HB 3496
Relating to property and casualty insurance policies
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies West Virginia’s property and casualty insurance regulations. It requires insurers to provide written explanations for declinations, cancellations, and nonrenewals, with specific exceptions for policies held for four years or longer and claims related to natural disasters. The bill also mandates 30-day advance notice for policy renewals or changes, including explanations of any reductions in coverage. Furthermore, it authorizes the use of Intelligent Mail barcodes for mailing notices and allows insurers to post standard policies and endorsements electronically on their websites, subject to certain archiving and accessibility requirements.
Key provisions
- Requires insurers to provide written explanations for declinations, cancellations, and nonrenewals.
- Mandates 30-day advance notice for policy renewals or changes.
- Establishes exceptions to nonrenewal or cancellation for long-term policies and certain disaster-related claims.
- Authorizes the use of Intelligent Mail barcodes for mailing notices.
- Permits insurers to post standard policies and endorsements electronically on their websites.
- Requires insurers to archive electronic documents for five years.
- Specifies requirements for accessibility and notice regarding electronic documents.
Who is affected
- Insurance companies
- Policyholders
- Real estate owners
- Property owners
- Insurance agents
Notable changes
- Introduces requirements for written explanations for policy changes and nonrenewals.
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