the insurer except that excess line insurance
shall be countersigned by a duly licensed excess line broker.
A resident agent may authorize the issuing insurer to imprint
a facsimile countersignature on any policy in lieu of a manual
countersignature. The countersignature may also be applied to
any policy by use of a countersignature endorsement. This
section does not apply to: Reinsurance; credit insurance; any
contract of insurance covering the rolling stock of any railroad
or covering any vessel, aircraft or motor carrier used in
interstate or foreign commerce, or covering any liability or
other risks incident to the ownership, maintenance or operation
thereof; any contract of insurance covering any property in
interstate or foreign commerce, or any liability or risks
incident thereto. This section does not apply to policies or
contracts of insurance which are issued by companies which do not
employ or appoint agents or whose agents only represent one
company or group of companies under common ownership.
Countersignature of a duly licensed resident agent of the company
originating a contract of insurance participated in by other
companies as cosureties or coindemnitors shall satisfy all
countersignature requirements in respect to such contract of
insurance.
NOTE: This bill would permit resident insurance agents to
authorize the issuing insurer to imprint a facsimile
countersignature on any policy in lieu of a manual
countersignature.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.