A BILL to amend section eleven-a, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twelve-a, relating to structured settlement annuities and other insurance contracts issued to fund structured settlement annuities; prohibiting rebates from commissions or other payments from an insurance company issuing an annuity pursuant to a structured settlement agreement settling a claim against an insured of a property or casualty insurance company, unless said rebates or payments have been fully disclosed to any person who is entitled to receive future payments from said structured settlement agreement and all other interested parties.

Be it enacted by the Legislature of West Virginia:
That article eleven-a, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twelve- a, to read as follows:

Article 11A. INSURANCE SALES CONSUMER PROTECTION ACT.
§33-11A-12a. Structured settlement annuities.
A life insurance company or an agent, officer or employee of a life insurance company are prohibited from making any payment, rebate or other consideration to a property or casualty insurance company, their parent entities, subordinates or affiliates, or any agent, officer or employee of the same, in consideration of or as a condition of the issuance of an annuity or other contract of insurance issued to fund a structured settlement or structured settlement payment, unless said payment, rebate or other consideration is fully disclosed to all persons who are entitled to receive future payments from said structured settlement agreement and other interested parties before the annuity or contract of issuance is executed. For purposes of this section, the terms "structured settlement" and "interested party" have the same meaning as that term is defined in section one, article six-h, chapter forty-six-a of this code.

Section 33-11A-12a is new; therefore, strike-throughs and underlining are omitted.