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COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 492
(By Senator Minard)
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[Originating in the Committee on the Judiciary;
reported March 28, 2001.]
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A BILL to amend and reenact section two, article twenty-three,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
providing that fraternal benefit societies be subject to the
laws regulating variable contracts.
Be it enacted by the Legislature of West Virginia:
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That section two, article twenty-three, 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 23. FRATERNAL BENEFIT SOCIETIES.
§33-23-2. Applicability of other provisions.
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Every fraternal benefit society shall be governed and be
subject to the same extent as other insurers transacting like kinds
of insurance, to the following articles of this chapter: Article one (definitions); article two (insurance commissioner); article
four (general provisions); section thirty, article six (fee for
form and rate filing); article seven (assets and liabilities);
article ten (rehabilitation and liquidation); article eleven
(unfair trade practices); article twelve (agents, brokers,
solicitors and excess lines); article thirteen (life insurance);
article thirteen-a (variable contracts); article fifteen-a
(long-term care insurance); article twenty-seven (insurance holding
company systems); article thirty-three (annual audited financial
report); article thirty-four (administrative supervision); article
thirty-four-a (standards and commissioner's authority for companies
deemed considered to be in hazardous financial condition); article
thirty-five (criminal sanctions for failure to report impairment);
article thirty-seven (managing general agents); and article
thirty-nine (disclosure of material transactions).
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(NOTE: The purpose of this bill is to require that fraternal
benefit societies be subject to the variable contract provisions
set forth in article thirteen-a, chapter thirty-three of the code
of West Virginia.
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Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)