reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-07 - Premium Financing Of Life Insurance For College Students › Section 114-7-3 - Receipt

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Evidence of
				acceptance. -- Upon delivery of the policy, a policy receipt or acceptance form must
				be executed by the insured acknowledging that:
(a)
				The policy has been issued as represented; and
(b) The insured acknowledges and understands the
				provisions and obligations of the financial indebtedness that he has incurred.
If, at the time the policy receipt or acceptance form is presented
				  with the policy to the insured for his signature, he decides that he does not wish
				  the plan, it is strongly recommended that the policy and note be canceled and the
				  applicant released from any liability, and refund made of the down payment. Failure
				  to comply with this recommendation will be cause for an investigation by this
				  department to determine whether proper disclosure of the plan was made at the time
				  of the solicitation and application for insurance.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-07 - Premium Financing Of Life Insurance For College Students › Section 114-7-4 - Transfer Of Note

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Time of transfer.
				-- Promissory notes should not be sold or otherwise transferred by the payee nor any
				commissions on the sale paid to the agent until the printed form described in
				Section 3.1 of these rules, above, executed by the insured, has been received in the
				home office of the insurer.
4.2. Notice
				of transfer. -- The insurer shall notify the note maker (insured) and any co-makers
				regarding the sale or transfer of the note after such sale or transfer, inviting any
				questions relative to the note or the policy which is used as collateral security
				for the note. Such notice may be given by the purchaser, transferee or assignee of
				the note, but the insurer is charged with the ultimate responsibility to give
				notice.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-07 - Premium Financing Of Life Insurance For College Students › Section 114-7-5 - Selling Practices

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Sales
				presentation-Cash values-Written summary to applicant. -- Any cash values shown at
				the time of presentation should be based on the face amount of the policy being
				offered and not for a larger policy. For example, if a ten thousand dollars
				($10,000) policy is being presented, the values for such ten thousand dollars
				($10,000) policy, and not for a fifty thousand dollars ($50,000) or seventy-five
				dollars ($75,000) program, should be shown. An appropriate written summary setting
				forth the proposal accepted shall be given to the applicant at the time he executes
				the application.
5.2. Filing sales
				material. -- All sales material, promissory notes and other forms used in the sale
				of such programs must be submitted to the West Virginia Insurance Department in
				duplicate with duplicate letters of transmittal referring to the policy form or
				forms in connection with which such material is to be used. No such materials shall
				be used until submitted for approval as outlined above.
5.3. "Bird Dogging" prohibited. -- No person other
				than a licensed agent shall participate in the solicitation, negotiation, or
				effectuation of life insurance with respect to college students in this State.
				Solicitation includes, but is not limited to, situations where a licensed agent
				compensates or agrees to compensate certain professors, students, or administrative
				personnel for aiding him in the solicitation of prospects.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-07 - Premium Financing Of Life Insurance For College Students › Section 114-7-6 - Separability

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Partial invalidity.
				-- If any provision of this regulation shall be held invalid, the remainder of the
				regulation shall not be affected thereby.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purposes of this rule are to regulate the activities of insurers and producers with
				respect to the replacement of existing life insurance and annuities and to protect
				the interests of life insurance and annuity purchasers by establishing minimum
				standards of conduct to be observed in replacement or financed purchase
				transactions. It will assure that purchasers receive information with which a
				decision can be made in his or her own best interest, reduce the opportunity for
				misrepresentation and incomplete disclosure, and establish penalties for failure to
				comply with requirements of this rule. This rule is based on the National
				Association of Insurance Commissioners' "Life Insurance And Annuities Replacement
				Model Regulation (Model 613)," as amended in 2006; the 2008 amendments to this rule
				reflect the promulgation of 114CSR11C, which adopted the NAIC model rule on life
				insurance illustrations.
1.2. Authority.
				-- W. Va. Code §§
									33-2-10 and
				33-13-48.
1.3. Filing Date. -- May 5, 2008.
1.4. Effective Date. -- August 1, 2008.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-4 - Duties of Producers

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. A producer who
				initiates an application shall submit to the insurer, with or as part of the
				application, a statement signed by both the applicant and the producer as to whether
				the applicant has existing policies or contracts. If the answer is "no," the
				producer's duties with respect to replacement are complete.
4.2.
a. If the
				applicant answered "yes" to the question regarding existing coverage referred to in
				subsection 4.1. of this section, the producer shall present and read to the
				applicant, not later than at the time of taking the application, a notice regarding
				replacements in the form as described in Appendix A or other substantially similar
				form approved by the commissioner. However, no approval is required when amendments
				to the notice are limited to the omission of references not applicable to the
				product being sold or replaced. The notice shall be signed by both the applicant and
				the producer, attesting that the notice has been read aloud by the producer or that
				the applicant did not wish the notice to be read aloud (in which case the producer
				need not have read the notice aloud), and left with the applicant.
b. The notice shall list all life insurance
				policies or annuities proposed to be replaced, properly identified by name of
				insurer, the insured or annuitant, and policy or contract number if available; and
				shall include a statement as to whether each policy or contract will be replaced or
				whether a policy will be used as a source of financing for the new policy or
				contract. If a policy or contract number has not been issued by the existing
				insurer, alternative identification, such as an application or receipt number, shall
				be listed.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-5 - Duties of All Insurers that Use Producers

Current through Register Vol. XLI, No. 28, July 12, 2024
Each insurer shall:
5.1.
				Maintain a system of supervision and control to insure compliance with the
				requirements of this rule that shall, at least:
a.
				Inform its producers of the requirements of this rule and incorporate the
				requirements of this rule into all relevant producer training manuals prepared by
				the insurer;
b. Provide to each producer
				a written statement of the company's position with respect to the acceptability of
				replacements which provides guidance to its producer as to the appropriateness of
				these transactions;
c. Provide a system
				to review the appropriateness of each replacement transaction that the producer does
				not indicate is in accord with subdivision b. of this subsection.
d. Provide procedures to confirm that the
				requirements of this rule have been met; and
e. Provide procedures to detect transactions that
				are replacements of existing policies or contracts by the existing insurer, but that
				have not been reported as such by the applicant or producer. Compliance with this
				rule may include, but is not limited to, systematic customer surveys, interviews,
				confirmation letters, or programs of internal monitoring;
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-6 - Duties of Replacing Insurers that Use Producers

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Where a replacement is involved in the
				transaction, the replacing insurer shall:
a.
				Verify that the required forms are received and are in compliance with this
				rule;
b. Notify any other existing
				insurer that may be affected by the proposed replacement within five (5) business
				days of receipt of a completed application indicating replacement or when the
				replacement is identified if not indicated on the application, and mail a copy of
				the available illustration or policy summary for the proposed policy or available
				disclosure document for the proposed contract within five (5) business days of a
				request from an existing insurer;
c. Be
				able to produce copies of the notification regarding replacement required in
				subsection 4.2. of this rule, indexed by producer, for at least five (5) years or
				until the next regular examination by the insurance department of a company's state
				of domicile, whichever is later; and
d.
				Provide to the policy or contract owner notice of the right to return the policy or
				contract within thirty (30) days of the delivery of the contract and receive an
				unconditional full refund of all premiums or considerations paid on it, including
				any policy fees or charges or, in the case of a variable or market value adjustment
				policy or contract, a payment of the cash surrender value provided under the policy
				or contract plus the fees and other charges deducted from the gross premiums or
				considerations or imposed under such policy or contract; such notice may be included
				in Appendix A or C.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-7 - Duties of the Existing Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
Where a replacement is involved in the transaction, the existing
				  insurer shall:
7.1. Retain and be able to
				produce all replacement notifications received, indexed by replacing insurer, for at
				least five (5) years or until the conclusion of the next regular examination
				conducted by the insurance department of its state of domicile, whichever is
				later.
7.2. Send a letter to the policy
				or contract owner of the right to receive information regarding the existing policy
				or contract values including, if available, an in force illustration or a policy
				summary. The information shall be provided within five (5) business days of receipt
				of the request from the policy or contract owner.
7.3. Upon receipt of a request to borrow,
				surrender or withdraw any policy values, send a notice advising the policy owner
				that the release of policy values may affect the guaranteed elements, non-guaranteed
				elements, face amount or surrender value of the policy from which the values are
				released. The notice shall be sent separate from the check if the check is sent to
				anyone other than the policy owner. In the case of consecutive automatic premium
				loans, the insurer is only required to send the notice at the time of the first
				loan.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-8 - Duties of Insurers with Respect to Direct Response Solicitations

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. In the case of an application that is
				initiated as a result of a direct response solicitation, the insurer shall require,
				with or as part of each completed application for a policy or contract, a statement
				asking whether the applicant, by applying for the proposed policy or contract,
				intends to replace, discontinue or change an existing policy or contract. If the
				applicant indicates a replacement or change is not intended or if the applicant
				fails to respond to the statement, the insurer shall send the applicant, with the
				policy or contract, a notice regarding replacement in Appendix B, or other
				substantially similar form approved by the commissioner.
8.2. If the insurer has proposed the replacement
				or if the applicant indicates a replacement is intended, and the insurer continues
				with the replacement, the insurer shall:
a. Provide
				to applicants or prospective applicants with the policy or contract a notice,
				described in Appendix C, or other substantially similar form approved by the
				commissioner. In these instances the insurer may delete the references to the
				producer, including the producer's signature, and references not applicable to the
				product being sold or replaced, without having to obtain approval of the form from
				the commissioner. The insurer's obligation to obtain the applicant's signature is
				satisfied if it can demonstrate that it has made a diligent effort to secure a
				signed copy of the notice referred to in this paragraph. The requirement to make a
				diligent effort is deemed satisfied if the insurer includes in the mailing a
				self-addressed postage prepaid envelope with instructions for the return of the
				signed notice referred to in this section; and
b. Comply with the requirements of subdivision b.,
				subsection 6.1. of this rule, if the applicant furnishes the names of the existing
				insurers, and the requirements of subdivisions c. and d., subsection 6.1. and the
				requirements of subsection 6.2. of this rule.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Section 114-8-9 - Violations and Penalties

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. Any failure to
				comply with this rule shall be considered a violation of the Unfair Trade Practices
				Act, W. Va. Code §§
									33-11-1
et
				seq
. Examples of violations include:
a.
				Any deceptive or misleading information set forth in sales material;
b. Failing to ask the applicant in completing the
				application the pertinent questions regarding the possibility of financing or
				replacement;
c. The intentional
				incorrect recording of an answer;
d.
				Advising an applicant to respond negatively to any question regarding replacement in
				order to prevent notice to the existing insurer; or
e. Advising a policy or contract owner to write
				directly to the company in such a way as to attempt to obscure the identity of the
				replacing producer or company.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts › Appendix B

Current through Register Vol. XLI, No. 28, July 12, 2024
NOTICE REGARDING REPLACEMENT
REPLACING YOUR LIFE INSURANCE POLICY OR
				  ANNUITY?
Are you thinking about buying a new life insurance policy or
				  annuity and discontinuing or changing an existing one? If you are, your decision
				  could be a good one -- or a mistake. You will not know for sure unless you make a
				  careful comparison of your existing benefits and the proposed policy or contract's
				  benefits.
Make sure you understand the facts. You should ask the company or
				  agent that sold you your existing policy or contract to give you information about
				  it.
Hear both sides before you decide. This way you can be sure you
				  are making a decision that is in your best interest.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-09 - Mass Marketing Of Property And Liability Insurance › Section 114-9-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this regulation is to prescribe rules to prevent abuses in connection
				with the sale of property-liability insurance in West Virginia pursuant to mass
				marketing plans, while preserving for consumers the potential benefits of this form
				of marketing. This regulation encompasses regulatory safeguards and requirements
				which primarily focus on significant potential abuses unique to the mass marketing
				of Property-Liability Insurance.
1.2.
				Authority. -- W. Va. Code '33-11-6
1.3. Filing Date. -- March 24, 1972
1.4. Effective Date. -- May 15, 1972
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-09 - Mass Marketing Of Property And Liability Insurance › Section 114-9-2 - Applicability

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Applicability. --
				This regulation shall be applicable only to insurance policies issued or renewed in
				West Virginia after the effective date of this regulation and is in addition to, and
				not in substitution for, other applicable requirements of the insurance laws of West
				Virginia and regulations of the Insurance Commissioner. The requirements of this
				regulation are not applicable to methods of marketing other than mass marketing
				plans.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-09 - Mass Marketing Of Property And Liability Insurance › Section 114-9-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Mass marketing
				plan. -- "Mass Marketing Plan" means a method of selling property-liability
				insurance wherein (i) such insurance is offered to employees of particular employers
				or to members of particular associations or organizations or to persons grouped in
				other ways and (ii) the employer, association or organization, if any, has agreed to
				or otherwise affiliated itself with, the sale of such insurance to its employees or
				members.
3.2. Property-Liability
				Insurance. -- "Property-Liability Insurance" means insurance as defined in
				subsections (c), (d) and (e), section ten, article one, chapter thirty-three of the
				West Virginia Code of 1931, as amended.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-09 - Mass Marketing Of Property And Liability Insurance › Section 114-9-4 - Standards And Requirements

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Premium
				rates. -- Premium rates under a mass marketing plan shall comply with the standards
				prescribed by the insurance laws of West Virginia, including, but not limited to,
				the standards that rates not be excessive, inadequate or unfairly discriminatory.
				Rates shall not be deemed to be unfairly discriminatory because different premiums
				result for policyholders with like loss exposures but different expense factors, or
				like expense factors but different loss exposures, so long as the rates reflect the
				differences with reasonable accuracy. Rates shall not be deemed to be unfairly
				discriminatory if they are averaged broadly among persons insured under a mass
				marketing plan.
4.2. Statistics. -- An
				insurer selling insurance pursuant to mass marketing plans shall maintain separate
				statistics as to loss and expense experience pertinent thereto.
4.3. Disclosure required. -- Every insurer, agent
				or broker selling insurance pursuant to a mass marketing plan shall, prior to sale,
				make full and fair disclosure to prospective insureds of all features of such plan,
				whether favorable or unfavorable, including, but not limited to, premium rates,
				benefits, duration of coverage, policyholder services, conversion privileges
				available and the financial interests in the plan, if any, of the sponsoring
				employer, association, organization or the group.
4.4. Underwriting standards. -- No insurer shall
				use underwriting standards for individual risk selection in a mass marketing plan
				which are, on the whole, more restrictive that the standards used by such insurer
				for individual risk selection in the sale of the same kind of insurance in West
				Virginia other than pursuant to mass marketing plans. In the event insurer does not
				sell such kind of insurance in West Virginia other than pursuant to mass marketing
				plans, its underwriting standards for individual risk selection in such plans shall,
				on the whole, be no more restrictive than the standards used by its principal
				affiliate, if any, for individual risk selection in the sale of such kind of
				insurance in West Virginia other than pursuant to mass marketing plans.
4.5. Compulsory facilities. -- An insurer, agent
				or broker selling insurance pursuant to a mass marketing plan shall, with respect to
				any employees or members who apply for but are denied insurance under such plan,
				assist such persons in obtaining insurance through any other appropriate insurance
				plan, such as the assigned risk plan.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this regulation is to assure truthful and adequate disclosure of all
				material and relevant information in the advertising of accident and sickness
				insurance. This purpose is intended to be accomplished by the establishment of, and
				adherence to, certain minimum standards and guidelines of conduct in the advertising
				of accident and sickness insurance in a manner which prevents unfair competition
				among insurers and is conducive to the accurate presentation and description to the
				insurance buying public of a policy of such insurance offered through various
				advertising media.
1.2. Authority. -- W.
				Va. Code '33-2-6
				and '33-11-6.
1.3. Filing Date. -- March
				15, 1973.
1.4. Effective Date. -- April
				20, 1973.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-2 - Applicability

Current through Register Vol. XLI, No. 28, July 12, 2024
(a) This regulation
				shall apply to any accident and sickness insurance "Advertisement," as that term is
				hereinafter defined, intended for presentation, distribution or dissemination in
				this State when such presentation, distribution or dissemination is made either
				directly or indirectly by or on behalf of an insurer, agent, broker or solicitor as
				those terms are defined in the Insurance Code of this State and this
				regulation.
(b) Every insurer shall
				establish and at all times maintain a system of control over the content, form and
				method of dissemination of all advertisements of its policies. All such
				advertisements, regardless of by whom written, created, designed or presented, shall
				be the responsibility of the insurer whose policies are so advertised.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Advertisement. --
				"Advertisement" for the purpose of this regulation shall include:
(a) Printed and published material, audio visual
				material and descriptive literature of an insurer used in direct mail, newspapers,
				magazines, radio scripts, television scripts, billboards and similar
				displays;
(b) Descriptive literature and
				sales aids of all kinds issued by an insurer, agent or broker for presentation to
				members of the insurance buying public, including, but not limited to, circulars,
				leaflets, booklets, depictions, illustrations and form letters; and
(c) Prepared sales talks, presentations and
				material for use by agents, brokers and solicitors.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-4 - Disclosure

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Method of
				disclosure of required information. -- All information required to be disclosed by
				this regulation shall be set out conspicuously and in close conjunction with the
				statements to which such information relates or under appropriate captions of such
				prominence that such information shall not be minimized, rendered obscure or
				presented in ambiguous fashion or intermingled with the context of the advertisement
				so as to be confusing or misleading.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-5 - Standards

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Form and content of
				advertising.
(a) The format and content of an
				advertisement of an accident or sickness insurance policy shall be sufficiently
				complete and clear to avoid deception or the capacity or tendency to mislead or
				deceive. Whether an advertisement has a capacity or tendency to mislead or deceive
				shall be determined by the Insurance Commissioner from the overall impression that
				the advertisement may reasonably be expected to create upon a person of average
				education or intelligence, within the segment of the public to which it is
				directed.
(b) Advertisements shall be
				truthful and not misleading in fact or in implication. Words or phrases, the meaning
				of which is clear only by implication or by familiarity with insurance terminology,
				shall not be used.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-7 - Qualifying Conditions; Disclosure Required

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Necessity for disclosing policy provisions
				relating to renewability, cancelability and termination. -- When an advertisement
				refers to either a dollar amount or a period of time for which any benefit is
				payable, or the cost of the policy, or specific policy benefit, or the loss for
				which such benefit is payable, it shall disclose the provisions relating to
				renewability, cancelability and termination and any modification of benefits, losses
				covered or premiums because of age or for other reasons, in a manner which shall not
				minimize or render obscure the qualifying conditions.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-8 - Testimonials Or Endorsements By Third Parties

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Testimonials; generally. -- Testimonials used
				in advertisements must be genuine, represent the current opinion of the author, be
				applicable to the policy advertised and be accurately reproduced. The insurer, in
				using a testimonial, makes as its own all of the statements contained therein, and
				the advertisement, including such statements, is subject to all of the provisions of
				this regulation.
8.2. Financial
				interests; disclosure required. -- If the person making a testimonial, an
				endorsement or an appraisal has a financial interest in the insurer or a related
				entity as a stockholder, director, officer, employee or otherwise, such fact shall
				be disclosed in the advertisement. If a person is compensated for making a
				testimonial, endorsement or appraisal, such fact shall be disclosed in the
				advertisement by language substantially as follows: "Paid Endorsement." This section
				does not require disclosure of union "Scale" wages required by union rules if the
				payment is actually for such "Scale" for television or radio performances. The
				payment of substantial amounts, directly or indirectly, for "Travel And
				Entertainment" for filming or recording of television and radio advertisements
				remove the filming or recording from the category of an unsolicited testimonial and
				require disclosure of such compensation.
8.3. Proprietary relationships; disclosure
				required. -- An advertisement shall not state or imply that an insurer or a policy
				has been approved or endorsed by any individual, group of individuals, society,
				association or other organizations, unless such is the fact, and unless any
				proprietary relationship between an organization and the insurer is disclosed. If
				the entity making the endorsement or testimonial has been formed by the insurer or
				is owned or controlled by the insurer or the person or persons who own or control
				the insurer, such fact shall be disclosed in the advertisement.
8.4. Claim data. -- When a testimonial refers to
				benefits received under a policy, the specific claim data, including claim number,
				date of loss and other pertinent information shall be retained by the insurer for
				inspection for a period of four (4) years or until the filing of the next regular
				report on examination of the insurer, whichever is the longer period of
				time.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-9 - Use Of Statistics

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1.
				Generally. -- An advertisement relating to the dollar amounts of claims paid, the
				number of persons insured, or similar statistical information relating to any
				insurer or policy shall not use irrelevant facts, and shall not be used unless it
				accurately reflects all of the relevant facts. Such an advertisement shall not imply
				that such statistics are derived from the policy advertised unless such is the fact,
				and when applicable to other policies or plans shall specifically so
				state.
9.2. Claims settlement. -- An
				advertisement shall not represent or imply that claim settlements by the insurer are
				"Liberal" or "Generous," or use words of similar import, or that claim settlements
				are or will be beyond the actual terms of the contract. An unusual amount paid for
				unique claim for the policy advertised is misleading and shall not be
				used.
9.3. Source. -- The source of any
				statistics used in an advertisement shall be identified in such
				advertisement.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-10 - Identification Of Plan Or Number Of Policies

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. Identification of plan or number of
				policies.
(a) When a choice of the amount of
				benefits is referred to, an advertisement shall disclose that the amount of benefits
				provided depends upon the plan selected and that the premium will vary with the
				amount of the benefits selected.
(b)
				When an advertisement refers to various benefits which may be contained in two (2)
				or more policies, other than group master policies, the advertisement shall disclose
				that such benefits are provided only through a combination of such
				policies.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-11 - Comparisons

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. Disparaging
				comparisons and statements. -- An advertisement shall not directly or indirectly
				make unfair or incomplete comparisons of policies or benefits or comparisons of
				noncomparable policies of other insurers, and shall not disparage competitors, their
				policies, services or business methods, and shall not disparage or unfairly minimize
				competing methods of marketing insurance.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-12 - Jurisdictional Licensing And Status Of Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
12.1. Jurisdictional licensing. -- An
				advertisement which is intended to be seen or heard beyond the limits of the
				jurisdiction in which the insurer is licensed shall not imply licensing beyond those
				limits.
12.2. Status of insurer. -- An
				advertisement shall not create the impression directly or indirectly that the
				insurer, its financial condition or status, or the payment of its claims, or the
				merits, desirability, or advisability of its policy forms or kinds or plans of
				insurance are approved, endorsed or accredited by any division or agency of this
				State of the United States Government.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-13 - Identity Of Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
13.1. Generally. --
				The name of the actual insurer and the form number or numbers advertised shall be
				identified and made clear in all of its advertisements. An advertisement shall not
				use a trade name, any insurance group designation, name of the parent company of the
				insurer, name of a particular division of the insurer, service mark, slogan, symbol
				or other device which without disclosing the name of the actual insurer would have
				the capacity and tendency to mislead or deceive as to the true identity of the
				insurer.
13.2. Association with
				government agencies. -- No advertisement shall use any combination of words, symbols
				or physical materials which by their content, phraseology, shape, color or other
				characteristics are so similar to combinations of words, symbols or physical
				materials used by agencies of the federal government or of this State, or otherwise
				appear to be of such a nature that it tends to confuse or mislead prospective
				insureds into believing that the solicitation is in some manner connected with an
				agency of the municipal, state or federal government.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-14 - Special Underwriting Privileges

Current through Register Vol. XLI, No. 28, July 12, 2024
14.1.
				Group or quasi-group implications. -- An advertisement or a particular policy shall
				not state or imply that prospective insureds become group or quasi-group members
				covered under a group policy and as such enjoy special rates or underwriting
				privileges, unless such is the fact.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-15 - Introductory, Initial Or Special Offers

Current through Register Vol. XLI, No. 28, July 12, 2024
15.1. Generally.
(a) An advertisement of an individual policy shall
				not directly or by implication represent that a contract or combination of contracts
				is an introductory, initial or special offer, or that applicants will receive
				substantial advantages not available at a later date, or that the offer is available
				only to a specified group of individuals, unless such is the fact. An advertisement
				shall not contain phrases describing an enrollment period as "Special," "Limited,"
				or similar words or phrases when the insurer uses such enrollment periods as the
				usual method of advertising accident and sickness insurance.
(b) An enrollment period during which a particular
				insurance product may be purchased on an individual basis shall not be offered
				within this State unless there has been a lapse of not less than six (6) months
				between the close of the immediately preceding enrollment period for the same
				product and the opening of the new enrollment period. The advertisement shall
				indicate the date by which the applicant must mail the application which shall be
				not less than ten (10) days and not more than forty (40) days from the date that
				such enrollment period is advertised for the first time. This section applies to all
				advertising media, i.e., mail, newspapers, radio, television, magazines and
				periodicals, used by any one (1) insurer. This section is inapplicable to
				solicitations of employees or members of a particular group or association which
				otherwise would be eligible under specific provisions of the Insurance Code for
				group, blanket or franchise insurance. The phrase "Any One Insurer" includes all the
				affiliated companies of a group of insurance companies under common management or
				control.
(c) This section prohibits any
				statement or implication to the effect that only a specific number of policies will
				be sold, or that a time is fixed for the discontinuance of the sale of the
				particular policy advertised because of special advantages available in the policy,
				unless such is the fact.
(d) The phrase
				"A Particular Insurance Product" in Paragraph (b) of this section means an insurance
				policy which provides benefits substantially different from those contained in any
				other policy. Different terms of renewability; an increase or decrease in the dollar
				amounts of benefits; an increase or decrease in any elimination period or waiting
				period from those available during an enrollment period for another policy shall not
				be sufficient to constitute the product being offered as a different product
				eligible for concurrent or overlapping enrollment periods.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-16 - Statements About An Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
16.1. Statements
				about an insurer. -- An advertisement shall not contain statements which are untrue
				in fact, or by implication misleading, with respect to the assets, corporate
				structure, financial standing, age or relative position of the insurer in the
				insurance business. An advertisement shall not contain a recommendation by any
				commercial rating system unless it clearly indicates the purpose of the
				recommendation and the limitations of the scope and extent of the
				recommendation.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-17 - Enforcement Procedures

Current through Register Vol. XLI, No. 28, July 12, 2024
17.1. Advertising
				file. -- Each insurer shall maintain at its home or principal office a complete file
				containing every printed, published or prepared advertisement of its individual
				policies and typical printed, published or prepared advertisements of its blanket,
				franchise and group policies hereafter disseminated in this or any other state
				whether or not licensed in such other state, with a notation attached to each such
				advertisement which shall indicate the manner and extent of distribution and the
				form number of any policy advertised. Such file shall be subject to regular and
				periodic inspection by this Department. All such advertisements shall be maintained
				in said file for a period of either four (4) years or until the filing of the next
				regular report of examination of the insurer, whichever is the longer period of
				time.
17.2. Certificate of compliance.
				-- Each insurer required to file an annual statement which is now or which hereafter
				becomes subject to the provisions of this regulation must file with this Department
				with its annual statement a Certificate of Compliance executed by an authorized
				officer of the insurer wherein it is stated that to the best of his knowledge,
				information and belief the advertisements which were disseminated by the insurer
				during the preceding statement year complied or were made to comply in all respects
				with the provisions of this regulation and the insurance laws of this State as
				implemented and interpreted by this regulation.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-18 - Special Enforcement Procedures

Current through Register Vol. XLI, No. 28, July 12, 2024
18.1.
				Filing of advertisements. -- The Commissioner in his discretion may require that an
				insurer file with this Department, for review prior to use, direct response
				advertising materials. When so required, such advertising materials must be filed
				not less than a reasonable time to be specified by the Commissioner prior to the
				date the insurer desires to use the advertisement in West Virginia.
18.2. Interpretive guidelines; adoption by
				Commissioner. -- To facilitate compliance with this regulation, the Commissioner may
				adopt appropriate interpretive guidelines. To the extent not inconsistent with the
				statutes of this State and this regulation, such guidelines shall be consistent with
				the interpretive guidelines adopted and revised from time to time by the National
				Association of Insurance Commissioners for use by the various states in the
				interpretation of these regulations.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-19 - Separability

Current through Register Vol. XLI, No. 28, July 12, 2024
19.1. Partial
				invalidity. -- If any provision of this regulation shall be held invalid, the
				remainder of the regulation shall not be affected thereby.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-10 - Advertisement Of Accident And Sickness Insurance › Section 114-10-20 - Violations

Current through Register Vol. XLI, No. 28, July 12, 2024
20.1. Penalties. -- Any
				insurer failing to comply with the requirements of this regulation shall be subject
				to such penalties as may be appropriate under the laws of West Virginia.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-11 - Advertisement Of Life Insurance And Annuities › Section 114-11-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this rule is to set forth minimum standards and guidelines to assure a
				full and truthful disclosure to the public of all material and relevant information
				in the advertising of life insurance policies and annuity contracts. This rule is
				based on the National Association of Insurance Commissioners' "Advertisements Of
				Life Insurance and Annuities Model Regulation" (Model 570), as amended in
				2000.
1.2. Authority. -- W. Va. Code
				§§
									33-2-10 and
				33-11-6.
1.3. Filing Date. -- May 5, 2008.
1.4. Effective Date. -- August 1, 2008.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-11 - Advertisement Of Life Insurance And Annuities › Section 114-11-2 - Applicability

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. This rule applies
				to any life insurance or annuity advertisement intended for dissemination in this
				state. In variable contracts where disclosure requirements are established pursuant
				to federal regulation, this rule shall be interpreted so as to eliminate conflict
				with federal regulation.
2.2. All
				advertisements, regardless of by whom written, created, designed or presented, are
				the responsibility of the insurer, as well as the producer who created or presented
				the advertisement. Insurers shall establish and at all times maintain a system of
				control over the content, form and method of dissemination of all advertisements of
				its products. A system of control includes regular and routine notification, at
				least once a year, to insurance producers, brokers and others authorized by the
				insurer to disseminate advertisements of the requirements and procedures for company
				approval prior to the use of any advertisement that is not furnished by the insurer
				and of the most serious consequence of not obtaining the required prior
				approval.