H. B. 2181


(By Delegates Cann, Spencer and Angotti)

[Introduced February 14, 2001; 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 sections 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.