West Virginia Code 64-7-2 – Insurance Commissioner
(a) The legislative rule filed in the State Register on July 19, 2022, authorized under the authority of § 33-2-10 of this code, relating to the Insurance Commission (suitability in annuity transactions, 114 CSR 11B), is authorized with the amendment set forth below:
Terms Used In West Virginia Code 64-7-2
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Fiduciary: A trustee, executor, or administrator.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
On page 1, section 2, by striking out the words “Nothing in this rule shall be construed to create or imply a private cause of action for a violation of this rule or to subject a producer to civil liability under the best interest standard of care outline in Section 5 of this rule or under standards governing the conduct of a fiduciary or a fiduciary relationship.”
(b) The legislative rule filed in the State Register on July 19, 2022, authorized under the authority of § 33-51-10 of this code, modified by the Insurance Commission to meet the objections of the Legislative Rule-Making Review Committee and refiled in the State Register on September 20, 2022, relating to the Insurance Commission (pharmacy auditing entities and pharmacy benefit managers, 114 CSR 99), is authorized.
(c) The legislative rule filed in the State Register on August 17, 2022, authorized under the authority of § 51-10-8 of this code, modified by the Insurance Commission to meet the objections of the Legislative Rule-Making Review Committee and refiled in the State Register on October 4, 2022, relating to the Insurance Commission (bail bondsmen in criminal cases, 114 CSR 103), is authorized with the amendments set forth below:
On page 1, section 2, subdivision 2.4.1, by striking out the words “also referred to as “surety bondsmen.”;
On page 1, section 2, subdivision 2.4.2, by striking out the words “also referred to as “professional bondsmen.”;
On page 2, section 2, by striking out subsection 2.9, and inserting in lieu thereof a new subsection 2.9 to read as follows: “2.9. “Professional bondsman” means any person who has been approved and licensed by the Commissioner, and who pledges cash, an irrevocable letter of credit, an annuity purchased through an insurance company licensed and in good standing in this State, a bond issued by an insurance company licensed and in good standing in this State, or real estate with the Commissioner as security for bail bonds written in connection with a judicial proceeding, and charges, receives or is promised money or other things of value in exchange for his or her services.”;
On page 2, section 2, by striking out subsection 2.10, and inserting in lieu thereof a new subsection 2.10 to read as follows: “2.10. “Securities” or “approved securities” means cash, an irrevocable letter of credit, an annuity purchased through an insurance company licensed and in good standing in this State, a bond issued by an insurance company licensed and in good standing in this State, a qualified power of attorney issued by an insurer pursuant to a producer underwriting agreement, or real estate located in this State that is unencumbered in, at least, the amount of minimum financial responsibility required as set forth in this rule.”;
On page 2, section 2, by striking out subsection 2.11, and inserting in lieu thereof a new subsection 2.11 to read as follows:
“2.11. “Surety bondsman” means a person who:
2.11.1. Has been approved and licensed by the Commissioner as an insurance producer with a property and casualty line of authority and appointed by an insurer to execute or countersign bail bonds for the insurer through a qualified power of attorney in connection with judicial proceedings and charges, receives or is promised money or other things of value in exchange for his or her services; or
2.11.2. Posts approved security by providing the Commissioner with a qualified power of attorney issued by an insurer pursuant to a producer underwriting agreement and being approved and licensed by the Commissioner as an insurance producer with a limited lines surety line of authority and appointed by an insurer to execute or countersign bail bonds for the insurer in connection with judicial proceedings and charges, receives or is promised money or other things of value in exchange for his or her services.”;
And,
On page 3, section 3, paragraph 3.2.1.b, by striking out the words “is a licensed insurance producer with a property and casualty line of authority, and”.