ENGROSSED
Senate Bill No. 508
(By Senator Minard)
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[Introduced March 16, 2001; referred to the
Committee on Banking and Insurance.]
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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 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 sections four
and five of this article, shall be given confidential treatment and
shall are not be subject to subpoena and shall may 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.
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(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.)