W. Va. Code R. § 114-61-1

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

Section 114-61-1 - General

1.1. Scope. --

1.1.a. The purposes of this rule are to promote the public welfare by regulating personal property insurance; create a legal framework within which credit personal property insurance may be written in this state; and help maintain the separation between creditors and insurers. It will also minimize the possibilities of unfair competitive practices in the sale of credit personal property insurance, and address problems that could arise from reverse competition in credit insurance markets. This rule is based on the National Association of Insurance Commissioners' "Credit Personal Property Insurance Model Act" (Model 365), as amended in 2003.

1.1.b. This rule applies to an insurer or producer transacting credit personal property insurance as defined in this rule and all credit personal property insurance written in connection with credit transactions for personal, family or household purposes. This rule does not include the following:

1.1.b.1. Transactions involving extensions of credit primarily for business or commercial purposes;

1.1.b.2. Insurance on motor vehicles designed for highway use and mobile homes;

1.1.b.3. Insurance written in connection with a credit transaction that is secured by a real estate mortgage or deed of trust;

1.1.b.4. Creditor-placed insurance;

1.1.b.5. Title insurance;

1.1.b.6. Non-filing insurance;

1.1.b.7. Insurance purchased by a creditor after repossession or a similar event where the creditor gains possession of the property; and

1.1.b.8. Insurance for which no identifiable charge is made to or collected from the debtor.

1.2. Authority. -- W. Va. Code §§ 33-2-10 and 46A-3-109(c).

1.3. Filing Date. -- May 10, 2011.

1.4. Effective Date. -- July 1, 2011.

W. Va. Code R. § 114-61-1