HB 4242
Relating to authorizing the Insurance Commission to promulgate a legislative rule relating to premium financing for life insurance for college students.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Insurance Commission to create a set of rules specifically addressing premium financing for life insurance policies purchased by college students. These rules will govern how premium financing arrangements are handled for this particular group of policyholders. The goal is to provide clearer regulations and protections related to premium financing for college students’ life insurance. This legislation focuses on establishing a regulatory framework for premium financing within the context of student life insurance.
Key provisions
- Authorizes the Insurance Commission to develop a legislative rule.
- The rule will pertain to premium financing for life insurance.
- The rule specifically addresses college students.
- The rule is based on existing authority within West Virginia code.
- The rule is intended to provide regulatory clarity.
Who is affected
- College Students
- Life Insurance Policyholders
- West Virginia Insurance Commission
- Financial Institutions (involved in premium financing)
Notable changes
- Establishes a specific regulatory framework for premium financing related to student life insurance.
- Creates a new legislative rule within the Insurance Commission’s authority.
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Smith
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