Bill Text: WV SB685 | 2024 | Regular Session | Comm Sub
Bill Title: Continuing and updating Board of Risk and Insurance Management
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-02-23 - Referred to Rules on 3rd reading [SB685 Detail]
Download: West_Virginia-2024-SB685-Comm_Sub.html
WEST virginia legislature
2024 regular session
Committee Substitute
for
Senate Bill 685
By Senator Nelson
[Originating in the Committee on Banking and Insurance; reported February 20, 2024]
A BILL to amend and reenact §29-12-3 of the Code of West Virginia, 1931, as amended, relating to the creation, composition, qualifications, and compensation of the State Board of Risk and Insurance Management; continuing the board; providing for voting membership of the board; providing qualifications of members; providing procedures for appointment of members; providing initial appointment terms of members; providing terms of subsequent appointment of members; providing procedures for vacancy, expiration of term, and removal of members; providing end date for term of members appointed prior to the effective date of the reenactment of this section; authorizing reappointment of any qualified member appointed prior to the effective date of the reenactment; providing that Insurance Commissioner shall serve as non-voting board secretary; and providing for compensation of board members.
Be it enacted by the Legislature of West Virginia:
ARTICLE 12. STATE INSURANCE.
§29-12-3. State Board of Risk and Insurance Management; creation, composition, qualifications, and compensation.
(a)(1) The "state board of insurance of West Virginia" is hereby reestablished, reconstituted and continued as the state Board of Risk and Insurance Management. The board shall be composed of five members. One member shall be the vice chancellor of health sciences of the West Virginia Higher Education Policy Commission. The remaining four members shall be appointed by the Governor with the advice and consent of the Senate. One member shall be appointed by the Governor from a list of three eligible persons submitted to the Governor by the President of the Senate, and one member shall be appointed by the Governor from a list of three eligible persons submitted to the Governor by the Speaker of the House of Delegates. Each member shall be a resident of West Virginia and shall have experience in one or more of the following areas: law, accounting, business, insurance or actuarial science.
(2) Initial appointment of the members other than the vice chancellor for health sciences shall be for the following terms:
One member shall be appointed for a term ending June 30, 2003;
One member shall be appointed for a term ending June 30, 2004;
One member shall be appointed for a term ending June 30, 2005; and
One member shall be appointed for a term ending June 30, 2006.
(3) Except for appointments to fill vacancies, each subsequent appointment shall be for a term ending June 30 of the fourth year following the year the preceding term expired. In the event a vacancy occurs it shall be filled by appointment for the unexpired term. A member whose term has expired shall continue in office until a successor has been duly appointed and qualified. No member of the board may be removed from office by the Governor except for official misconduct, incompetency, neglect of duty, or gross immorality.
(4) Members of the board appointed prior to the reenactment of this article during the sixth extraordinary session of the 2001 Legislature, shall serve until December 15, 2001.
(b) The Insurance Commissioner of West Virginia shall serve as secretary of the board without vote and shall make available to the board the information, facilities and services of the office of the state Insurance Commissioner.
(c) The members of the board shall receive from the executive director of the board the same compensation authorized by law for members of the Legislature for the interim duties for each day, or portion thereof, the member is engaged in the discharge of official duties. All board members shall be reimbursed for their actual and necessary expenses incurred in the discharge of official duties, except that mileage shall be reimbursed at the same rate as that authorized for members of the Legislature.
(d) Notwithstanding any provision of this section to the contrary, the board is subject to the provisions of section twelve of this article
(a) The State Board of Risk and Insurance Management is hereby continued. Effective July 1, 2024, the board shall be composed of five voting members:
(1) The chancellor of the West Virginia Higher Education Policy Commission, or his or her designee; and
(2) Four members with at least 10 years of experience in the insurance industry who shall be appointed by the Governor with the advice and consent of the Senate: Provided, That one member shall be appointed by the Governor from a list of three eligible persons submitted to the Governor by the President of the Senate, and one member shall be appointed by the Governor from a list of three eligible persons submitted to the Governor by the Speaker of the House of Delegates.
(b) Initial appointment of the members shall be for the following terms:
(1) One member shall be appointed for a term ending June 30, 2026;
(2) One member shall be appointed for a term ending June 30, 2027;
(3) One member shall be appointed for a term ending June 30, 2028; and
(4) One member shall be appointed for a term ending June 30, 2029.
(c) Except for appointments to fill vacancies, each subsequent appointment of a member shall be for a term ending June 30 of the fourth year following the year the preceding term expired. In the event a vacancy occurs it shall be filled by appointment for the unexpired term. A member whose term has expired shall continue in office until a successor has been duly appointed and qualified. No member of the board may be removed from office by the Governor except for official misconduct, incompetency, neglect of duty, or gross immorality.
(d) Members of the board appointed prior to the effective date of the reenactment of this section during the 2024 regular session of the Legislature shall serve until June 30, 2024: Provided, That any member of the board appointed prior to the effective date of the reenactment of this section during the 2024 regular session of the Legislature who meets the experience requirement of this section as reenacted may be reappointed to serve on the board.
(e) The Insurance Commissioner of West Virginia shall serve as secretary of the board without vote and shall make available to the board the information, facilities, and services of the office of the State Insurance Commissioner.
(f) The members of the board shall receive from the executive director of the board the same compensation authorized by law for members of the Legislature for the interim duties for each day, or portion thereof, the member is engaged in the discharge of official duties. All board members shall be reimbursed for their actual and necessary expenses incurred in the discharge of official duties, except that mileage shall be reimbursed at the same rate as that authorized for members of the Legislature.
