COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 492
(By Senator Minard)
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[Originating in the Committee on the Judiciary;
reported March 28, 2001.]
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A BILL to amend and reenact section two, article twenty-three,
chapter thirty-three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
providing that fraternal benefit societies be subject to the
laws regulating variable contracts.
Be it enacted by the Legislature of West Virginia:
That section two, article twenty-three, 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 23. FRATERNAL BENEFIT SOCIETIES.
§33-23-2. Applicability of other provisions.
Every fraternal benefit society shall be governed and be
subject to the same extent as other insurers transacting like kinds
of insurance, to the following articles of this chapter: Article one (definitions); article two (insurance commissioner); article
four (general provisions); section thirty, article six (fee for
form and rate filing); article seven (assets and liabilities);
article ten (rehabilitation and liquidation); article eleven
(unfair trade practices); article twelve (agents, brokers,
solicitors and excess lines); article thirteen (life insurance);
article thirteen-a (variable contracts); article fifteen-a
(long-term care insurance); article twenty-seven (insurance holding
company systems); article thirty-three (annual audited financial
report); article thirty-four (administrative supervision); article
thirty-four-a (standards and commissioner's authority for companies
deemed considered to be in hazardous financial condition); article
thirty-five (criminal sanctions for failure to report impairment);
article thirty-seven (managing general agents); and article
thirty-nine (disclosure of material transactions).
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(NOTE: The purpose of this bill is to require that fraternal
benefit societies be subject to the variable contract provisions
set forth in article thirteen-a, chapter thirty-three of the code
of West Virginia.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)