WV INS Insurance Reporting, Notification

Published on: May 8, 2025

On May 5, WV INS reported enactment of bill on insurance reporting.

  • WV INS enacted SB 856 relating to modification of insurance reporting requirements.
  • Amended Code of West Virginia, to amend and reenact sections WV INS 23-2C-5, WV INS 23-4-1f, WV INS 33-2-15a, WV INS 33-2-21a; also to repeal WV INS 23-1-2.
  • Also repeal WV INS 23-1-17, WV INS 33-20-19, WV INS 33-20B-6, WV INS 33-20B-8.
  • Legislative Provisions
  • Removed quarterly reporting requirement of Insurance Commissioner to Joint Committee on Government and Finance regarding State workers’ compensation funds.
  • Repealed annual reporting of Insurance Commissioner, Occupational Pneumoconiosis Board to governor on occupational pneumoconiosis worker compensation claims.
  • Bill strikes the biennial reporting requirement of the Industrial Council to the Joint Committee on Government and Finance regarding employer safety initiatives.
  • Removed reporting of employers to Insurance Commissioner post-traumatic stress.
  • Maintained Insurance Commissioner provide annual notice to State, local government, nonprofit organizations on flood insurance, risks of not enough flood insurance
  • Permitted that the flood insurance notification be posted on the agency’s website.
  • Legislation strikes annual reporting requirement of Insurance Commissioner to Joint
  • Committee on Government, Finance regarding status of State compensation program.
  • Repealed annual publishing of Commissioner on automobile insurance rates; repealed reporting of Insurance Commissioner regarding medical malpractice insurance.
  • Rescinded reporting requirements of insurance companies to Insurance Commissioner.
  • Legislative History
  • On Mar. 20, 2025, bill introduced into Senate; on Mar. 27, 2025, bill passed Senate.
  • On Mar. 27, 2025, bill introduced into House; on Apr. 12, 2025, bill passed House.
  • On Apr. 21, 2025, delivered to governor; On Apr. 25, 2025, approved by the governor.
  • Effectiveness
  • Act in effect 90 days from passage, on Jul. 11, 2025.
Regulators
WV INS
Entity Types
IB; Ins; MG Orig; Servicer
Reference
PR, 5/5/2025; Bill SB856, 4/25/2025; Citation: *WV INS* 23-2C-5, 23-4-1f, 33-2-15a, 33-2-21a, 23-1-2, 23-1-17, 33-20-19, 33-20B-6, 33-20B-8;
Functions
Claims/Accelerated Benefits; Compliance; Reporting; Risk
Countries
United States of America
Category
State
N/A
Products
Auto/Motorcycle; Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property; Mortgage; Professional Liability; Workers Comp
Rule Type
Final
Regions
Am
Rule Date
May 5, 2025
Effective Date
Jul 11, 2025
Rule ID
253505
Linked to
N/A
Reg. Last Update
May 5, 2025
Report Section
US Insurance