The bill amends various sections of the Code of West Virginia, focusing on the reporting requirements of the Insurance Commissioner and related entities. It repeals several existing mandates, including the requirement for the Insurance Commissioner to report to the Joint Committee on Government and Finance on workers' compensation funds, occupational pneumoconiosis claims, and the state agency workers' compensation program. Additionally, it eliminates the obligation for employers to report post-traumatic stress disorder claims and removes the necessity for the Insurance Commissioner to publish automobile insurance rates. However, the bill introduces a requirement for the Insurance Commissioner to post a flood insurance notification on the agency's website to inform public entities about federal flood insurance requirements and risks.

Moreover, the bill establishes the State Entities Workers Compensation Program Fund to manage workers' compensation coverage for executive state entities and discretionary participants. This fund allows for the assessment of necessary fees or surcharges for risk management, with the Insurance Commissioner overseeing the program and having the authority to borrow funds for initial operations. The bill also authorizes the commissioner to create emergency rules and propose legislative rules for implementation, while requiring consultation with the State Board of Risk and Insurance Management. Additionally, it repeals several provisions related to automobile insurance rates and malpractice insurance policies, indicating a significant shift in the regulatory framework governing these areas. The bill is set to take effect 90 days after passage.

Statutes affected:
Introduced Version: 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
Enrolled Version: 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