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Introduced Version Senate Bill 412 History

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Key: Green = existing Code. Red = new code to be enacted
114 CSR 11B



Senate Bill No. 412

(By Senators Minard, Fanning, Prezioso,

Unger, Boley and Facemyer)

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[Introduced January 25, 2008; referred to the

Committee on Banking and Insurance; and then to the Committee on the Judiciary.]

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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 suitability in annuity transactions.

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-seventh day of July, two thousand seven, authorized under the authority of section ten, article two, chapter thirty-three, of this code, modified by the Insurance Commissioner to meet the objections of the legislative rule-making review committee and refiled in the state register on the seventh day of December, two thousand seven, relating to the Insurance Commissioner (suitability in annuity transactions, 114 CSR 11B), is authorized.


NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating to Suitability in Annuity Transactions.

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