Senate Bill No. 490
(By Senators Helmick and Ross)
[Introduced February 15, 2000; referred to the Committee on
Banking and Insurance.]
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
the confidential treatment of materials filed in accordance
with the model insurance holding company systems act.
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
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 section 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
manner as he or she may deem consider appropriate.
(NOTE: This bill corrects an earlier omission in the
enactment of the Model Insurance Holding Company Act providing
for the confidential treatment of materials filed under that Act
as to transactions between affiliated companies.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.)