H. B. 2540
(By Delegates Walters, Beane and Thompson)
[Introduced March 13, 1997; referred to the
Committee on Banking and Insurance.]
A BILL to amend article seven, 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
nine-a, relating to annuity valuation mortality tables;
commissioner to propose rules adopting national association
of insurance commissioners' model proposal.
Be it enacted by the Legislature of West Virginia:
That article seven, 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
nine-a, to read as follows:
ARTICLE 7. ASSETS AND LIABILITIES.
§33-7-9a. Annuity mortality tables.
The commissioner shall propose rules, on or before the first
day of October, one thousand nine hundred ninety-seven, adopting
the national association of insurance commissioners' model
proposal "Recognizing Annuity Mortality Tables For Use In
Determining Reserve Liabilities," which incorporates the "Annuity 2000 Mortality Table" and the "1994 Group Annuity Reserving
Table."
NOTE: The purpose of this bill is to require the Insurance
Commissioner to propose rules adopting, by October 1, 1997, the
National Association of Insurance Commissioners' model proposal
"Recognizing Annuity Mortality Tables For Use In Determining
Reserve Liabilities For Annuities."
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that
would be added.