reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02 - Licensing And Conduct Of Insurance Producers And Agencies › Section 114-2-6 - Referrals

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. A person who is not
				licensed to sell insurance may refer a customer who seeks to purchase or seeks an
				opinion or advice on any insurance product to, or provide the phone number of, a
				person who sells or provides opinions or advice on such product, only if the person
				making the referral receives no fee or only a nominal fee for the referral and such
				fee is not based on the customer's application for or purchase of the insurance
				product.
6.2. Any individual insurance
				producer or agency insurance producer licensed under the laws of West Virginia who
				violates this rule is subject to the penalties prescribed by W. Va. Code §
									33-12-24.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02 - Licensing And Conduct Of Insurance Producers And Agencies › Section 114-2-7 - Procedures Governing Persons Subject to 18 U.S.C. 1033

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. No person who has been convicted of a felony
				involving breach of trust or dishonesty or who has been convicted under 18 U.S.C.
				§ 1033 may engage in the business of insurance in this state in any capacity
				without having first obtained a waiver from the Commissioner or from the insurance
				regulatory official of the person's home state in accordance with the provisions of
				18 U.S.C. § 1033 (e)(2) and this rule.
7.2. No insurer, producer, or any other person or
				independent contractor involved in the business of insurance in this state may
				employ, appoint, contract with, or permit any prohibited person in any capacity to
				engage in the business of insurance without first determining that the prohibited
				person has obtained a waiver in accordance with 18 U.S.C. § 1033 (e)(2) and
				this rule.
7.3. All prohibited persons
				seeking to obtain a waiver in accordance with subsection 7.1 of this section shall
				complete and file with the Commissioner an application for waiver on the form
				prescribed by the Commissioner, together with the nonrefundable application fee of
				one hundred dollars ($100).
7.4. All
				fees collected under this section shall be deposited, transferred and paid out in
				accordance with W. Va. Code §
									33-3-13.
7.5. West Virginia is the appropriate state from
				which an applicant must obtain a waiver where the applicant will be employed in the
				business of insurance in this state and:
7.5.a.
				The applicant would be required to obtain a resident producer's license to do
				business in this state; or
7.5.b. The
				applicant is or will be an officer, director or employee of a domestic insurer,
				reinsurer, producer, third-party administrator or independent contractor performing
				substantial insurance related activities for a domestic insurer or
				producer.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02 - Licensing And Conduct Of Insurance Producers And Agencies › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
Producer Company Relationship Disclosure
Non-Appointed Producer
___________
_______________________________________________________________________________
Name of Producer West Virginia Producer Number
_______________________________________________________________________________
Name of Agency, Company or Firm West Virginia Agency Producer
				  Number
_______________________________________________________________________________
Address City State Zip Code
_______________________________________________________________________________
Name of Applicant for Insurance
_______________________________________________________________________________
Address City State Zip Code
I, the above named applicant, have been advised by the above named
				  individual insurance producer that he or she is not appointed with the insurer to
				  which my application is being submitted, and the above named producer will be
				  placing my application for insurance through an appointed producer. The above named
				  producer has disclosed to me that he or she is not authorized to bind coverage or to
				  execute or issue a policy on the company's behalf.
____________________________________________________________________________________
Signature of Applicant Date
____________________________________________________________________________________
Signature of Individual Insurance Producer Date
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				legislative rule establishes standards and processes for the procurement of
				fingerprints from applicants for resident insurance producer licenses and resident
				insurance adjuster licenses for the purpose of obtaining a criminal history record
				check from the Federal Bureau of Investigation and State Police.
1.2. Authority. -- W.Va. Code §§
									33-2-10,
				33-12-37,
				33-12B-6,
				and
				33-12B-12.
1.3. Filing Date. -- April 12, 2021.
1.4. Effective Date. -- July 1, 2021.
1.5. Sunset Date. -- This rule shall terminate and
				have no further force or effect upon August 1, 2026.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Applicant" means a
				natural person applying for:
2.1.a. An initial
				home state license as an individual insurance producer or individual insurance
				adjuster;
2.1.b. An additional line of
				authority under an existing home state individual insurance producer or individual
				insurance adjuster license where a criminal history record check has not been
				obtained; or
2.1.c. A resident
				individual insurance producer or individual insurance adjuster license under a
				change of home state provision.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-3 - Producer Fingerprints

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Every
				applicant must:
3.1.a. Provide for the collection
				of a complete set of fingerprints in accordance with section 5 of this rule and
				submit the completed fingerprint card to the Insurance Commissioner with his or her
				application;
3.1.b. Pay the applicable
				fee to cover the fingerprint vendor and processing fees charged by the West Virginia
				State Police and the Federal Bureau of Investigation to perform the criminal history
				record checks. The fee will be payable to the vendor that collects the prints or, if
				the prints are collected by an approved law enforcement agency, directly to the
				Insurance Commissioner with the application; and
3.1.c. Submit all additional identifying
				information required by the West Virginia State Police and the Federal Bureau of
				Investigation to complete the criminal history record check.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-4 - Provisional Work Authority; Change in Residence Status

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The Insurance Commissioner may issue a
				provisional license prior to receipt of a criminal history record check to an
				applicant who has submitted in proper form the items required by section 3 of this
				rule if the submission does not disclose any matter that may disqualify the
				applicant from being licensed. A provisional license issued pursuant to this section
				shall expire on the earlier of the expiration date set forth on the provisional
				license or the issuance of the Insurance Commissioner's decision granting or denying
				the license applied for.
4.2. An
				applicant seeking a resident insurance producer license or resident insurance
				adjuster license under change of home state provisions shall, within thirty (30)
				days after establishing residency in West Virginia, notify the Insurance
				Commissioner of his or her change of address and contact information and, within
				ninety (90) days of establishing residency, submit an application to qualify as a
				resident insurance producer or resident insurance adjuster in West Virginia. The
				licensee shall submit completed fingerprint forms in a format prescribed by the
				Insurance Commissioner, including electronic fingerprinting. Upon the Insurance
				Commissioner's approval of the application, the licensee's status shall be changed
				from nonresident to resident.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-5 - Fingerprint Format and Complete Application

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				Every applicant shall provide a complete set of his or her fingerprints to an
				examination vendor or a criminal law enforcement agency (including a sheriff's
				office or police department) that has been approved by the Insurance Commissioner.
				The applicant shall pay the vendor or the law enforcement agency the fee it charges
				for collecting the fingerprints. The amount of any collection fee and the manner in
				which it is to be paid shall be set forth in a contract or agreement between the
				Insurance Commissioner and the vendor or agency. Applicants are advised that
				processing time and rejection rates for applications and submissions with paper
				fingerprint cards may be substantially greater than with electronic
				fingerprints.
5.2. Approved vendors and
				law enforcement agencies may obtain fingerprint cards by sending a written request
				to the Licensing and Education Division of the Offices of the West Virginia
				Insurance Commissioner.
5.3. All
				fingerprint impressions must be legible and suitable for use by the West Virginia
				State Police and Federal Bureau of Investigation. 5.4. An application for licensure
				is not complete until the Insurance Commissioner receives the criminal history
				record information.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-6 - Use of Fingerprints

Current through Register Vol. XLI, No. 28, July 12, 2024
The Insurance Commissioner shall submit all fingerprints received
				  pursuant to this rule to the West Virginia State Police and the Federal Bureau of
				  Investigation to obtain criminal history record checks and use the information
				  obtained only to determine applicants' fitness for licensure, authorization,
				  certification, permit, registration or control of an entity holding or seeking a
				  license, authorization, certificate, permit, or registration.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02A - Fingerprinting Requirements For Applicants For Insurance Producer License › Section 114-2A-7 - Nonresident Producers

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. As authorized
				under W.Va. Code §
									33-12-33, the Insurance
				Commissioner may waive the requirement in W.Va. Code §
									33-12-37
				to promote reciprocal licensing between the states for nonresident individuals
				holding an individual insurance producer license in their state of residence or to
				the extent necessary to comply with federal law.
7.2. The requirements of this rule do not alter
				the reporting requirements set forth in W.Va. Code §
									33-12-34.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-03 - Cancellation And Nonrenewal Of Automobile Liability Policies › Section 114-3-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				regulation is to establish the procedure whereby any person whose automobile
				liability insurance policy has been canceled or whose policy has not been renewed in
				violation of article six-a, chapter thirty-three of the West Virginia Code of 1931,
				as amended, may appeal to the insurance commissioner for hearing and
				review.
1.2. Authority. -- W. Va. Code
				§§
									33-2-10,
				33-6A-4a
				and
				33-6A-5.
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 114-03 - Cancellation And Nonrenewal Of Automobile Liability Policies › Section 114-3-2 - Notice of Cancellation or Nonrenewal

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. All non renewal notices issued by insurers
				pursuant to sections four and four-a, article six-a, chapter thirty-three of the
				West Virginia Code, shall state the specific reason or reasons for issuance of the
				notice and shall advise the insured that non renewal of the policy for any reason is
				subject to a hearing and review by the insurance commissioner. All cancellation
				notices issued pursuant to section three, article six-a, chapter thirty-three of the
				West Virginia Code shall specify the reason or reasons relied upon by the insurer
				for the cancellation or at the written request of the named insured the insurer
				shall specify the reason or reasons relied upon by the insurer for the cancellation.
				The written reason or reasons in a notice of non renewal or cancellation must be
				sufficiently clear that a reasonable person can understand them. A statement such as
				"underwriting reasons," "claims," or "increase in risk" will not be considered
				sufficiently clear. Nothing in this rule will prevent the insurer from providing
				more information in the notice relating to the reason or reasons for non renewal or
				cancellation than is required by this section.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-03 - Cancellation And Nonrenewal Of Automobile Liability Policies › Section 114-3-3 - Informal Procedure For Review Of Complaint Regarding Cancellation Or Non renewal

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. General. -- The
				procedure set forth in this section is recommended for persons filing a complaint
				with the insurance commissioner that their automobile liability insurance has been
				canceled or non renewed in violation of article six-a, chapter thirty-three of the
				West Virginia Code.
3.2. Complaints
				filed in person or in writing. -- All complaints regarding automobile liability
				cancellation or nonrenewal may be filed with the insurance commissioner in person or
				in writing.
a. Complaint filed in person. -- If the
				complainant desires to present the complaint in person he or she may do so by
				visiting the Office of the Insurance Commissioner in Charleston, West Virginia, on
				any weekday during regular business hours.
b. Complaint filed in writing. -- If the
				complainant desires to submit the complaint in writing he or she should direct the
				written complaint to the Consumer Services Division within the Office of the
				Insurance Commissioner at its mailing address in Charleston, West
				Virginia.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-03 - Cancellation And Nonrenewal Of Automobile Liability Policies › Section 114-3-4 - Hearing Regarding Canceling And Nonrenewal

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Hearing at request of complainant. -- If, after review of the complaint, it is the
				opinion of the insurance commissioner that there has been no violation of article
				six-a, chapter thirty-three of the West Virginia Code and the complainant is
				informed of these findings as prescribed in subsection 2.4 of this rule, the
				complainant may demand a formal hearing before the insurance commissioner.
4.2. Hearing at request of respondent insurer. --
				If, after review of the complaint, it is the opinion of the insurance commissioner
				that there has been a violation of article six-a, chapter thirty-three of the West
				Virginia Code and the respondent insurer is informed of these findings as prescribed
				in subsection 2.6 of this rule, the respondent insurer may demand a formal hearing
				before the insurance commissioner.
4.3.
				Hearing called by insurance commissioner. -- If, after review of the complaint, the
				commissioner feels a hearing will be necessary to resolve the complaint, the
				commissioner may call a hearing by virtue of the authority provided under article
				two, chapter thirty-three of the West Virginia Code.
4.4. Hearing. -- The hearing, whether it be
				initiated by the complainant, the respondent insurer or the insurance commissioner,
				shall follow the same procedure respecting notice and rights of the parties as is
				prescribed in article two, chapter thirty-three and chapter twenty-nine-a of the
				West Virginia Code. If the hearing relates to a notice of cancellation or
				non-renewal issued pursuant to W. Va. Code §§
									33-6A-1
				or
				33-6A-4,
				the subject matter of the hearing will be the adequacy of the notice of nonrenewal
				or cancellation, and the ground or grounds upon which the insurer's action is based.
				If the hearing relates to a notice of nonrenewal issued pursuant to W. Va. Code
				§
									33-6A-4a,
				the subject matter of the hearing will be limited to whether the nonrenewal notice:
a. Failed to provide forty-five (45) days advance
				notice to the named insured of the insurer's intent to nonrenew the
				policy;
b. Was issued for a
				discriminatory reason;
c. Was based upon
				an underwriting standard found to be in violation of chapter thirty-three of the
				West Virginia Code; or
d. Causes the
				insurer to have issued nonrenewal notices in excess of the limitation set forth in
				W. Va. Code §
										33-6A-4a(d).
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-03 - Cancellation And Nonrenewal Of Automobile Liability Policies › Section 114-3-5 - Filing of Underwriting Guidelines

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				Each insurer writing private passenger automobile liability insurance policies in
				this state shall file with the commissioner a copy of its underwriting standards for
				private passenger automobile liability insurance which must comply with generally
				accepted underwriting principles. Any subsequent modifications to the insurer's
				underwriting standards must be filed with the commissioner within thirty (30)
				business days after the modifications have been implemented.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-04 - Insider Trading Of Equity Securities Of A Domestic Stock Insurer › Section 114-4-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this regulation is to require the disclosure of the ownership of Equity
				Securities of Domestic Stock Insurance Companies and to prevent any unfair practices
				by officers or directors where they are also beneficial owners of Equity Securities
				of a Domestic Insurance Company. The general form of this regulation was proposed by
				the National Association of Insurance Commissioners. This regulation establishes the
				general procedure to be followed by domestic stock insurers in regard to their
				activities respecting insider trading.
1.2. Authority. -- W. Va. Code '33-5-30 and
				'33-2-10
1.3. Filing Date. -- March 5,
				1968
1.4. Effective Date. -- April 16,
				1968
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-04 - Insider Trading Of Equity Securities Of A Domestic Stock Insurer › Section 114-4-4 - Regulations Under Subsection (b) Of West Virginia Code Section Thirty, Article Five, Chapter Thirty-three

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Exemption
				from subsection (b) of the Act of certain transactions effected in connection with a
				distribution.
(a) Any transaction of purchase and
				sale, or sale and purchase, of a security which is effected in connection with the
				distribution of a substantial block of securities shall be exempt from the
				provisions of subsection (b) of the Act, to the extent specified in this section as
				not comprehended within the purpose of said subsection of the Act, upon the
				following conditions:
(1) The person effecting the
				transaction is engaged in the business of distributing securities and is
				participating in good faith, in the ordinary course of such business, in the
				distribution of such block of securities;
(2) The security involved in the transaction is
				(A) a part of such block of securities and is acquired by the person effecting the
				transaction, with a view to the distribution thereof, from the insurer or other
				person on whose behalf such securities are being distributed or from a person who is
				participating in good faith in the distribution of such block of securities or (B) a
				security purchased in good faith by or for the account of the person effecting the
				transaction for the purpose of stabilizing the market price of securities of the
				class being distributed or to cover an over-allotment or other short position
				created in connection with such distribution; and
(3) Other persons not within the purview of
				subsection (b) of the Act are participating in the distribution of such block of
				securities on terms at least as favorable as those on which such person is
				participating and to an extent at least equal to the aggregate participation of all
				persons exempted from the provisions of subsection (b) of the Act by this section.
				However, the performance of the functions of manager of a distributing group and the
				receipt of a bona fide payment for performing such functions shall not preclude an
				exemption which would otherwise be available under this section.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-04 - Insider Trading Of Equity Securities Of A Domestic Stock Insurer › Section 114-4-5 - Regulations Under Subsection (c) Of The Act

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Exemption of certain securities from
				subsection (c) of the Act. -- Any security shall be exempt from the operation of
				subsection (c) of the Act to the extent necessary to render lawful under such
				subsection the execution by a broker of an order for an account in which he has no
				direct or indirect interest.
5.2.
				Exemption from subsection (c) of the Act of certain transactions effected in
				connection with a distribution.
Any security shall be exempt from the operation of subsection (c)
				  of the Act to the extent necessary to render lawful under such section any sale made
				  by or on behalf of a dealer in connection with a distribution of a substantial block
				  of securities, upon the following conditions:
(a) The sale is represented by an over-allotment
				in which the dealer is participating as a member of an underwriting group, or dealer
				or person acting on his behalf intends in good faith to offset such sale with a
				security to be acquired by or on behalf of the dealer as a participant in an
				underwriting, selling or soliciting-dealer group of which the dealer is a member at
				the time of sale, whether or not the security to be so acquired is subject to a
				prior offering to existing security holders or some other class of persons;
				and
(b) Other persons not within the
				purview of subsection (c) of the Act are participating in the distribution of such
				block of securities on terms at least as favorable as those on which such dealer is
				participating and to an extent at least equal to the aggregate participation of all
				persons exempted from the provisions of subsection (c) of the Act by Section 5.2 of
				these rules. However, the performance of the functions of manager of a distributing
				group and the receipt of a bona fide payment for performing such functions shall not
				preclude an exemption which would otherwise be available under Section 5.2 of these
				rules.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-04 - Insider Trading Of Equity Securities Of A Domestic Stock Insurer › Section 114-4-6 - Regulation Under Subsection (e) Of The Act

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Arbitrage transactions under subsection (e)
				of the Act. -- It shall be unlawful for any director or officer of an insurer to
				effect any foreign or domestic arbitrage transaction in any equity security of such
				insurer, unless he shall include such transaction in the statements required by
				subsection (a) of the Act and shall account to such insurer for the profits arising
				from such transaction, as provided in subsection (b) thereof. The provisions of
				subsection (c) of the Act shall not apply to such arbitrage transactions. The
				provisions of the Act shall not apply to any bona fide foreign or domestic arbitrage
				transaction insofar as it is effected by any person other than such director or
				officer of the insurer.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-05 - Procedures To Be Followed By Fire Rating Organizations › Section 114-5-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				regulation is to establish procedures to be followed by fire rating organizations in
				rating and inspecting West Virginia cities or towns, any division thereof or risk
				therein.
1.2. Authority. -- W. Va. Code
				'33-20-6
1.4. Filing Date. -- March 9, 1968
1.5. Effective Date. -- April 18, 1968
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-05 - Procedures To Be Followed By Fire Rating Organizations › Section 114-5-2 - Filing Procedures For Fire Rating Organizations

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Notification of cities or towns of proposed
				grading schedule changes. -- Within thirty (30) days after the Insurance
				Commissioner has received any filing made by any fire rating organization, if the
				filing contains changes in standard schedule for grading cities and towns of the
				United States, the Commissioner may forward to the city official of all towns or
				cities affected by such filing a letter, which shall contain the following
				information:
a) Notification that the fire rating
				organization has made said filing including the date of filing.
b) A synopsis of the proposed changes.
c) An analysis of how the proposed changes, if
				approved, may generally affect the towns or cities.
d) Notification to towns or cities of their right
				to request a hearing regarding the filing before action is taken by the
				Commissioner.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-05 - Procedures To Be Followed By Fire Rating Organizations › Section 114-5-3 - Town Inspections By Fire Rating Organizations And Change In Classification

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Inspection results filed with city. -- After a fire rating organization has
				completed its inspection of any town or city in West Virginia, it shall, as soon as
				practicable, file with the city officials of such town or city a copy of the
				inspection result.
3.2. Certain
				inspection results to be filed with Commissioner. -- All fire rating organizations
				shall file with the Insurance Commissioner, any town or city inspection result which
				contains information indicating that the town or city should be placed in a rating
				class higher than its previous classification for fire rating purposes. In addition
				to this inspection result, the fire rating organizations shall also file with the
				Commissioner the preceding inspection result for that particular city or town along
				with a cover letter in which the fire rating organization shall enumerate wherein
				that particular town or city has become deficient.
3.3. Cities' or towns' right to hearing to object
				to inspection result. -- Any town or city, after receiving its inspection result,
				shall have the right to request a hearing in order to give said town or city the
				opportunity to object to the content of the result or manner in which the inspection
				was conducted. Such request for hearing, if desired, should set forth the objections
				thereto in writing and be submitted to the Insurance Commissioner within thirty (30)
				days after said town or city has received its copy of the inspection result. A copy
				of such request for hearing shall be directed to the fire rating organization in
				question.
3.4. Moratorium of no less
				than one (1) year before downgrading classification of risk. -- The fire rating
				organizations shall not place any town or city, any division thereof or risk
				therein, into a higher fire rate classification until all of the following
				requirements have been met:
a) A period of thirty
				(30) days, as referred to in Section 3.3 of these rules, has passed and no request
				for hearing has been made by the town or city or after the hearing referred to in
				Section 3.3 of these rules, the Commissioner overrules the objections made by the
				town or city to such inspection result; and
b) The fire rating organization has extended to
				said town or city, any division thereof or risk therein, a period of one (1) year to
				improve the deficiencies set forth in the inspection result.
c) If there is reasonable evidence that no
				improvement of existing deficiencies will be promptly undertaken, the Commissioner
				may waive the moratorium and permit retrograded class of protection to
				apply.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this rule is to set forth requirements to be followed by insurers which
				are transacting credit life insurance, credit accident and sickness insurance, and
				credit unemployment insurance in West Virginia for the protection of West Virginia
				debtors who are participating in such insurance. Section 7 of this rule is based on
				the National Association of Insurance Commissioners' "Consumer Credit Insurance
				Regulation" (Model 370) as adopted in 1996.
1.2. Authority. -- W. Va. Code §§
									33-2-10 and
				46A-3-109(c).
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 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Commissioner"
				means the West Virginia Insurance Commissioner.
2.2. "Credit Accident and Sickness Insurance"
				means insurance on a debtor to provide indemnity for payments becoming due on a
				specific loan or other credit transaction while the debtor is disabled as defined in
				the policy.
2.3. "Credit Life Insurance"
				means insurance on the life of a debtor pursuant to or in connection with a specific
				loan or other credit transaction.
2.4.
				"Credit unemployment insurance" means insurance on a debtor to provide indemnity for
				payments becoming due on a specific loan or other credit transaction while the
				debtor is unemployed as defined in the policy.
2.5. "Creditor" means the lender of money or
				vendor or lesser goods, services, or property, rights or privileges, for which
				payment is arranged through a credit transaction, or any successor to the right,
				title or interest of any such lender, vendor, or lessor, and an affiliate, associate
				or subsidiary of them or any director, officer, or employee of any of them or any
				other person in any way associated with any of them.
2.6. "Debtor" means a borrower of money or
				purchaser or lessee of goods, services, property, rights or privileges for which
				payment is arranged through a credit transaction.
2.7. "Indebtedness" means the total amount payable
				by a debtor to a creditor in connection with a loan or other credit
				transaction.
2.8. "Indebtedness" means
				the total amount payable by a debtor to a creditor in connection with a loan or
				other credit transaction.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-3 - Amount of Credit Life Insurance and Credit Accident and Sickness Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
3.1.a. Amounts payable -- Credit Life Insurance.
				-- The initial amount of credit life insurance shall not exceed the total amount
				repayable under the contract of indebtedness and, where an indebtedness is repayable
				in substantially equal installments, the amount of unpaid indebtedness, whichever is
				greater.
3.1.b. Notwithstanding the
				provisions of paragraph a of this subsection, insurance on agricultural credit
				transaction commitments, not exceeding two (2) years in duration may be written up
				to the amount of the loan commitment, on a nondecreasing or level term plan.
				Notwithstanding the provisions of paragraph a of this subsection or any other
				section of this rule, insurance on educational credit transaction commitments may be
				written for the amount of the portion of the commitment that has not been advanced
				by the creditor.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-4 - Term of Credit Life Insurance and Credit Accident and Sickness Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Commencement date.
				-- The term of any credit life insurance or credit accident and sickness insurance
				shall, subject to acceptance by the insurer, commence on the date when the debtor
				becomes obligated to the creditor, the date from which interest or finance charges
				accrued or the date the debtor applied for the insurance, whichever is later, except
				that, where a group policy provides coverage with respect to existing obligations,
				the insurance on a debtor with respect to the indebtedness shall commence on the
				effective date of the policy.
4.2.
				Commencement date where evidence of insurability required. -- Where evidence of
				insurability is required and the evidence is furnished more than thirty (30) days
				after the date when the debtor becomes obligated to the creditor, the term of the
				insurance may commence on the date which the insurance company determines the
				evidence to be satisfactory and in that event there shall be an appropriate refund
				or adjustment by the insurer of any charge to the debtor for insurance. The term of
				the insurance shall not extend more than fifteen (15) days beyond the scheduled
				maturity date of the indebtedness except when extended by the insurer without
				additional cost to the debtor.
4.3.
				Termination date. -- All credit life and credit accident and sickness insurance
				shall be terminated by the insurer if the indebtedness is discharged due to
				prepayment by the debtor, renewal or refinancing prior to the scheduled maturity
				date: Provided, That where no new insurance is issued in connection with a renewed
				or refinanced indebtedness, insurance furnished under individual policies may be
				continued if the debtor so elects in a separate written instrument signed and
				delivered to the insurer at the time of the renewal or refinancing. In all cases of
				termination prior to scheduled maturity, a refund shall be paid or credited by the
				insurer as provided in section 6.8 of this rule.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-6 - Rates and Refunds of Credit Life Insurance and Credit Accident and Sickness Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1.
6.1.a. Credit life insurance. -- Prima facie
				reasonable rates. -- W. Va. Code §
										33-6-9(e)
				provides that the Commissioner shall disapprove any form of policy, application,
				rider or endorsement or withdraw any previous approval if the benefits provided
				therein are unreasonable in relation to the premium charged. A single premium rate
				of sixty-five cents ($.65) per annum per one hundred dollars ($100) of decreasing
				term life insurance discounted at three percent (3%) per annum for interest and
				mortality after the first twelve (12) months (or its actuarial equivalent if other
				than single premium) is prima facie reasonable and any rate in this amount or less
				will be approved without statistical justification. A premium payable monthly at a
				rate of one dollar ($1.00) per one thousand dollars ($1,000) of outstanding unpaid
				insured indebtedness or a single premium of one dollar and twenty cents ($1.20) per
				annum per one hundred dollars ($100) of level term credit life insurance, is the
				actuarial equivalent of the sixty-five cent ($.65) rate.
6.1.b. A single premium rate of one dollar ($1.00)
				per annum per one hundred dollars ($100) of decreasing term joint life insurance
				discounted at three percent (3%) per annum for interest and mortality after the
				first twelve (12) months (or its actuarial equivalent if other than single premium)
				is prima facie reasonable and any rate in this amount or less will be approved
				without statistical justification.
6.1.c. For dismemberment benefit, the premium rate
				shall be not more than five cents ($.05) per one hundred dollars ($100) per
				annum.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-7 - Credit Unemployment Insurance Rates

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Each
				insurer filing rates for credit unemployment insurance shall include in its rate
				filing with the Commissioner the appropriate rate formula upon which its rates are
				based, including a provision for anticipated losses. Anticipated losses that develop
				or are expected to develop a loss ratio of not less than sixty percent (60%) shall
				be presumed reasonable. Anticipated losses may include an amount for fluctuation in
				loss due to catastrophe based on the experience of at least the latest nine (9)
				policy years or as long as the company has been writing this line of
				business.
7.2. Credit unemployment
				insurance policies must contain benefits at least as favorable to insureds as the
				provisions below:
7.2.a. Coverage for unemployment
				for any reason, except that coverage may be excluded for:
7.2.a.1. Voluntary forfeiture of salary, wage or
				other employment income;
7.2.a.2.
				Resignation;
7.2.a.3.
				Retirement;
7.2.a.4. General
				strike;
7.2.a.5. Illegal walk
				out;
7.2.a.6. War;
7.2.a.7. Separation from the military;
7.2.a.8. Willful misconduct or criminal misconduct
				or unlawful behavior; and
7.2.a.9.
				Disability caused by injury, sickness or pregnancy.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-8 - Experience Reports and Adjustment of Prima Facie Rates

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Each insurer doing insurance business in this
				state shall annually file with the Commissioner and the National Association of
				Insurance Commissioners (NAIC) Support and Services Office a report of consumer
				credit insurance written on a calendar year basis. The report shall utilize the
				Credit Insurance Supplement--Annual Statement Blank as approved by the NAIC, and
				shall contain data separately for each state, rather than an allocation of the
				company's countrywide experience. The filing shall be made in accordance with and no
				later than the due date in the Instructions to the Annual Statement.
8.2. The Commissioner will, on a triennial basis,
				review the loss ratio standards set forth in sections 6 and 7 and the
prima
				facie
rates set forth in section 6 and determine there from the rate of
				expected claims on a statewide basis, compare such rate of expected claims with the
				rate of actual claims for the preceding three (3) years determined from the incurred
				claims and earned premiums at
prima facie
rates reported in the
				Annual Statement Supplement or other available source, and publish the adjusted
				actual statewide
prima facie
rates to be used by insurers during
				the next triennium. The rates will reflect the difference between actual claims
				based on experience and expected claims based on the loss ratio standards set forth
				in section 4 applied to the
prima facie
rates set forth in section
				6.
Table 114.6A
Schedule A (6 months preexist)
No. of Months in which indebtedness is
							 repayable
Nonretroactive 14-day Nonretro
Benefits 30-day Nonretro
Retroactive 14-day Retro
Benefits 30-day Retro
1-6
$1.30
$.75
$1.90
$1.40
7-12
1.75
1.20
2.30
1.85
13-24
2.50
1.95
3.00
2.60
25-36
3.00
2.45
3.45
3.05
3d7-48
3.25
2.65
3.65
3.30
49-60
3.50
2.90
3.90
3.55
61-72
3.75
3.15
4.15
3.80
73-84
3.95
3.40
4.35
4.00
85-96
4.15
3.60
4.55
4.20
97-108
4.35
3.80
4.75
4.40
109-120
4.55
4.00
4.95
4.60
Schedule B (6 months preexist)
No. of Months in which indebtedness is
							 repayable
Nonretroactive 14-day Nonretro
Benefits 30-day Nonretro
Retroactive 14-day Retro
Benefits 30-day Retro
1-6
$1.45
$.90
$2.15
$1.55
7-12
1.95
1.40
2.65
2.15
13-24
2.80
2.20
3.35
2.85
25-36
3.45
2.80
4.00
3.50
37-48
3.75
3.05
4.30
3.80
49-60
4.05
3.35
4.55
4.05
61-72
4.35
3.60
4.80
4.35
73-84
4.65
3.90
5.05
4.60
85-96
4.90
4.20
5.30
4.85
97-108
5.10
4.40
5.55
5.10
109-120
5.30
4.60
5.75
5.35
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
(Name and Address of Financial Institution, Retailer, or
				  Company)
Re: Credit Insurance with (Name of Insurance Company)
Dear (Debtor/Insured):
As a result of your payment in full of account number __________,
				  the credit insurance policy or certificate issued in conjunction with this account
				  has been cancelled. Remaining unearned premiums (if any) from your policy or
				  certificate have been deducted from your loan balance to arrive at your payoff
				  amount.
If you have other credit insurance policies in effect on this
				  account, you must notify the insurer(s) that you have paid off this account and
				  request that the insurer refund you any unearned insurance
				  premiums.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Appendix B

Current through Register Vol. XLI, No. 28, July 12, 2024
(Name and Address of Institution, Retailer, or Company)
Re: (Name and Address, Account #, & Insurance Policy #)
Dear (Name of Insurance Company):
As a result of the payment in full of the above account, the
				  credit insurance policy or certificate issued in conjunction with this account is
				  cancelled. You are obligated, by law, to pay to the insured any refund of unearned
				  premiums within 45 days of receipt of this notice of cancellation.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Appendix C

Current through Register Vol. XLI, No. 28, July 12, 2024
(Name and Address of Institution, Retailer or Company)
Dear (Debtor/Insured):
As a result of your payment in full of account number _______, you
				  have the right to cancel any credit insurance policy or certificate issued in
				  conjunction with that account and receive a refund of any unearned insurance
				  premiums.
To cancel the credit insurance policy or certificate, please
				  notify, in writing, the seller(s) of this insurance listed below:
Seller: _________________________________
(Address) _________________________________
_________________________________
Insurer: _________________________________
(Address) _________________________________
_________________________________
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 114-7-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this regulation is to set forth requirements to be followed by insurers
				and agents transacting life insurance in West Virginia under a plan whereby life
				insurance policies are offered to college students under premium financing
				arrangements. This regulation encompasses the financing arrangements, disclosure
				requirements and general selling practices of insurers and agents offering life
				insurance policies to college students whereby premiums are to be paid under a
				premium financing arrangement. All insurers and agents participating in such an
				arrangement shall be subject to the provisions of this regulation.
1.2. Authority. -- W. Va. Code '33-2-10 and
				'33-11-6
1.3. Filing Date. -- May 13,
				1970
1.4. Effective Date. -- July 1,
				1970