H. B. 4253
(By Delegates Swartzmiller, Ennis,
Renner and Shaver)
[Introduced February 2, 2004
; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §33-12-23a, relating
to insurance; and requiring agents of automobile and health
insurers to disclose to their insureds the amount of the
commission he or she receives from each premium payment
remitted by each insured.
Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §33-12-23a, to read as
follows:
ARTICLE 12. INSURANCE PRODUCERS AND SOLICITORS.
§33-12-23a. Commissions received by agents of certain insurers to
be disclosed to their insureds.
Every agent for an automobile or health insurance company is
required, as to each policy, to disclose to his or her insured or insureds with the dollar amount or percentage of premium he or she
receives as a commission from each premium payment. This
requirement will be considered satisfied if the insurer should
provide the insured or insureds with that information by
appropriately displaying it on the insureds' premium statement.
NOTE: The purpose of this bill is to require auto and health
insurance agents to fully disclose to their insureds the cost to
the insureds of the agent's services.
This section is new; therefore, strike-throughs and
underscoring have been omitted.