H. B. 2518
(By Delegates Carper and Michael)
[Introduced March 9, 1993; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section eleven-b, article six,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
the right to return a life or accident and sickness
insurance policy, certificate or contract, to clarify the
rights of group insurance certificate holders; and to exempt
from the requirements of this section certain group annuity
contracts.
Be it enacted by the Legislature of West Virginia:
That section eleven-b, article six, chapter thirty-three of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 6. THE INSURANCE POLICY.
§33-6-11b. Right to return life or accident and sickness
insurance policy, certificate or contract.
All life or sickness and accident insurance policies,
certificates or contracts issued to persons in this state shall
have a notice prominently printed on the first page of thepolicy, certificate or contract stating in substance that the
insured person or person obtaining the policy shall have the
right to return the policy, certificate or contract within ten
days of its receipt and to have the premium refunded if, after
examination of the policy, certificate or contract, the person
obtaining the insurance is not satisfied for any reason:
Provided, That this section does not apply to group annuity
policies, contracts or certificates issued in connection with a
pension or profit-sharing plan qualified or exempt under sections
401, 403, 408, 457 or 501 of the Internal Revenue Code.
NOTE: The purpose of this bill is to exempt from the
ten-day "free look" requirement group annuity contracts and
certificates issued in connection with tax qualified pension or
profit sharing plans.
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