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H. B. 3197
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(By Delegate McGraw)
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[Introduced March 30, 2001; referred to the
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Committee on Banking and Insurance then the Judiciary.]
A BILL to amend article twelve, chapter thirty-three of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
twenty-two-a, relating to liability of insurance agent or
broker when a malpractice insurer becomes insolvent.
Be it enacted by the Legislature of West Virginia:
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That article twelve, chapter thirty-three of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
twenty-two-a, to read as follows:
ARTICLE 12. AGENTS, BROKERS, SOLICITORS AND EXCESS LINE.
§33-12-22a. Liability for amounts above guaranty account when
malpractice coverage placed in solvent insurer.
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An agent, broker or excess line broker is jointly and
severally liable for the excess above the amount covered by the
insurance guaranty association act created by article twenty-six of this chapter for a malpractice claim when the agent, broker or
excess line broker places any malpractice coverage in an insurer
that becomes insolvent.
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NOTE: The purpose of this bill is to
make insurance agents or
brokers liable for malpractice claims above the amount paid by the
insurance guaranty association when a malpractice insurer becomes
insolvent.
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This section is new; therefore, strike-throughs and
underscoring have been omitted.