H. B. 3067
(By Delegate McGraw)
[Introduced March 29, 2001; referred to the
Committee on Banking and Insurance then Finance.]
A BILL to amend article twenty-b, chapter thirty-three of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
ten, relating to placing a cap on the amount of commission
paid to an agent on the sale of a professional malpractice
insurance policy.
Be it enacted by the Legislature of West Virginia:
That article twenty-b, chapter thirty-three of the code of
West Virginia, one thousand nine hundred thirty-one, as amended,
be amended by adding thereto a new section, designated section ten,
to read as follows:
ARTICLE 20B. RATES AND MALPRACTICE INSURANCE POLICIES.
§33-20B-10. Commission limited on sale of policy.
The commissioner may not approve the rate on professional
malpractice insurance policies without first determining that the commission to be paid to the agent does not exceed one percent of
the premium.
NOTE: The purpose of this bill is to reasonably reduce the
total cost of professional liability insurance.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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