H. B. 2623
(By Delegates Cann, Hutchins,
Spencer and Angotti)
[Introduced February 3, 1999; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact section seven, article twenty-seven,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
insurance holding company systems; and providing that
information reported pursuant to section five, article
twenty-seven, chapter thirty-three of this code is
confidential.
Be it enacted by the Legislature of West Virginia:
That section seven, article twenty-seven, 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 27. INSURANCE HOLDING COMPANY SYSTEMS.
§33-27-7. Confidential treatment.
All information, documents and copies thereof obtained by or disclosed to the commissioner or any other person in the course
of an examination or investigation made pursuant to section six
of this article and all information reported pursuant to section
four and five of this article, shall be given confidential
treatment and shall not be subject to subpoena and shall not be
made public by the commissioner or any other person, except to
insurance departments of other states, without the prior written
consent of the insurer to which it pertains unless the
commissioner, after giving the insurer and its affiliates who
would be affected thereby, notice and opportunity to be heard,
determines that the interests of policyholders, shareholders or
the public will be served by the publication thereof, in which
event he or she may publish all or any part thereof in such
manner as he or she may deem consider appropriate.
NOTE: The purpose of this bill is to correct a previous
omission in the model Insurance Company Holding Act by providing
that information reported pursuant to §33-27-5 is confidential.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.