This bill amends section 33-2-9 of the Code of West Virginia, 1931, to enhance the confidentiality and privilege of information obtained during market conduct examinations by the Insurance Commissioner. Key provisions include the insertion of language that clarifies that the disclosure of documents, materials, communications, or information required for these examinations does not waive any applicable privilege or claim of confidentiality. Additionally, it specifies that all working papers and related documents produced during examinations are to be treated as confidential and are not subject to subpoena unless prior written consent from the company is obtained. The bill also modifies the commissioner's authority to issue subpoenas and conduct examinations, allowing for greater flexibility while emphasizing the importance of maintaining confidentiality.

Moreover, the bill updates existing insurance regulations by clarifying the conditions under which examiners may be appointed, prohibiting appointments in cases of conflict of interest or affiliations with the management of entities under examination, with certain exceptions. It outlines the compensation structure for examination personnel, ensuring reimbursement for travel and living expenses. The bill establishes annual examination assessment fees for property and casualty insurers, allocates funds for the Commissioner's Examination Revolving Fund and the Unfair Claims Settlement Practice Trust Fund, and provides immunity to the commissioner and examiners for actions taken in good faith. It also incorporates language from the National Association of Insurance Commissioners (NAIC) model to ensure that confidentiality is preserved during examinations.

Statutes affected:
Introduced Version: 33-2-9