W. Va. Code R. § 114-70-3

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

Section 114-70-3 - Limitation on Items of Value with Respect to Rebates

3.1. For the purposes of W. Va. Code § 33-11-4(8), the phrases "valuable consideration" and "anything of value" shall not include any educational materials, promotional materials, or articles of merchandise that cost twenty-five dollars ($25.00) or less, regardless of whether a policy or contract is purchased.

3.2. For the purpose of determining the value of any item pursuant to W. Va. Code § 33-11-4(8), an insurance company or producer shall retain the original invoice for such item for five (5) years beyond the later of the date the offer is discontinued or the date the last item is given.