West Virginia Code of State Rules Agency 114 - Insurance Commission
Here is a thorough summary of West Virginia Code of State Rules – Agency 114: Insurance Commission:
🏛️ Agency 114 – Insurance Commission
Title 114, under Agency 114, is governed by the West Virginia Offices of the Insurance Commissioner and includes a comprehensive set of legislative rules covering licensing, policy standards, consumer protection, and administrative procedures (regulations.justia.com).
📚 Key Series in Title 114
Below are the current active legislative rule series under Agency 114:
(Based on Justia’s listing) (regulations.justia.com)
114‑01: Proxies, consents & authorizations of domestic stock insurers
114‑02: Licensing & conduct of insurance producers and agencies
114‑02A: Fingerprinting requirements for producer licenses (active since July 1, 2021)
114‑03: Cancellation & nonrenewal of automobile liability policies
114‑04: Insider trading of insurer equity securities
114‑05: Procedures for fire rating organizations
114‑06: Credit insurance (life, accident & sickness, unemployment)
114‑07: Premium financing for life insurance for college students
114‑08: Replacement of life insurance policies and annuities
114‑09: Mass marketing of property & liability insurance
114‑10: Advertising accident & sickness insurance
114‑11: Advertising life insurance & annuities
114‑11A: Life insurance disclosures
114‑11B: Suitability in annuity transactions (updated June 8, 2023) (regulations.justia.com, apps.sos.wv.gov, apps.sos.wv.gov)
114‑11C: Life insurance illustrations
114‑11D: Variable life insurance
114‑11E: Annuity disclosures
114‑12: Individual accident & sickness insurance standards
114‑13: Rules of practice and procedure for hearings before the Commissioner
114‑14: Unfair trade practices
114‑15: Examiners and examinations
114‑17–114‑19: Medicare supplement and supplemental elderly/disabled coverage
114‑20: Surplus lines insurance
114‑21: WV Essential Property Insurance Association
114‑22–114‑23: Medical malpractice reporting and loss experience
114‑25: Insurance adjusters (licensing, conduct, public adjusters, etc.) (regulations.justia.com, law.cornell.edu)
114‑32: Long‑term care insurance
114‑35: Insurance holding company systems (reporting forms and compliance) (regulations.justia.com, wvinsurance.gov)
114‑72: Automobile/property insurance withdrawal plan procedures (e.g., rule §114‑72‑4 outlines components of withdrawal plans) (regulations.justia.com)
114‑100: Health benefit plan network access and adequacy (effective April 1, 2024) (apps.sos.wv.gov)
🔍 Highlights of Select Rule Series
114‑02/02A: Establish comprehensive licensing requisites, conduct standards, and fingerprinting dating back to 2021 (apps.sos.wv.gov).
114‑03: Governs when auto liability policies can be canceled or nonrenewed.
114‑10: Regulates advertising for accident & sickness products, including prohibitions on misleading statements (§114‑10‑16 prohibits untrue statements) (regulations.justia.com, law.cornell.edu).
114‑11B: Ensures annuity sales are suitable and compliant with consumer protection standards.
114‑25: Details licensing, conduct standards, and fee structures for insurance adjusters (apps.sos.wv.gov, law.cornell.edu).
114‑72: Lays out insurer duties when withdrawing auto/property lines (e.g., plan content, public notice, policyholder protections) .
114‑35: Requires periodic reporting from insurance holding companies for solvency oversight .
⚖️ Statutory Authority
These rules are enacted under multiple sections of WV Code Chapter 33, including consumer protection (§33‑2‑10), insurer regulation (§33‑11‑6), holding company oversight (§33‑27‑14), and more, empowering the Commissioner to establish and enforce standards.
✅ Summary
Agency 114’s rules provide West Virginia with a robust regulatory framework covering:
Licensing & conduct for producers, agencies, and adjusters
Policy issuance standards, including auto cancellation, annuity suitability, and insurance advertising
Consumer protections, especially around disclosures, unfair practices, and withdrawal procedures
Oversight of complex entities like holding companies and surplus-lines insurers
Administrative and enforcement mechanisms, including hearings and examinations
RELATED Blog
0 comments