West Virginia OIC Releases Summary of 2017 Insurance Legislation

Steptoe & Johnson PLLC

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.

© Steptoe & Johnson PLLC | Attorney Advertising

Written by:

Steptoe & Johnson PLLC

Steptoe & Johnson PLLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.