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Introduced Version House Bill 4157 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 4157


(By Delegates Kominar, Ashley, Barker,

Perry, Moore, Walters and Schoen)


[Introduced January 24, 2008; referred to the

Committee on Banking and Insurance then the Judiciary.]




A BILL to amend and reenact §33-3-1 of the Code of West Virginia, 1931, as amended, relating to allowing an insurer to collect premiums and otherwise service certain policies after its license is no longer in effect.

Be it enacted by the Legislature of West Virginia:

That §33-3-1 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 3. LICENSING, FEES AND TAXATION OF INSURERS.

§33-3-1. License required.

(a) No person may act as an insurer and no insurer may transact insurance in West Virginia except as authorized by a valid license issued by the commissioner, except as to the transactions as are expressly otherwise provided for in this chapter.

(b) No license may be is required for an insurer, formerly holding a valid license, to enable it to investigate and settle
losses under its policies lawfully written in West Virginia while the license was in effect, to collect premiums and otherwise service such policies, or to liquidate the assets and liabilities of the insurer as may have resulted from its former authorized operations in West Virginia: Provided, That nothing herein in this section allows an insurer to issue new policies or renew policies of insurance or collect premiums on those policies unless the insurer is authorized by a valid license issued by the commissioner, except as to the transactions that are otherwise provided for allowed in this chapter.
(c) An insurer not transacting new insurance business in West Virginia but collecting premiums on and servicing of policies in force as to residents of or risks located in West Virginia, and where the policies were originally issued on nonresidents of or risks located outside of this state, is transacting insurance in West Virginia for the purpose of premium and annuity tax requirements but is not required to have a license therefor.

(d) A domestic insurer or a foreign insurer from offices or by personnel or facilities located in this state may not solicit insurance applications or otherwise transact insurance in another state or country unless it holds a subsisting license granted to it by the commissioner authorizing it to transact the same kind or kinds of insurance in this state.

(e) Any officer, director, agent, representative or employee
of any insurer who willfully authorizes, negotiates, makes or issues any insurance contract in violation of this section shall be is subject to the provisions set forth in article forty-four of this chapter.




NOTE: The purpose of this bill is to is to allow insurers who have been suspended from writing new policies in West Virginia to continue to service existing policies and accept premiums on those existing policies.

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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