H. B. 2556
(Mr. Speaker, Mr. Kiss)
[Introduced January 24, 2003; referred to the
Committee on Banking and Insurance then Finance.]
A BILL to amend article two, 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
fifteen-a, relating to requiring the insurance commissioner to
issue an annual communication to state and local governmental
entities and nonprofit organizations to increase awareness of
certain flood insurance issues.
Be it enacted by the Legislature of West Virginia:
That article two, 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
fifteen-a, to read as follows:
ARTICLE 2. INSURANCE COMMISSIONER.
§33-2-15a. Annual flood insurance communication to public entities
by commissioner.
(a) The commissioner shall annually issue a communication to
West Virginia state and local governmental entities and nonprofit
organizations which shall have the following objectives:
(1) To make state and local governmental entities and
nonprofit organizations aware of the 1988 amendments to the federal
Stafford Disaster Relief Act which impose penalties in the form of
reductions in Federal Emergency Management Agency (FEMA) disaster
relief funds on public entities who fail to purchase adequate flood
insurance on all property located in recognized flood hazard zones;
(2) To make state and local governmental entities and
nonprofit organizations generally aware of the magnitude of risk
exposure and potential financial loss that may result from these
penalties; and
(3) To make state and local governmental entities and
nonprofit organizations aware that low-cost, federally subsidized
flood insurance is available through the National Flood Insurance
Program (NFLP).
(b) The commissioner may propose rules for legislative
approval in accordance with the provisions of article three,
chapter twenty-nine-a of this code to effectuate the provisions of
this section.
NOTE: The purpose of this bill is to require the Insurance
Commissioner to issue an annual communication to state and local
governmental entities and nonprofit organizations to increase
awareness of certain flood insurance issues.
This section is new; therefore, strike-throughs and
underscoring have been omitted.