SB 568
Preserving privilege and confidentiality of information required as part of market conduct examination by Insurance Commissioner
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies West Virginia code to preserve the privilege and confidentiality of information gathered during market conduct examinations conducted by the Insurance Commissioner. It aims to ensure that examination processes remain effective and efficient, allowing the commissioner to focus resources appropriately. The bill updates references to align with National Association of Insurance Commissioners (NAIC) standards and clarifies procedures for examining foreign insurers and related personnel. It also addresses fees associated with these examinations.
Key provisions
- Updates West Virginia code to protect the confidentiality of information during market conduct examinations.
- Aligns examination procedures with NAIC Financial Regulation Standards and Accreditation Program.
- Establishes a process for accepting examination reports from other states if they meet specific accreditation criteria.
- Requires insurers to pay annual examination assessment fees to support the commissioner’s examination activities.
- Clarifies the commissioner’s authority to conduct examinations of agents, brokers, and solicitors.
- Defines the scope of examinations, including the ability to investigate related persons and businesses.
- Outlines procedures for conducting examinations, including issuing warrants, obtaining testimony, and utilizing attorneys or consultants.
- Specifies requirements for examination reports, including verification and accessibility.
Who is affected
- Insurance Companies (Domestic and Foreign)
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