Senate Bill No. 330
(By Senators Helmick and Ross)
[Introduced February 8, 1996;
referred to the Committee on Banking and Insurance.]
A BILL to amend and reenact section ten, article six, chapter
thirty-three of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to standard
provisions in insurance policies.
Be it enacted by the Legislature of West Virginia:
That section ten, article six, 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 6. THE INSURANCE POLICY.
§33-6-10. Standard provisions.
(a) Insurance contracts shall contain such standard
provisions as are required by the applicable provisions of this
chapter pertaining to contracts of particular kinds of insurance. The commissioner may waive the required use of a particular
standard provision in a particular insurance policy form, if he
finds such provision unnecessary for the protection of the
insured and inconsistent with the purposes of the policy, and the
policy is otherwise approved by him.
(b) No policy shall contain any provision inconsistent with
or contradictory to any standard provision used or required to be
used, but the commissioner may approve any substitute provision
which is, in his opinion, not less favorable in any particular to
the insured or beneficiary than the standard provisions or
optional standard provisions, otherwise required. This section
shall not apply to the standard fire insurance policy.
(c) On or after the first day of July, one thousand nine
hundred ninety-six, the insurer shall provide to all prospective
purchasers of life insurance policies with a face value of
twenty-five thousand dollars or less, a notice to such
prospective policyholder upon a form prescribed by the
commissioner: Provided, That this subsection does not apply to
mass market life insurance products as defined in section
thirty-five of this article, or to life insurance policies used
exclusively to fund preneed burial contracts under article fourteen, chapter forty-seven of this code.
NOTE: The purpose of this bill is to require insurance
companies to provide a notice on a form prescribed by the
commissioner to all prospective policyholders of life insurance
policies with a face value of twenty-five thousand dollars or
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.