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Introduced Version House Bill 2690 History

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hb2690 intr Insurance 114csr68
H. B. 2690

(By Delegates Mahan, Palumbo,

Cann, Pino, Armstead and Overington)

[Introduced February 28, 2005; referred to the

Committee on Banking and Insurance then the Judiciary.]




A BILL to amend §64-7 of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated §1, relating to authorizing the Insurance Commissioner to promulgate a legislative rule relating to the valuation of life insurance policies.

Be it enacted by the Legislature of West Virginia:
That §64-7 of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated §1, 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-sixth day of August, two thousand four, under the authority of section ten, article two, chapter thirty-three, of this code, relating to the Insurance Commissioner (valuation of life insurance policies, 114 CSR 68), is authorized.
NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating the Valuation of Life Insurance Policies.

This section is new; therefore, strike-throughs and underscoring have been omitted.]
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