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Introduced Version Senate Bill 527 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 527

(By Senators Yoder, Unger, Facemyer, Sharpe, Fanning, Hunter, Prezioso, Boley, Chafin, Kessler, Edgell, Minear, Weeks, Sprouse, Bailey, Barnes, Lanham, Bowman, Love, Caruth, Harrison, Deem, Guills, Helmick, McKenzie, Oliverio, Minard, Plymale, Dempsey and Foster)

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[Introduced March 14, 2005; referred to the Committee

on Banking and Insurance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §33-4-21, relating to requiring written disclosure information for consumers of insurance who apply for homeowner's insurance with an agent and who are denied coverage by an insurance company.

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 §33-4-21, to read as follows:
ARTICLE 4. GENERAL PROVISIONS.
§33-4-21. Required disclosure of information for persons denied homeowner's insurance coverage.

(a) Any time that a person is denied coverage by an insurance company when he or she applies for homeowner's insurance, the insurance company shall, upon request of the applicant and payment of a fee, disclose the following information:
(1) All factors considered in denying coverage, including any derogatory or adverse information considered;
(2) The specific reasons and basis for denial; and
(3) Whether the applicant can take any corrective action that would qualify the applicant for insurance coverage with the company denying coverage.
(b) In order to implement and further define the specific requirements of this section, and determine a reasonable fee which covers the cost of paperwork and time spent in making the disclosure, the Insurance Commissioner shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code.



NOTE:
The purpose of this bill is to require that insurance companies disclose to persons denied homeowner's insurance policies certain information regarding why the coverage was denied.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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