W. Va. Code R. § 114-11A-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-11A-2 - Scope

2.1. Except for the exemptions specified in subsection 2.2 of this section, this rule applies to any solicitation, negotiation or procurement of life insurance occurring within this state. Subsection 4.2 of this rule applies only to an existing nonexempt policy held by a policyowner residing in this state. This rule applies to any issuer of life insurance contracts, including fraternal benefit societies.

2.2. This rule does not apply to:

a. Individual and group annuity contracts;

b. Credit life insurance;

c. Group life insurance;

d. Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. Section 1001 et seq. as amended; or

e. Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account.

W. Va. Code R. § 114-11A-2