West Virginia OIC Releases Summary of 2017 Insurance Legislation

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The West Virginia Office of the Insurance Commissioner has released Informational Letter No.199 summarizing significant insurance legislation enacted during the 2017 Regular Session and First Special Session of the West Virginia Legislature.  Some of the more noteworthy legislation that may impact insurance claims handling and procedures includes the following:

Senate Bill 127 – Adopts the National Association of Insurance Commissioners (NAIC) valuation manual which sets forth minimum reserve and related requirements of life insurance, accident and health insurance, and deposit-type contracts.

House Bill 2402 – Relating to salvage certificates for vehicles involved in total loss claims wherein an insurance company is unable to obtain a properly endorsed certificate of title within 30 days of payment of the claim.

House Bill 2486 – Relating to the maintenance and retention of medical records obtained by insurers in connection with a claim or litigation.

House Bill 2678 – Relating to Prejudgment and Post-Judgment Interest.

Senate Bill 581 – Relating to the insurable interest of a trustee in the life of an individual insured under a life insurance policy.

House Bill 2619 – Adopting the NAIC’s Risk Management and Own Risk Solvency Assessment Model Act.

House Bill 2683 – Making substantial amendments to the West Virginia Guaranty Association Act.

Click here for a complete copy of Informational Letter No. 199. It is also available on the Insurance Commissioner’s website.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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