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Engrossed Version Senate Bill 494 History

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sb494 eng
ENGROSSED

Senate Bill No. 494

(By Senator Minard)

____________

[Introduced March 6, 2009; referred to the

Committee on Banking and Insurance; and

then to the Committee on Finance.]

____________



A BILL to amend and reenact §33-2-11 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to order restitution in certain cases.

Be it enacted by the Legislature of West Virginia:
That §33-2-11 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 2. INSURANCE COMMISSIONER.
§33-2-11. Enforcement of orders; revocation of licenses; court action.

In addition to examinations and investigations expressly authorized by this chapter, the commissioner may conduct such examinations and investigation of insurance matters as he or she may deem considers proper to determine whether any person has violated any provision of this chapter or to secure information useful in the lawful administration of his or her duties. If the commissioner determines, after notice and hearing, that any person is transacting insurance in an illegal, improper or unjust manner or is failing to pay losses and obligations when they become due, excepting claims to which there is a substantial defense, he or she may order such the person to discontinue such the illegal, improper or unjust manner of transacting insurance, or may order such person to adjust and pay his or her obligations as they become due: Provided, That in any order issued pursuant to subsection (j), section nine of this article or entered as a result of a regulatory enforcement action initiated and prosecuted by the commissioner pursuant to this section or section eleven, article three of this chapter, the commissioner may, in addition to or in lieu of any other penalties or remedies provided therein, order an insurer to pay restitution to affected persons. If any a person shall fail or refuse fails or refuses within twenty days after notice to obey such the order, the commissioner may revoke any license issued by him the commissioner and held by such the person. and In addition, the commissioner may apply to the circuit court, or the judge thereof in vacation, having jurisdiction for an injunction or the appointment of a receiver, or for both. and such The court or judge may enforce such the order of the commissioner by injunction or by appointment of a receiver to take charge of the affairs and property of such the person, or both, and may make such further orders as may be necessary and proper to effectuate such the injunction or receivership.
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