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Introduced Version House Bill 3081 History

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Key: Green = existing Code. Red = new code to be enacted


H. B. 3081


(By Delegates Beane, Webb and G. White)
[Introduced March 29, 2001; referred to the
Committee on Banking and Insurance then Finance.]




A BILL to amend and reenact section fourteen-b, article three, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to credits against premium taxes for investment in West Virginia securities by insurers.

Be it enacted by the Legislature of West Virginia:
That section fourteen-b, article three, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 3. LICENSING, FEES AND TAXATION OF INSURERS.

§33-3-14b. Credits against premium tax for investment in West Virginia securities.

(a) If the annual statement of any insurance company insurer covering a calendar year shows it to have investments at the close of said the year in West Virginia securities, as hereinafter defined, of as much as at least twenty-five percent of its admitted assets, it shall be is entitled to a credit against the premium tax levied by section sections fourteen and fourteen-a of this article and the premium tax levied by section fourteen-a of this article in an amount equal to one hundred percent of such the tax for such the calendar year: Provided, That the insurance company insurer proves to the satisfaction of the commissioner that it employs less than twenty full-time employees, has net written gross direct premiums in this state of less than ten million dollars and provides derives a minimum of fifty percent of its net written gross direct premiums from insurance provided to under-served and high risk areas of West Virginia that are both underserved and high risk.
West Virginia securities, as used in this section, shall mean real estate situate in this state; bonds or interest-bearing notes or obligations of this state; bonds or interest-bearing notes or obligations of any county, district, school district or independent school district, municipality or any other political subdivision of this state.
(b) As used in this section:
(1) "Full-time employees" means all elected officers, all full-time employees, all part-time employees counted as full-time employee equivalents and all full and part-time equivalent employees providing any type of service by contract or by any other arrangement;
(2) "High risk areas" means those counties of the state in which the ratio of the insurer's incurred losses to the insurer's earned premium is greater than seventy-five percent for the year of the filing;
(3) "Underserved areas" means those counties of the state for which the insurer demonstrates to the satisfaction of the commissioner that consumers in that county have an inadequate choice of insurance providers;
(4) "West Virginia securities" means real estate situate in this state; bonds or interest-bearing notes or obligations of this state; and bonds or interest-bearing notes or obligations of any county, district, school district or independent school district, municipality or any other political subdivision of this state.



Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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