reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-67 - Rate And Form Filing Abstracts › Section 114-67-3 - Applicability of Forms

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. When advertising,
				rates or forms are filed with the Office of the Insurance Commissioner for either
				accident and sickness, or property and casualty insurance, Appendix A, B, C, D, E,
				F, or G, as appropriate, must be completed and made a part of the filing.
a. Appendix A: Accident and Sickness Insurance
				Form Filing Abstract, ASA-F-2004, is to be used with any accident and sickness form
				filing except mass marketed life and health advertising and form filing.
b. Appendix B: Mass Marketed Life and Health
				Insurance Form Filing Abstract, ASA-F-2004A, is to be used with any mass marketed
				life and health form filing.
c. Appendix
				C: Mass Marketed Life and Health Insurance Advertising Filing Abstract, ASA-F-2004B,
				is to be used with any mass marketed life and health advertising filing.
d. Appendix D: Accident and Sickness Insurance
				Rate Filing Abstract, ASA-R-2004, is to be used with any accident and sickness rate
				filing.
e. Appendix E: Adoption of
				Rating Organization Advisory Prospective Loss Costs Rate Filing Abstract,
				PCA-LCR-2004, is to be used with any property and casualty rate filing that proposes
				adoption, with or without modification, of a rating organization's advisory
				prospective loss costs.
f. Appendix F:
				Property and Casualty Insurance Rate Filing Abstract, PCA-R-2004, is to be used with
				any property and casualty rate filing, except the adoption of a rating organization
				advisory prospective loss costs, which requires a separate abstract.
g. Appendix G: Property and Casualty Insurance
				Form Filing Abstract, PCA-F-2004, is to be used with any property and casualty form
				filing.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-67 - Rate And Form Filing Abstracts › Appendix A - ACCIDENT AND SICKNESS INSURANCE FORM FILING ABSTRACT

Current through Register Vol. XLI, No. 28, July 12, 2024
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West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-67 - Rate And Form Filing Abstracts › Appendix B - MASS MARKETED LIFE AND HEALTH INSURANCE FORM FILING ABSTRACT

Current through Register Vol. XLI, No. 28, July 12, 2024
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West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-67 - Rate And Form Filing Abstracts › Appendix D - ACCIDENT AND SICKNESS INSURANCE RATE FILING ABSTRACT

Current through Register Vol. XLI, No. 28, July 12, 2024
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West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-67 - Rate And Form Filing Abstracts › Appendix E - ADOPTION OF RATING ORGANIZATION ADVISORY PROSPECTIVE LOSS COSTS RATE FILING ABSTRACT

Current through Register Vol. XLI, No. 28, July 12, 2024
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West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. --
1.1.a. The purpose of this rule is to provide:
1.1.a.1. Tables of select mortality factors and
				rules for their use;
1.1.a.2. Rules
				concerning a minimum standard for the valuation of plans with nonlevel premiums or
				benefits; and
1.1.a.3. Rules concerning
				a minimum standard for the valuation of plans with secondary guarantees.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-2 - Applicability

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. This rule shall
				apply to all life insurance policies, with or without nonforfeiture values, issued
				on or after the effective date of this rule, subject to the following exceptions and
				conditions.
2.2. Exceptions.
2.2.a. This rule shall not apply to any individual
				life insurance policy issued on or after the effective date of this rule if the
				policy is issued in accordance with and as a result of the exercise of a reentry
				provision contained in the original life insurance policy of the same or greater
				face amount, issued before the effective date of this rule, that guarantees the
				premium rates of the new policy. This rule also shall not apply to subsequent
				policies issued as a result of the exercise of such a provision, or a derivation of
				the provision, in the new policy.
2.2.b.
				This rule shall not apply to any universal life policy that meets all the following
				requirements:
2.2.b.1. Secondary guarantee period,
				if any, is five (5) years or less;
2.2.b.2. Specified premium for the secondary
				guarantee period is not less than the net level reserve premium for the secondary
				guarantee period based on the CSO valuation tables as defined in subsection 3.6 of
				this rule and the applicable valuation interest rate; and
2.2.b.3. The initial surrender charge is not less
				than one hundred percent (100%) of the first year annualized specified premium for
				the secondary guarantee period.
2.2.c. This rule shall not apply to any variable
				life insurance policy that provides for life insurance, the amount or duration of
				which varies according to the investment experience of any separate account or
				accounts.
2.2.d. This rule shall not
				apply to any variable universal life insurance policy that provides for life
				insurance, the amount or duration of which varies according to the investment
				experience of any separate account or accounts.
2.2.e. This rule shall not apply to a group life
				insurance certificate unless the certificate provides for a stated or implied
				schedule of maximum gross premiums required in order to continue coverage in force
				for a period in excess of one year.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. "Basic reserves"
				means reserves calculated in accordance with the principles of W. Va. Code §
									33-7-9(g).
3.2. "Contract segmentation method" means the
				method of dividing the period from issue to mandatory expiration of a policy into
				successive segments, with the length of each segment being defined as the period
				from the end of the prior segment (from policy inception, for the first segment) to
				the end of the latest policy year as determined below. All calculations are made
				using the 1980 CSO valuation tables, as defined in subsection 3.6 of this rule, or
				any other valuation mortality table adopted by the National Association of Insurance
				Commissioners (NAIC) after the effective date of this rule and promulgated by rule
				by the Commissioner for this purpose, and, if elected, the optional minimum
				mortality standard for deficiency reserves stipulated in subsection 4.2 of this
				rule. The length of a particular contract segment shall be set equal to the minimum
				of the value
t
for which Gt is greater than Rt (if Gt never exceeds
				Rt the segment length is deemed to be the number of years from the beginning of the
				segment to the mandatory expiration date of the policy), where Gt and Rt are defined
				as follows:
Gt = Gpx+k+t / GPx+k+t-1
where:
x = original issue age;
k = the number of years from the date of issue to the beginning of
				  the segment;
t = 1, 2, ...; t is reset to 1 at the beginning of each
				  segment;
GPx+k+t-1 = Guaranteed gross premium per thousand of face amount
				  for year t of the segment, ignoring policy fees only if level for the premium paying
				  period of the policy.
Rt = qx+k+t / qx+k+t-1, However, Rt may be increased or decreased
				  by one qx+k+t-1 percent in any policy year, at the company's option, but Rt shall
				  not be less than one;
where:
x, k and t are as defined above, and
qx+k+t-1 = valuation mortality rate for deficiency reserves in
				  policy year k+t but using the mortality of subdivision b of subsection 4.2 of this
				  rule if subdivision c of subsection 4.2 of this rule is elected for deficiency
				  reserves.
However, if GPx+k+t is greater than 0 and GPx+k+t-1 is equal to 0,
				  Gt shall be deemed to be 1000. If GPx+k+t and GPx+k+t-1 are both equal to 0, Gt
				  shall be deemed to be 0.
3.3.
				"Deficiency reserves" means the excess, if greater than zero, of
3.3.a. Minimum reserves calculated in accordance
				with the principles of W. Va. Code §
										33-7-9(k)
				over
3.3.b. Basic reserves.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-4 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. At the election
				of the company for any one or more specified plans of life insurance, the minimum
				mortality standard for basic reserves may be calculated using the 1980 CSO valuation
				tables with select mortality factors or any other valuation mortality table adopted
				by the NAIC after the effective date of this rule and promulgated by rule by the
				commissioner for this purpose. If select mortality factors are elected, they may be:
4.1.a. The ten-year select mortality factors
				incorporated into the 1980 amendments to the NAIC Standard Valuation Law and
				referred to in W. Va. Code §
										33-7-9(d)(1)(C)(ii);
4.1.b. The select mortality factors in Appendix A
				of this rule; or
4.1.c. Any other table
				of select mortality factors adopted by the NAIC after the effective date of this
				rule and promulgated by rule by the commissioner for the purpose of calculating
				basic reserves.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-5 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other Than Universal Life Insurance Policies)

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Basic Reserves.
				-- Basic reserves shall be calculated as the greater of the segmented reserves and
				the unitary reserves. Both the segmented reserves and the unitary reserves for any
				policy shall use the same valuation mortality table and select factors. At the
				option of the insurer, in calculating segmented reserves and net premiums, either of
				the adjustments described in subdivisions a and b of this subsection may be made:
5.1.a. Treat the unitary reserve, if greater than
				zero, applicable at the end of each segment as a pure endowment and subtract the
				unitary reserve, if greater than zero, applicable at the beginning of each segment
				from the present value of guaranteed life insurance and endowment benefits for each
				segment.
5.1.b. Treat the guaranteed
				cash surrender value, if greater than zero, applicable at the end of each segment as
				a pure endowment and subtract the guaranteed cash surrender value, if greater than
				zero, applicable at the beginning of each segment from the present value of
				guaranteed life insurance and endowment benefits for each segment.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-68 - Valuation Of Life Insurance Companies › Section 114-68-6 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. General.
6.1.a. Policies with a secondary guarantee
				include:
6.1.a.1. A policy with a guarantee that
				the policy will remain in force at the original schedule of benefits, subject only
				to the payment of specified premiums;
6.1.a.2. A policy in which the minimum premium at
				any future duration is less than the corresponding one-year valuation premium,
				calculated using the maximum valuation interest rate and the 1980 CSO valuation
				tables with or without ten-year select mortality factors, or any other adopted after
				the effective date of this rule by the NAIC and promulgated by rule by the
				commissioner for this purpose; or
6.1.a.3. A policy with any combination of the
				features described in paragraphs 1 and 2 of this subdivision.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this rule is to recognize, permit and prescribe the use of the 2001
				Commissioners Standard Ordinary (CSO) Mortality Table in accordance with W. Va. Code
				§§
									33-7-9(d)(1)(C)
				(iii) and
				33-13-30(4c)(h)(vii)
				and subsections 4.1' and 4.2 of WV 114 CSR 68.
1.2. Authority. -- This rule is promulgated
				pursuant to the authority of W. Va. Code §§
									33-2-10 and
				33-7-9(d)(1)(C)
				(iii).
1.3. Filing Date. -- May 6, 2005.
1.4. Effective Date. -- May 6, 2005.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "2001 CSO Mortality
				Table" means that mortality table, consisting of separate rates of mortality for
				male and female lives, developed by the American Academy of Actuaries CSO Task Force
				from the Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				National Association of Insurance Commissioners (NAIC) in December 2002. The 2001
				CSO Mortality Table is included in the
Proceedings of the NAIC (2nd Quarter
				2002)
. Unless the context indicates otherwise, the "2001 CSO Mortality
				Table" includes both the ultimate form of that table and the select and ultimate
				form of that table and includes both the smoker and nonsmoker mortality tables and
				the composite mortality tables. It also includes both the age-nearest-birthday and
				age-last-birthday bases of the mortality tables.
2.2. "2001 CSO Mortality Table (F)" means that
				mortality table consisting of the rates of mortality for female lives from the 2001
				CSO Mortality Table.
2.3. "2001 CSO
				Mortality Table (M)" means that mortality table consisting of the rates of mortality
				for male lives from the 2001 CSO Mortality Table.
2.4. "Composite mortality tables" means mortality
				tables with rates of mortality that do not distinguish between smokers and
				nonsmokers.
2.5. "Smoker and nonsmoker
				mortality tables" means mortality tables with separate rates of mortality for
				smokers and nonsmokers.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-3 - 2001 CSO Mortality Table

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. At
				the election of the company for any one or more specified plans of insurance and
				subject to the conditions stated in this rule, the 2001 CSO Mortality Table may be
				used as the minimum standard for policies issued on or after the effective date of
				this rule and before the date specified in subsection 3.2 of this rule to which W.
				Va. Code §§
									33-7-9(d)(1)(C)
				(iii) and
				33-13-30(4c)(h)(vii)
				and subsections 4.1 and 4.2 of WV 114 CSR 68 are applicable. If the company elects
				to use the 2001 CSO Mortality Table, it shall do so for both valuation and
				nonforfeiture purposes.
3.2. Subject to
				the conditions stated in this rule, the 2001 CSO Mortality Table shall be used in
				determining minimum standards for policies issued on and after January 1, 2009, to
				which W. Va. Code §§
									33-7-9(d)(1)(C)
				(iii) and
				33-13-30(4c)(h)(vii)
				and subsections 4.1 and 4.2 of WV 114 CSR 68 are applicable.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-4 - Conditions

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. For each plan of
				insurance with separate rates for smokers and nonsmokers an insurer may use:
a. Composite mortality tables to determine minimum
				reserve liabilities and minimum cash surrender values and amounts of paid-up
				nonforfeiture benefits;
b. Smoker and
				nonsmoker mortality tables to determine the valuation net premiums and additional
				minimum reserves, if any, required by W. Va. Code §
										33-7-9(k)
				and use composite mortality tables to determine the basic minimum reserves, minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits; or
c. Smoker and nonsmoker mortality to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of paid-up
				nonforfeiture benefits.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-5 - Applicability of the 2001 CSO Mortality Table to WV 114 CSR 68

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. The 2001 CSO Mortality Table may be used in
				applying WV 114 CSR 68 in the following manner, subject to the transition dates for
				use of the 2001 CSO Mortality Table set forth in subsections 3.1 and 3.2 of this
				rule:
a. Paragraph 2, subdivision b, subsection
				2.2 of WV 114 CSR 68: The net level reserve premium is based on the ultimate
				mortality rates in the 2001 CSO Mortality Table.
b. Subsection 3.2 of WV 114 CSR 68: All
				calculations are made using the 2001 CSO Mortality Rate, and, if elected, the
				optional minimum mortality standard for deficiency reserves stipulated in
				subdivision d of this subsection. The value of "qx+k+t-1" is the valuation mortality
				rate for deficiency reserves in policy year k+t, but using the unmodified select
				mortality rates if modified select mortality rates are used in the computation of
				deficiency reserves.
c. Subsection 4.1
				of WV 114 CSR 68: The 2001 CSO Mortality Table is the minimum standard for basic
				reserves.
d. Subsection 4.2 of WV 114
				CSR 68: The 2001 CSO Mortality Table is the minimum standard for deficiency
				reserves. If select mortality rates are used, they may be multiplied by X percent
				for durations in the first segment, subject to the conditions specified in
				paragraphs 1 through 9 of subdivision c of subsection 4.2. In demonstrating
				compliance with those conditions, the demonstrations may not combine the results of
				tests that utilize the 1980 CSO Mortality Table with those tests that utilize the
				2001 CSO Mortality Table, unless the combination is explicitly required by rule or
				necessary to be in compliance with relevant Actuarial Standards of
				Practice.
e. Subsection 5.3 of WV 114
				CSR 68: The valuation mortality table used in determining the tabular cost of
				insurance shall be the ultimate mortality rates in the 2001 CSO Mortality
				Table.
f. Subdivision d, subsection 5.5
				of WV 114 CSR 68: The calculations specified in subsection 5.5 shall use the
				ultimate mortality rates in the 2001 CSO Mortality Table.
g. Subdivision d, subsection 5.6 of WV 114 CSR 68:
				The calculations specified in subsection 5.6 shall use the ultimate mortality rates
				in the 2001 CSO Mortality Table.
h.
				Subdivision b, subsection 5.7 of WV 114 CSR 68: The calculations specified in
				subsection 5.7 shall use the ultimate mortality rates in the 2001 CSO Mortality
				Table.
i. Paragraph 2, subdivision a,
				subsection 6.1 of WV 114 CSR 68: The one-year valuation premium shall be calculated
				using the ultimate mortality rates in the 2001 CSO Mortality Table.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-6 - Gender-Blended Tables

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. For any ordinary
				life insurance policy delivered or issued for delivery in this state on and after
				the effective date of this rule, that utilizes the same premium rates and charges
				for male and female lives or is issued in circumstances where applicable law does
				not permit distinctions on the basis of gender, a mortality table that is a blend of
				the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table (F) may, at the
				option of the company for each plan of insurance, be substituted for the 2001 CSO
				Mortality Table for use in determining minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits. No change in minimum valuation standards is implied
				by this subsection of the rule.
6.2. The
				company may choose from among the blended tables developed by the American Academy
				of Actuaries CSO Task Force and adopted by the NAIC in December 2002.
6.3. It shall not, in and of itself, be a
				violation of article eleven, chapter thirty-three of the West Virginia Code (W. Va.
				Code §§
									33-11-1 et
				seq.) for an insurer to issue the same kind of policy of life insurance on both a
				sex-distinct and sex-neutral basis.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits › Section 114-69-7 - Separability

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. If any provision of
				this rule or its application to any person or circumstance is for any reason held to
				be invalid, the remainder of the rule and the application of the provision to other
				persons or circumstances shall not be affected.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69A - Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 114-69A-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this rule is to recognize, permit and prescribe the use of mortality
				tables that reflect differences in mortality between preferred and standard lives in
				determining minimum reserve liabilities in accordance with W. Va. Code §§
									33-7-9(d)(1)(C)
				(iii) and
				33-13-30(4c)(h)(vii)
				and subsections 4.1 and 4.2 of W. Va. 114 CSR 68. This rule is based upon the
				National Association of Insurance Commissioners' "Recognition of Preferred Mortality
				Tables for Use in Determining Minimum Reserve Liabilities Model Regulation," (Model
				815) as amended in 2009.
1.2. Authority.
				-- This rule is promulgated pursuant to the authority of W. Va. Code §§
									33-2-10 and
				33-7-9(d)(1)(C)
				(iii).
1.3. Filing Date. -- May 10, 2011.
1.4. Effective Date. -- July 1, 2011.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69A - Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 114-69A-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "2001 CSO Mortality
				Table" means that mortality table, consisting of separate rates of mortality for
				male and female lives, developed by the American Academy of Actuaries CSO Task Force
				from the Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				National Association of Insurance Commissioners (NAIC) in December 2002. The 2001
				CSO Mortality Table is included in the
Proceedings of the NAIC (2nd Quarter
				2002)
and supplemented by the 2001 CSO Preferred Class Structure Mortality
				Table defined below in subdivision b. Unless the context indicates otherwise, the
				"2001 CSO Mortality Table" includes both the ultimate form of that table and the
				select and ultimate form of that table and includes both the smoker and nonsmoker
				mortality tables and the composite mortality tables. It also includes both the
				age-nearest-birthday and age-last-birthday bases of the mortality tables. Mortality
				tables in the 2001 CSO Mortality Table include the following:
2.1.a. "2001 CSO Mortality Table (F)" means that
				mortality table consisting of the rates of mortality for female lives from the 2001
				CSO Mortality Table.
2.1.b. "2001 CSO
				Mortality Table (M)" means that mortality table consisting of the rates of mortality
				for male lives from the 2001 CSO Mortality Table.
2.1.c. "Composite mortality tables" means
				mortality tables with rates of mortality that do not distinguish between smokers and
				nonsmokers.
2.1.d. "Smoker and nonsmoker
				mortality tables" means mortality tables with separate rates of mortality for
				smokers and nonsmokers.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69A - Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 114-69A-3 - 2001 CSO Preferred Class Structure Table

Current through Register Vol. XLI, No. 28, July 12, 2024
At the election of the company, for each calendar year of issue,
				  for any one or more specified plans of insurance and subject to satisfying the
				  conditions stated in this rule, the 2001 CSO Preferred Class Structure Mortality
				  Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality
				  Table as the minimum valuation standard for policies issued on or after January 1,
				  2007. For policies issued on or after January 1, 2005 and prior to January 1, 2007,
				  these tables may be substituted with the consent of the Commissioner and subject to
				  the conditions of section 4 of this rule. In determining such consent, the
				  Commissioner may rely on the consent of the commissioner of the company's state of
				  domicile. No election may be made until the company demonstrates at least 20% of the
				  business to be valued on this table is in one or more of the preferred classes. A
				  table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a
				  2001 CSO Mortality Table, pursuant to the requirements of this rule, will be treated
				  as part of the 2001 CSO Mortality Table only for purposes of reserve valuation
				  pursuant to the requirements of 114 CSR 69.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-69A - Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 114-69A-4 - Conditions

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. For each plan of
				insurance with separate rates for preferred and standard nonsmoker lives, an insurer
				may use the super preferred nonsmoker, preferred nonsmoker, and residual standard
				nonsmoker tables to substitute for the nonsmoker mortality table found in the 2001
				CSO Mortality Table to determine minimum reserves. At the time of election and
				annually thereafter, except for business valued under the residual standard
				nonsmoker table, the appointed actuary shall certify that:
4.1.a. The present value of death benefits over
				the next ten years after the valuation date, using the anticipated mortality
				experience without recognition of mortality improvement beyond the valuation date
				for each class, is less than the present value of death benefits using the valuation
				basic table corresponding to the valuation table being used for that
				class.
4.1.b. The present value of death
				benefits over the future life of the contracts, using anticipated mortality
				experience without recognition of mortality improvement beyond the valuation date
				for each class, is less than the present value of death benefits using the valuation
				basic table corresponding to the valuation table being used for that
				class.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-70 - Rebates And Referrals › Section 114-70-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this interpretive rule is to set a reasonable monetary limit upon the
				value of items given to a consumer or prospective consumer by insurance companies or
				producers in connection with the solicitation or sale of insurance products and to
				specify what constitutes a "nominal fee" with respect to referrals to insurance
				companies or producers by individuals not licensed to sell insurance in this
				state.
1.2. Authority. -- W. Va. Code
				§
									33-2-10.
1.3. Filing Date. -- August 26, 2004.
1.4. Effective Date. -- September 25,
				2004.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-70 - Rebates And Referrals › Section 114-70-2 - Interpretive Note

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. The Insurance
				Commissioner routinely receives questions concerning whether a company or producer
				may give away items such as pens, key chains, clocks, and other similar items
				without violating the anti-rebating provisions set forth in W. Va. Code §
									33-11-4(8).
				Likewise, the Insurance Commissioner fields many questions about how much an
				individual may charge for providing a referral to an insurance company or producer
				without violating the prohibition on referral fees set forth in WV 114 CSR 2. In
				order to provide practical and useful guidance to the insurance industry and to the
				public at large, this interpretive rule sets forth reasonable standards in these
				areas. This interpretive rule should be read in pari materia with W. Va. Code §
									33-11-4(8)
				and WV 114 CSR 2.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-70 - Rebates And Referrals › Section 114-70-3 - Limitation on Items of Value with Respect to Rebates

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. For the purposes of W. Va. Code §
									33-11-4(8),
				the phrases "valuable consideration" and "anything of value" shall not include any
				educational materials, promotional materials, or articles of merchandise that cost
				twenty-five dollars ($25.00) or less, regardless of whether a policy or contract is
				purchased.
3.2. For the purpose of
				determining the value of any item pursuant to W. Va. Code §
									33-11-4(8),
				an insurance company or producer shall retain the original invoice for such item for
				five (5) years beyond the later of the date the offer is discontinued or the date
				the last item is given.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-70 - Rebates And Referrals › Section 114-70-4 - Defining Nominal Fee with Respect to Referrals

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. For the purposes of subsection 6.1 of WV 114
				CSR 2 the phrase "nominal fee" means a one-time fee of twenty-five dollars ($25.00)
				or less.
4.2. The payment of any
				referral fee cannot depend on whether the referral results in the sale or issuance
				of an insurance product or service.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-71 - Insurance Fraud Prevention › Section 114-71-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				legislative rule establishes standards for reporting insurance fraud.
1.2. Authority. -- W. Va. Code §§
									33-2-10 and
				33-41-10.
1.3. Filing Date. -- May 6, 2005.
1.4. Effective Date. -- May 6, 2005.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-71 - Insurance Fraud Prevention › Section 114-71-2 - Designation of Primary Contact

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Every
				insurer shall designate at least one (1) primary contact person but not more than
				four (4) primary contact persons who shall communicate with the Insurance Fraud Unit
				on matters relating to the reporting, investigation, and prosecution of suspected
				fraudulent insurance acts.
2.2. Every
				insurer shall notify the Insurance Fraud Unit in writing of the names, titles,
				addresses, and telephone numbers of the insurer's primary contact person or persons.
				Any changes to information relating to the contact person or persons must be
				reported to the Insurance Fraud Unit within ten (10) days of the changes.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-71 - Insurance Fraud Prevention › Section 114-71-3 - Reporting of Insurance Fraud or Criminal Offenses Otherwise Related to the Business of Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. All persons
				identified in W. Va. Code §
									33-41-5(a)
				shall report in writing all suspected fraudulent insurance acts to the Insurance
				Fraud Unit.
3.2. The report shall be
				filed with the Insurance Fraud Unit within fourteen (14) days of the determination
				by the reporter that a suspected fraudulent insurance act has been
				committed.
3.3. When a suspected
				fraudulent insurance act is reported, the following information, if known, shall be
				reported to the Insurance Fraud Unit:
a. Date of
				preparation of the report.
b. The
				following information about the reporting insurance company:
1. Name of insurance company;
2. Telephone number and fax number of insurance
				company;
3. Policy number or claim
				number; and
4. Insurance policy
				type.
c. The following
				information about the reporting person if not an insurance company:
1. Complete name;
2. Occupation and title;
3. Complete address; and
4. Telephone number and fax number.
d. The following information about the
				loss or occurrence:
1. Date of loss or
				occurrence;
2. Location of loss
				including the complete address;
3.
				Estimated value of claim for loss; and
4. Whether claim was paid or not paid.
e. The following information concerning
				the parties involved and their roles:
1. Complete
				names of all parties;
2. Business and
				alias names of parties;
3. Roles of each
				party;
4. Complete address of each
				party;
5. Phone number of each
				party;
6. Date of birth or age of each
				party;
7. Social Security number of each
				party;
8. Tax identification number of
				each party; and
9. Driver's license
				number of each party.
f. A
				detailed narrative of what fraudulent insurance act is suspected and the
				circumstances leading to the suspicion of fraud.
g. A list of the type of documents in the
				possession of the reporter, for example police reports, photographs, or falsified
				documents, supporting the suspicion of fraud.
h. Any other agency or entity to which the
				reporter has reported suspected fraud, including the name, address, and telephone
				number of the other agency.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this rule is to provide orderly and uniform procedures, as required by
				law and dictated by sound public policy, for any authorized insurer filing a plan of
				withdrawal with the insurance commissioner pursuant to section twenty, article two,
				chapter thirty-three of West Virginia Code. This rule establishes the general
				procedure to be followed by insurers that intend to withdraw from the line of
				automobile liability for personal private passenger automobiles covered by article
				six-a, chapter thirty-three of the West Virginia Code and policies of property
				insurance, other than inland marine policies, covered by article seventeen-a,
				chapter thirty-three of the West Virginia Code.
1.2. Authority. -- W. Va. Code §§
									33-2-10 and
				33-2-20.
1.3. Filing Date. -- August 26, 2004.
1.4. Effective Date. -- September 25,
				2004.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
Definition of certain terms. The following words and terms, when
				  used in this rule shall have the following meanings, unless the context clearly
				  indicates otherwise:
2.1. "Annual
				statement" means the annual statement most recently filed by the insurer with the
				Insurance Commissioner.
2.2.
				"Commissioner" means the West Virginia Insurance Commissioner.
2.3. "Withdrawal" means the termination,
				cancellation, or nonrenewal of the line of personal private passenger automobile
				liability or physical damage insurance subject to article six-a, chapter
				thirty-three of the West Virginia Code; or the termination, cancellation, or
				nonrenewal of the line of property insurance, other than policies of inland marine
				insurance, subject to article seventeen-a, chapter thirty-three of the West Virginia
				Code; or the transfer from one affiliated insurer within a holding company system to
				another insurer within that same holding company system of the line of personal
				private passenger automobile liability or physical damage insurance or property
				insurance; or the cessation of business entirely in this state.
2.4. "Withdrawal plan" means a written document
				which contains the required elements listed in section 4 of this rule and is filed
				with the commissioner for purposes of withdrawal from the line of personal private
				passenger automobile liability or physical damage insurance subject to article
				six-a, chapter thirty-three of the West Virginia Code; or for withdrawal from the
				line of policies of property insurance, other than policies of inland marine
				insurance, subject to article seventeen-a, chapter thirty-three of the West Virginia
				Code; or for withdrawal from doing business in this state.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-3 - When a Withdrawal Plan is Required

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Any licensed insurer must file with the
				commissioner a withdrawal plan before the insurer undertakes a withdrawal.
3.2. An insurer undertakes a withdrawal when it
				takes any action on its own initiative that will result in the insurer's ceasing to
				write the line of personal private passenger automobile liability or physical damage
				insurance subject to article six-a, chapter thirty-three of the West Virginia Code;
				or ceasing to write the line of policies of property insurance, other than policies
				of inland marine insurance, subject to article seventeen-a, chapter thirty-three of
				the West Virginia Code; or ceasing to operate in the state.
3.3. An insurer will not be considered to have
				acted on its own initiative in effecting a withdrawal when it acts pursuant to a
				disciplinary or administrative directive or order of the commissioner or insurance
				department of another state, when it acts pursuant to a court order, or when the
				insurer acts pursuant to a directive of a supervisor, conservator, or receiver. If
				any out-of-state directive or order is not provided to the commissioner within
				thirty (30) days of the issuance of any such directive or order, the insurer will be
				considered to have acted on its own initiative.
3.4. Nothing in this rule authorizes or allows an
				insurer to withdraw from any coverage if such withdrawal would violate any federal
				or state law or any provisions contained in a contract or evidence of coverage or a
				policy or certificate of insurance itself. This rule does not modify or supercede
				any requirement under chapter thirty-three of the West Virginia Code or any other
				state or federal law to notify policyholders that an insurer will not renew any
				coverage. If a withdrawal plan is required by this section because an insurer is
				ceasing to write the line of personal private passenger automobile liability or
				physical damage insurance in this state, before any such notice is given a
				withdrawal plan must be filed with and approved by the commissioner pursuant to
				section 5 of this rule. If the insurer's withdrawal relates to the line of property
				insurance, other than policies of inland marine insurance, then the commissioner's
				approval of the withdrawal plan is not required prior to the insurer issuing notice
				of nonrenewal or cancellation: Provided, that the withdrawal plan must be filed with
				the commissioner at least forty-five (45) days before the insurer initiates any kind
				of withdrawal activity.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-5 - Withdrawal Plan Submission and Approval Procedures

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. An insurer must submit its withdrawal plan to
				the commissioner at least forty-five (45) days prior to the date the insurer
				anticipates initiating any type of withdrawal activity.
5.2. If the withdrawal plan relates to personal
				private passenger automobile policies, the withdrawal plan shall be deemed approved
				if the commissioner has not held a hearing within forty-five (45) days after a
				complete withdrawal plan is filed, or if approval has not been denied within
				forty-five (45) days after the hearing. If the withdrawal plan relates to policies
				of property insurance, other than policies of inland marine insurance, the
				commissioner's approval of the plan is not required in order for the insurer to
				effect its withdrawal, however the plan must be on file with the commissioner for at
				least forty-five (45) days before the insurer may initiate withdrawal
				activities.
5.3. No plan shall be
				considered "filed" until such date as the withdrawing insurer has provided to the
				commissioner all information and material necessary to constitute a complete
				withdrawal plan, as required under this rule.
5.4. A withdrawal plan relating to personal
				private passenger automobile liability or physical damage insurance will not be
				approved unless the insurer establishes to the satisfaction of the commissioner that
				allowing it to withdraw would be in the best interest of the insurer, its
				policyholders and the citizens of this state. To assist in making this
				determination, the commissioner may consider any or all of the following:
a. Whether the insurer has an agreement with an
				affiliated or nonaffiliated insurer to transition the affected policies or
				certificates, the terms and conditions of which provide the policyholders with the
				same rights that existed under the withdrawing insurer's policies or
				certificates;
b. The insurer's financial
				condition;
c. The insurer's A.M. Best
				rating;
d. Any disciplinary, regulatory,
				or administrative action taken by another state;
e. The timing of the withdrawal;
f. The effect the withdrawal will have on the
				insurer's other products, programs, or lines of business in this state;
g. The effect the withdrawal will have on the
				insurance market in this state; and
h.
				Any other criteria considered relevant by the commissioner.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-6 - Filing of Annual Financial Statement and Other Required Data and Information

Current through Register Vol. XLI, No. 28, July 12, 2024
Any insurer filing a withdrawal plan shall continue to file all
				  annual financial statement data, other required statistical and data filings, other
				  required reporting, and any other information requested by the commissioner
				  applicable to any withdrawn line until all policyholder obligations for the line in
				  this state are fulfilled. This section does not exempt an insurer from any filings
				  or information requests required by the commissioner.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-7 - Requirements to Resume Writing Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
Any insurer withdrawing from writing any line of insurance in this
				  state and required to file a withdrawal plan pursuant to this rule may not resume
				  writing the withdrawn line in this state without complying with all applicable
				  statutory and regulatory provisions governing authorization to write such line of
				  insurance in this state.