114 CSR 11B
H. B. 2588
(By Delegates Brown, D. Poling, Fleischauer and Talbott)
[Introduced January 19, 2011; referred to the Committee on Banking and Insurance then the Judiciary]
A BILL to amend and reenact article 7, chapter 64 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to promulgate a legislative rule relating to suitability in annuity transactions.
Be it enacted by the Legislature of West Virginia:
That article 7, chapter 64 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO PROMULGATE LEGISLATIVE RULES.
§64-7-1. Insurance Commissioner.
The legislative rule filed in the state register on the twenty-ninth day of July, two thousand ten, authorized under the authority of section ten, article two, chapter thirty-three, of this code, relating to the Insurance Commissioner (suitability in annuity transactions, 114 CSR 11B), is authorized.
NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating to Suitability in Annuity Transactions.
This section is new; therefore, strike-throughs and underscoring have been omitted.