ENROLLED
Senate Bill No. 495
(By Senator Minard)
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[Passed April 10, 2009; in effect ninety days from passage.]
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AN ACT to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §33-14-6, relating to
the Insurance Commissioner's authority to permit groups other
than those specifically provided in this article to get life
insurance policies.
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 §33-14-6, to read as
follows:
ARTICLE 14. GROUP LIFE INSURANCE.
§33-14-6. Limits of Group Life Insurance.
The lives of a group of individuals may be insured under a
policy issued to a group other than one of the groups provided in
sections two, three, four, five and five-a of this article subject
to the following requirements:
(a) The policy shall not be delivered in this state unless the
commissioner finds that:
(1) The issuance of the policy is not contrary to the best
interest of the public;
(2) The issuance of the policy would result in economics of
acquisition or administration; and
(3) The benefits are reasonable in relation to the premiums
charged.
(b) No such group life insurance coverage may be offered in
this state by an insurer under a policy issued in another state
unless this state or another state having requirements
substantially similar to those contained in subsection (a) of this
section has made a determination that the requirements have been
met.
(c) The premium for the policy shall be paid either from the
policyholder's funds or from funds contributed by the covered
persons, or from both.
(d) An insurer may exclude or limit the coverage on any person
as to whom evidence of individual insurability is not satisfactory
to the insurer.