The bill amends sections 33-30-6 and 33-30-12 of the Code of West Virginia regarding mine subsidence insurance. It establishes that any recovery paid to a policyholder for a covered loss must first be applied to property damages. Additionally, it allows the mine subsidence insurance fund to set off amounts paid by other sources against its liability. The bill also includes a provision that prohibits policyholders from bringing a cause of action against insurers for claims related to mine subsidence insurance that have been reported to the Board of Risk and Insurance Management, except in cases of fraud by the insurer.

Furthermore, the bill clarifies that the board does not have a right of recourse against insurers, except in cases of fraud, and allows the board to require insurers to seek recovery from policyholders if payments were made inappropriately due to fraud or policy violations. The costs associated with such recovery attempts will be borne by the board, and any disputes will be subject to existing hearing and appeal provisions. Overall, the bill aims to streamline the process of mine subsidence insurance claims and enhance the responsibilities of insurers in facilitating coverage availability.

Statutes affected:
Introduced Version: 33-30-6
Committee Substitute: 33-3-6, 33-30-12
Engrossed Committee Substitute: 33-3-6, 33-30-12
Enrolled Committee Substitute: 33-30-6, 33-30-12