SB 362 Text

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Introduced Version Senate Bill 362 History

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sb362 intr Insurance 114csr69

Senate Bill No. 362
(By Senators Minard, Fanning, Prezioso,
Unger, Boley and Minear)
__________
[Introduced February 28, 2005; referred to the
Committee on Banking and Insurance;
and then to the Committee on the Judiciary.]
__________

A BILL to amend and reenact article 7, chapter 64 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to promulgate a legislative rule relating to recognition of the 2001 CSO Mortality Table for use in determining minimum reserve liabilities and nonforfeiture benefits.

Be it enacted by the Legislature of West Virginia:
That article 7 chapter 64 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO PROMULGATE LEGISLATIVE RULES.

§64-7-1. Insurance Commissioner.
The legislative rule filed in the state register on the twenty-sixth day of August, two thousand four, under the authority of section ten, article two, chapter thirty-three, of this code, relating to the Insurance Commissioner (recognition of the 2001 CSO Mortality Table for use in determining minimum reserve liabilities and nonforfeiture benefits, 114 CSR 69), is authorized.

NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating the Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits.

This section is new; therefore, strike-throughs and underscoring have been omitted.]