HB2476 H B&I AM 1-24

Reed 3253

 

The Committee on Banking and Insurance moves to amend the bill on page 1, after the enacting clause, by striking the remainder of the bill and inserting in lieu thereof the following:

“ARTICLE 6. THE INSURANCE POLICY.

§33-6-33. Valuation of motor vehicle involved in claim

Insurance companies doing business in this state shall use the most recent version of an “official used car guide” approved by the Insurance Commissioner as a guide for setting the minimum value of any motor vehicle involved in a claim settlement arising from the total loss of a motor vehicle accident. In addition to any cash settlement value so agreed to by the claimant, there shall be added an amount equal to five percent of the cash settlement value as reimbursement to the claimant for the excise tax imposed under section four, article three, chapter seventeen-a of the Code of West Virginia the consumers sales tax set forth in §11-15-3c (b) of this code, with the cash settlement value representing the total actual sale price of a motor vehicle.”

 

 

 

 

Adopted

Rejected