Senate Bill No. 189

(By Senator Snyder)

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[Introduced January 14, 2015; referred to the Committee on Banking and Insurance; and then to the Committee on the Judiciary.]

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A BILL to amend and reenact article 7, chapter 64 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to promulgate a legislative rule relating to annuity disclosure.

Be it enacted by the Legislature of West Virginia:

            That article 7, chapter 64 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO PROMULGATE LEGISLATIVE RULES.

§64-7-1. Insurance Commissioner.

            The legislative rule filed in the state register on August 1, 2014, authorized under the authority of section ten, article two, chapter thirty-three of this code, modified by the Insurance Commissioner to meet the objections of the Legislative Rule-making Review Committee and refiled in the State Register on September 15, 2014, relating to the Insurance Commissioner (annuity disclosure, 114 CSR 11E), is authorized.

            NOTE: The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating to annuity disclosure.

            This section is new; therefore, strike-throughs and underscoring have been omitted.