§33-11A-1. Short Title

This article may be cited as the "Insurance Sales Consumer Protection Act".

§33-11A-10. Timing of Insurance Solicitation

(a) No individual who is an employee or agent of a financial institution, or of a subsidiary or affiliate thereof, may, directly or indirectly, make an insurance-related referral to or solicit the purchase of any insurance from a customer knowing that such customer has applied for a loan or extension of credit from that financial […]

§33-11A-11. Insurance in Connection With a Loan

(a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents. (b) A loan for premiums on required insurance shall not be included in the primary credit without the written consent of the customer. (c) No title insurance shall be issued […]

§33-11A-12. Prohibition of Discrimination Against Agents or Brokers

(a) No financial institution may, in connection with a loan or extension of credit that requires a borrower to obtain insurance, reject an insurance policy because such policy has been issued or underwritten by any person who is not affiliated with such financial institution. (b) No financial institution may impose any requirement on any insurance […]

§33-11A-13. Confidentiality of Insurance Information Obtained by Financial Institutions

(a) When a financial institution requires a borrower to provide insurance information in connection with the making of a loan or extension of credit, neither such financial institution nor an insurance agent or broker affiliated with such financial institution may later use the information so obtained to solicit or offer insurance to such borrower, unless […]

§33-11A-14. Physical Location of Insurance Sales

The place of solicitation or sale of insurance by any financial institution or on the premises of any financial institution shall be clearly and conspicuously signed so as to be readily distinguishable by the public as separate and distinct from the financial institution's lending and deposit-taking activities. In the event that a person which would […]

§33-11A-15. Insurance Records to Be Kept Separate

(a) Books and records relating to the insurance transactions of any person licensed to sell insurance, including all files relating to and reflecting customer complaints, shall be kept separate and apart from all records relating to other business transactions of such person, and shall be made available to the commissioner for inspection upon reasonable notice. […]

§33-11A-16. Severability

If any provision of this article is for any reason held to be invalid, the remainder of the article shall not be affected thereby.

§33-11A-2. Purpose

The purpose of this article is to regulate the business of insurance in West Virginia when engaged in by financial institutions and to protect the interests of consumers.

§33-11A-3. Definitions

For the purposes of this article: (a) "Affiliate" means a person that directly or indirectly or through one or more intermediaries, controls or is controlled by another or is under common control with another. (b) "Commissioner" means the Insurance Commissioner of West Virginia. (c) "Financial institution": (1) Means any bank, savings bank, savings and loan […]

§33-11A-4. Authorization to Implement Regulations

The commissioner shall promulgate rules in accordance with chapter twenty-nine-a of this code to effectuate the provisions of this article.

§33-11A-5. Licensure Requirement for Insurance Sales

Solicitation for the purchase or sale of any insurance product by any person, including an employee or agent of a financial institution, shall be conducted only by individuals who have complied with all applicable state insurance licensing and appointment laws and regulations and who have been issued an agent or broker's license pursuant to chapter […]

§33-11A-6. Insurance Sales Separate From Loan Transaction

(a) Solicitation for the purchase or sale of insurance by a financial institution shall be conducted only by individuals whose responsibilities do not include loan transactions or other transactions involving the extension of credit: Provided, That for a financial institution location having three or less individuals with lending authority, solicitation for the sale of insurance […]

§33-11A-7. Referrals by Unlicensed Persons Allowed

A person who is not licensed to sell insurance may refer a customer who seeks to purchase, or seeks an opinion or advice on, any insurance product to a person, or provide the phone number of a person, who sells or provides opinions or advice on such product, only if the person making the referral […]

§33-11A-8. Tying of Products Prohibited

(a) No person shall require or imply that the purchase of an insurance product from a financial institution by a customer or prospective customer of the institution is required as a condition of the lending of money or extension of credit. (b) No financial institution may offer an insurance product in combination with its other […]

§33-11A-9. Disclosures

(a) A financial institution soliciting the purchase of or selling insurance, and any person soliciting the purchase of or selling insurance on the premises of, in connection with a product offering of, or using a name identifiable with, a financial institution, shall prominently disclose to customers, in writing, in clear and concise language, including in […]