Senate Bill No. 331
(By Senators Helmick and Ross)
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[Introduced February 8, 1996;
referred to the Committee on Banking and Insurance;
and then to the Committee on Finance.]
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A BILL to amend article twelve, chapter thirty-three of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
sixteen-b, relating to excess lines brokers included in
policy surcharge.
Be it enacted by the Legislature of West Virginia:
That article twelve, chapter thirty-three of the code of
West Virginia, one thousand nine hundred thirty-one, as amended,
be amended by adding thereto a new section, designated section
sixteen-b, to read as follows:
ARTICLE 12. AGENTS, BROKERS, SOLICITORS AND EXCESS LINE.
§33-12-16b. Excess lines brokers inclusion.
For purposes of section thirty-three, article three, of this
chapter, the word "insurer" includes excess lines brokers.
NOTE: The purpose of this bill is to ensure excess lines
brokers collect and remit the 1% policy surcharge on fire and
casualty policies imposed by W.Va. Code § 33-3-33. Currently nonadmitted carriers have a competitive advantage over admitted
carriers because the 1% policy surcharge is not charged to their
policyholders.
This section is new; therefore, strike-throughs and
underscoring have been omitted.