The bill amends section 33-2-9 of the Code of West Virginia, focusing on the examination of insurers, agents, brokers, and solicitors by the Insurance Commissioner. Key changes include the insertion of language that underscores the confidentiality of documents and information obtained during market conduct examinations, ensuring that such disclosures do not waive any applicable privilege or claim of confidentiality. The bill also modifies the commissioner's authority to issue subpoenas and conduct examinations, providing greater flexibility while maintaining the confidentiality of sensitive information. Additionally, it clarifies examination procedures, requiring timely access to records and outlining consequences for non-compliance, while establishing that all working papers and documents produced during examinations are confidential and not subject to public disclosure unless specific conditions are met.

Furthermore, the bill updates insurance regulations by clarifying the qualifications and compensation of examiners appointed by the commissioner, establishing immunity for the commissioner and examiners during their duties, and specifying that no examiner can be appointed if they have a conflict of interest or financial ties to the entities being examined. It also outlines the compensation structure for examination personnel, including travel and living expenses, and sets annual examination assessment fees for various insurers. The bill introduces new language regarding the immunity of the commissioner and examiners, protecting them from liability for actions taken in good faith, and ensures that individuals providing information during examinations are also protected from liability, aligning with the National Association of Insurance Commissioners (NAIC) model language. Overall, the proposed amendments aim to enhance the regulatory framework governing insurance examinations while safeguarding the integrity of the examination process.

Statutes affected:
Introduced Version: 33-2-9