H. B. 2294

                        (By Delegates Sobonya and Frich)

                        [Introduced January 23, 2015; referred to the

                        Committee on Banking and Insurance then the Judiciary.]

A BILL to amend and reenact article 7, chapter 64 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to promulgate a legislative rule relating to recognizing annuity mortality tables for use in determining reserve liabilities for annuities.

Be it enacted by the Legislature of West Virginia:

            That article 7, chapter 64 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO PROMULGATE LEGISLATIVE RULES.

§64-7-1. Insurance Commissioner.

            The legislative rule filed in the state register on August 1, 2014, authorized under the authority of section ten, article two, chapter thirty-three, of this code, relating to the Insurance Commissioner (recognizing annuity mortality tables for use in determining reserve liabilities for annuities, 114 CSR 45), is authorized.

            NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating to recognizing annuity mortality tables for use in determining reserve liabilities for annuities.

            This section is new; therefore, it has been completely underscored.