The Judiciary Committee reviewed and advanced three bills that are required for the state to remain accredited within the National Association of Insurance Commissioners.
- House Bill 2474 relates to a reserving methodology for health insurance and annuity contracts. The bill prescribes the minimum standard of valuation for health insurance contracts. The legislation is needed for the State of West Virginia to remain accredited.
- House Bill 2479 relates to the Corporate Governance Annual Disclosure Act. The bill requires insurers writing more than $500 million or insurance groups writing more than $1 billion, in annual premium to maintain an internal audit function providing independent, objective and reasonable assurance to the insurer’s or insurance groups audit committee regarding the insurer’s governance, risk management, and internal controls. The bill also requires an insurer or insurer group to annually provide a confidential disclosure regarding its corporate governance practices.
- House Bill 2480 relates to regulation of an internationally active insurance group. This bill provides authority to designated state insurance commissioner to act as a group-wide supervisor for an internationally active insurance group.
The committee’s last bill of the day, House Bill 2536, refers to mine subsidence insurance. The bill sought to clarify that if a policyholder has other insurance or other sources of remuneration for a loss covered by mine subsidence insurance, the Mine Subsidence Insurance Fund is only liable for the portion of the loss which the other insurance or other source of remuneration will not cover. The committee ultimately rejected the bill.