H. B. 2626
(By Delegate Haskins (By Request))
[Introduced January 10, 1996; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section two-a, article twelve,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
providing that any agent with twenty-five or more years
experience is excluded from the continuing education
requirement.
Be it enacted by the Legislature of West Virginia:
That section two-a, article twelve, chapter thirty-three of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 12. AGENTS, BROKERS, SOLICITORS AND EXCESS LINE.
§33-12-2a. Duty to receive continuing education; educational
requirements; compliance; penalties.
The purpose of this provision is to provide continuing
education under guidelines set up under the insurance commissioner's office effective the first day of July, one
thousand nine hundred ninety-two, with the guidelines to be set
up under the board of insurance agent education. Nothing in this
section shall prohibit an individual from receiving commissions
which have been vested and earned while that individual
maintained an approved insurance agent's license.
(a) This section applies to persons licensed to engage in
the sale of the following types of insurance:
(1) Life insurance, annuity contracts, variable annuity
contracts and variable life insurance;
(2) Sickness, accident and health insurance;
(3) All lines of property and casualty insurance; and
(4) All other lines of insurance for which an examination is
required for licensing.
(b) This section does not apply to:
(1) Persons with twenty-five years or more experience as an
insurance agent;
(1) (2) Persons holding resident licenses for any kind or
kinds of insurance offered in connection with loans or other
credit transactions or insurance for which an examination is not
required by the commissioner, nor does it apply to any such
limited or restricted license as the commissioner may exempt;
(2) (3) Individuals selling credit life or credit accident
and health insurance;.
(3) (4) Individuals selling only preneed burial insurance
contracts, under a certificate of authority issued pursuant to
article fourteen, chapter forty-seven of this code: Provided,
That any individual selling preneed burial insurance contracts,
under a certificate of authority issued pursuant to said article,
code shall complete a program of continuing insurance education
developed by the board of insurance agent education and approved
by the commissioner which requires that the individual complete
six hours of continuing insurance education biennially.
(c) (1) The board of insurance agent education as
established by section two of this article shall develop a
program of continuing insurance education and submit the proposal
for the approval of the commissioner on or before the thirty-
first day of December of each year. No program shall be approved
by the commissioner that includes a requirement that any agent
complete more than thirty hours of continuing insurance education
biennially.
(2) The commissioner and the board, under standards
established by the board, may approve any course or program of
instruction developed or sponsored by an authorized insurer,
accredited college or university, agents' association, insurance
trade association or independent program of instruction that
presents the criteria and the number of hours that the board
and commissioner determine appropriate for the purpose of this section.
(d) Persons licensed to sell insurance and who are not
otherwise exempt shall satisfactorily complete the courses or
programs of instructions the commissioner may prescribe.
(e) Every person, subject to the continuing education
requirements, shall furnish, at intervals and on forms as may be
prescribed by the commissioner, written certification listing
the courses, programs or seminars of instruction successfully
completed by the person. The certification shall be executed by,
or on behalf of, the organization sponsoring the courses,
programs or seminars of instruction.
(f) Any person, failing to meet the requirements mandated in
this section, and who has not been granted an extension of time,
with respect to such requirements, or who has submitted to the
commissioner a false or fraudulent certificate of compliance
shall, after a hearing thereon, which hearing may be waived by
the person, be subjected to suspension of all licenses issued for
any kind or kinds of insurance. No further license may be issued
to the person for any kind or kinds of insurance until he or she
has demonstrated to the satisfaction of the commissioner that he
or she has complied with all of the requirements mandated by this
section and all other applicable laws or rules.
(g) Hearings for the violation of any provision of this
section, and the administrative procedure prior to, during and following these hearings, shall be conducted in accordance with
the provisions of article two of this chapter.
(h) The commissioner is authorized to hire personnel and
make reasonable expenditures as deemed necessary for purposes of
establishing and maintaining a system of continuing education
for insurers.
NOTE: The purpose of this bill is to exempt insurance
agents with twenty-five years or more experience from the
continuing education requirement.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.