Bill Text: WV HB3147 | 2019 | Regular Session | Introduced
Bill Title: Requiring the Board of Insurance and Risk Management purchase life insurance products from state resident agents
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-03-09 - On 2nd reading, House Calendar [HB3147 Detail]
Download: West_Virginia-2019-HB3147-Introduced.html
WEST virginia legislature
2019 regular session
Originating
House Bill 3147
By Delegate Howell
[Originating in the Committee on Government Organization; Reported on February 22, 2019]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §29-12-5c, relating to the requiring the Board of Insurance and Risk Management, or its insurers, to purchase life insurance products from state resident agents when necessary for the settlement of claims against the state.
Be it enacted by the Legislature of West Virginia:
ARTICLE 12. STATE INSURANCE.
§29-12-5c. Use of resident licensed life insurance agents.
In the event that the Board of Insurance and Risk Management or its insurer purchases life insurance products, as defined by §33-1-10(a) of this code, to effectuate the settlement of a claim against the state, those life insurance products shall be procured from licensed life insurance agents who are residents in this state pursuant to §33-12-6a of this code: Provided, That nothing in this section may prevent a claimant from using a life insurance agent of his or her choosing for the procurement of life insurance to settle a claim: Provided, however That resident licensed life insurance agents shall have at least five years experience in settling such claims with life insurance.
NOTE: The purpose of this bill is to require BRIM or its insurers to purchase life insurance products from licensed agents who are residents of West Virginia.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
