H. B. 4313


(By Delegate H. White)
[Introduced February 5, 2004 ; referred to the
Committee on Banking and Insurance then the Judiciary.]




A BILL to amend and reenact §33-3-7 of the code of West Virginia, 1931, as amended, relating to licensing foreign insurers and exemption from certain other statutory provisions.

Be it enacted by the Legislature of West Virginia:
That §33-3-7 of the code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 3. LICENSING, FEES AND TAXATION OF INSURERS.

§33-3-7. Issuance of license to transact insurance; kinds of insurance authorized to be transacted.

(a) Upon receiving the application and supporting documents required by section four of this article, if the commissioner is satisfied that an insurer has complied with the terms of its charter and the provisions of this chapter and other laws of this state and that such insurer is solvent and will transact insurance in a legal, proper and just manner, he or she may issue to such insurer a license authorizing it to transact insurance in this state. Such license may authorize an insurer which otherwise qualifies therefor to transact life and/or accident and sickness insurance, or an insurer other than a life insurer to transact any of the kinds of insurance other than life for which it otherwise qualifies. However, as to any life insurer which, immediately prior to the effective date of this chapter, lawfully held a license granting to it the right to transact in West Virginia additional kinds of insurance other than life and accident and sickness, the commissioner may continue to license said insurer to transact the same kinds of insurance as those specified in such prior license so long as such insurer is otherwise in compliance with this chapter.
(b) Any foreign insurer that obtains a license authorizing it to transact insurance in this state pursuant to this section may not be required to obtain a certificate of authority from the secretary of state and may not be subject to the provisions of section 1501, article fifteen, chapter thirty-one-d of this code.



NOTE: The purpose of this bill is to provide for licensing foreign insurers and exempting them from certain other statutory provisions.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.