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Engrossed Version Senate Bill 256 History

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sb256 eng
ENGROSSED

Senate Bill No. 256

(By Senators Bailey, Dempsey, Fanning, Love and Sharpe)

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[Introduced February 23, 2005; referred to the Committee

on Banking and Insurance.]

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A BILL to repeal §33-22-2a of the Code of West Virginia, 1931, as amended; to amend said code by adding thereto a new section, designated §33-17-6a; and to amend and reenact §33-22-2 of said code, all relating to flood insurance; requiring that certain insurance documents include a notice regarding the absence of flood insurance and the possible availability of such insurance from other sources; requiring that farmer's mutual insurance companies include the notice; and clarifying that the Insurance Fraud Prevention Act applies to farmer's mutual insurance companies.

Be it enacted by the Legislature of West Virginia:
That §33-22-2a of the Code of West Virginia, 1931, as amended, be repealed; that said code be amended by adding thereto a new section, designated §33-17-6a; and that §33-22-2 of said code be amended and reenacted, all to read as follows:
ARTICLE 17. FIRE AND MARINE INSURANCE.
§33-17-6a. Notice of noncoverage of flood damages and the availability of flood insurance.

Every insurer issuing or renewing a policy that provides fire insurance, as that term is defined in subsection (c), section ten, article one of this chapter, but which does not cover damages from flood, shall provide to the policyholder of every policy delivered in this state a notice that provides as follows: THIS POLICY DOES NOT COVER DAMAGE FROM FLOOD. FOR INFORMATION ABOUT FLOOD INSURANCE, CONTACT THE NATIONAL FLOOD INSURANCE PROGRAM OR YOUR INSURANCE AGENT.
ARTICLE 22. FARMERS' MUTUAL FIRE INSURANCE COMPANIES.
§33-22-2. Applicability of other provisions.

Each company to the same extent that provisions are applicable to domestic mutual insurers shall be governed by and be subject to the following articles provisions of this chapter, but only to the extent these provisions are not inconsistent with the provisions of this article: Article one (definitions); article two (insurance commissioner); article four (general provisions), except that section sixteen of said article may not be applicable thereto; article seven (assets and liabilities); article eight-a (use of clearing corporations and federal reserve book-entry system); article ten (rehabilitation and liquidation), except that under the provisions of section thirty-two of said article assessments may not be levied against any former member of a farmers' mutual fire insurance company who is no longer a member of the company at the time the order to show cause was issued; article eleven (unfair trade practices); article twelve (agents, brokers and solicitors (insurance producers and solicitors), except that the agent's license fee shall be five dollars; section six-a, article seventeen (notice of noncoverage of flood damages and the availability of flood insurance); article twenty-six (West Virginia Insurance Guaranty Association Act); article twenty-seven (insurance holding company systems); article thirty (mine subsidence insurance), except that under the provisions of section six of said article a farmers' mutual insurance company shall have the option of offering mine subsidence coverage to all of its policyholders, but may not be required to do so; article thirty-three (annual audited financial report); article thirty-four (administrative supervision); article thirty-four-a (standards and commissioner's authority for companies considered to be in hazardous financial condition); article thirty-five (criminal sanctions for failure to report impairment); article thirty-six (business transacted with Producer-Controlled Property-Casualty Insurer Act); article thirty- seven (managing general agents); article thirty-nine (disclosure of material transactions); article forty (risk-based capital for insurers); and article forty-one (privileges and immunity Insurance Fraud Prevention Act). ; but only to the extent these provisions are not inconsistent with the provisions of this article.
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