Ojeda 7853


The Committee on Judiciary moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 2619--A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated 33-40B-1, 33-40B-2, 33-40B-3, 33-40B-4, 33-40B-5, 33-40B-6, 33-40B-7, 33-40B-8, 33-40B-9, 33-40B-10 and 33-40B-11, all relating to insurer risk management and solvency assessment; setting forth the purpose and scope of the article; defining terms; setting forth the requirement that insurers must maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks; setting forth and providing requirements for the own risk and assessment summary report; providing exemptions to the summary report requirements; providing confidentiality requirements related to the summary report; providing sanctions for failing to submit the summary report; providing for severability; and providing the effective date of this article.