On March 10, 2018, the Legislature of West Virginia passed Senate Bill 485 regarding rating requirements for commercial insurance lines.
Taking effect on June 8, 2018, the Bill amends the West Virginia statute that regulates rate filing (W. Va. Code § 33-20-4) by exempting certain specialty commercial lines from rate filing requirements. In accordance with the newly added provisions W. Va. Code § 33-20-4(1)(3)-(4), the Bill exempts all commercial lines, other than workers’ compensation, medical malpractice liability, nonfleet commercial auto covering four or fewer vehicles, and assigned risk or residual market plans when issued to a commercial policyholder with aggregate annual commercial insurance premiums of $25,000 or more, excluding the four lines specified above. Additionally, W. Va. Code § 33-20-4(a)(5) permits the Commissioner to impose a temporary reinstatement of the rate filing requirements for a specific line of insurance for a period of no longer than one year.
For any questions regarding lines of insurance exempted from rate filing, or for assistance in compliance matters pertaining to rate filing, please contact Westmont Associates, Inc.
Contact Westmont Associates, Inc.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us.