Senate Bill No. 102
(By Senator Rowe)
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[Introduced January 14, 2004; referred to the Committee on
Banking and Insurance; and then to the Committee on Finance.]
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A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §33-20B-8a, relating
to establishing the medical malpractice insurance excess
premium rebate act of two thousand four.
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 §33-20B-8a
, to read as
follows:
ARTICLE 20B. RATES AND MALPRACTICE INSURANCE POLICIES.
§33-20B-8a. Medical malpractice insurance excess rebate act of
two thousand four.
(a) This section shall be known and may be cited as the
"Medical Malpractice Insurance Excess Premium Rebate Act of 2004."
(b) Insurance companies, mutual companies, the board of risk
management or other entities providing medical malpractice liability coverage in this state which is underwritten after the
effective date of this section, shall rebate to insureds any
premiums or receipts for that coverage realized in the calendar
years of two thousand five, two thousand six, two thousand seven
and two thousand eight in amounts which, for all years considered
in the aggregate, exceed a sum which is twenty percent over the
costs for that coverage provided in the state, including liability
payments and reasonable administrative, underwriting defense and
other costs of that coverage in those years as determined by the
insurance commissioner.
(c) Insureds who have had successful claims for medical
malpractice presented against their coverage in those same years
referred to in subsection (a) of this section are not entitled to
a rebate.
(d) The rebates are due to insureds on or before the first day
of July, two thousand nine, in amounts to be calculated on a pro
rata basis, in the same proportionate share of excess profits or
receipts as the share of an insured's premium payments in those
years represents to the total amount of all premiums paid in this
state by all health care providers of the insuring entity in those
same years.
(e) The insurance commissioner may require bonds in amounts
sufficient to assure timely payments of the rebates required by
this section.
(f) The insurance commissioner shall require annual reports of
premiums and costs referred to in this section and shall promulgate
rules, including emergency rules for immediate implementation of
this section.
NOTE: The purpose of this bill is to establish the "Medical
Malpractice Insurance Excess Premium Rebate Act of 2004."
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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