[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6122511,"mediaKeyId","2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4","parentId",2694732,"title","Committee approves update to insurance holding company rules to align with NAIC model","audioSeconds",404,"startMs",1429000,"endMs",1833000,"viewUrl","/Search/View?dp=1&key=2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4&start=1429&end=1833","thumbnailUrl","https://assets.pipeline.soar.com/2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4/thumbnail_1429000.jpg","articleUrl","/articles/6122511/West-Virginia/Committee-approves-update-to-insurance-holding-company-rules-to-align-with-NAIC-model","mediaUrl","https://secure.pipeline.soar.com/6122511-8c757e0c2af9927560f76973caa395f9/orig.mp4?Expires=1771159471&Signature=Ilp3SIZ8TtjMk5FZpNWlfBkbdPkAGMLXLCqPLOBzS4FKEUf4peIqJY9ApDLiGjkaaZJa3AFFdZhKa8QHTCP8~Zqh98O55TMMks-Izc586Zq82AoO3ETRoZSeCfcCZZNgs0RkJT68~~9ywpqM8s70Nc2343R35sKHLL92fdTwTpYPVcIif15oaamRHnVeskqxNoXYYd4F9n8TbaH0yR-XLlkPAOsD4eYA3m7vs~IX2VrpsaXkcgmF4Weh54DBkGu7b-2niq3NSCC-IjtkGDbU2ooLbiVk2J9rXB0A60c8v1mX0LvbBR4RSDnXy21WSf47Z2p~HIakCTj5RSWZSqSf9g__&Key-Pair-Id=KUT5TJCACFTXG","author","West Virginia Legislature","date","2025-03-19T00:00:00Z","article","The Senate Banking and Insurance Committee agreed by voice vote to a committee substitute for Senate Bill 800, an insurance-commissioner-sponsored bill that updates six sections of the insurance code implementing the NAIC Insurance Holding Company System Regulatory Act (Model #440) revisions adopted in 2021.

Counsel said the changes adopt model-led requirements for group capital calculations, filing requirements and liquidity stress tests. The committee substitute primarily incorporates the NAIC model language into state law and makes technical drafting adjustments to fit West Virginia's code.

Insurance Commissioner Alan McVay, sworn in to testify, told the committee both the life-and-health and property-and-casualty guarantee funds are \"in very good condition, actuarially very sound,\" and said the amendments are intended to help the department prevent insolvency and to maintain NAIC accreditation. Counsel said approximately six domestic holding companies might be subject to the stress-test provisions under current conditions.

The bill's changes add definitions, set standards for related-party transactions within insurance holding company systems, require filings of group capital calculations and, where applicable, liquidity stress testing. Counsel said the changes are largely technical and aimed at preserving West Virginia's accreditation with the NAIC so multistate insurers and regulators can rely on the state's solvency regulation.

After brief questions and no amendments, the committee agreed to the committee substitute and voted to report it to the full Senate with the recommendation that it pass. Committee action was by voice vote; no roll-call tally was provided.","mediaType","Video","parentTitle","WV Senate Banking and Insurance Committee in Session Mar 19, 2025","oneSentenceSummary","The committee agreed to a committee substitute for Senate Bill 800, updating West Virginia's insurance holding company system regulation to reflect recent National Association of Insurance Commissioners (NAIC) Model Law revisions and voted to report the substitute to the full Senate with a recommendation that it pass.","taxTitle","2025 Legislature WV, West Virginia","taxId",77714,"location","West Virginia","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6122516,"Committee agrees to report firearms industry nondiscrimination bill after proponents cite economic gains",771,567000,1338000,"/Search/View?dp=1&key=2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4&start=567&end=1338","https://assets.pipeline.soar.com/2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4/thumbnail_567000.jpg","/articles/6122516/West-Virginia/Committee-agrees-to-report-firearms-industry-nondiscrimination-bill-after-proponents-cite-economic-gains","https://secure.pipeline.soar.com/6122516-265b4f677c157aabba6a39912927c0ac/orig.mp4?Expires=1771159471&Signature=MkuKLn-LmBtwKj5KLyiKB2JNadHjQL1yHokR4mwi9trRd7L~-l7xPcoupJzdXqkOEuHJUXGxrCPnAPzUlEVi0J5Zy22trnww7uPdfliFyAk3hsdvnVCqPzqTW6KnFNTGfsW6dRyuwhAzC0lOpsq5CB8e-ScffLJHJ5SSj1TE0y51YCzTubyCGXVKl-FvaQ1qUi9-Kyyx7Tzj1zPOVgE9F1dAIH4Zq8lSN288wdkXMGrsq6JAgDC1nfeSWvWXnt~S4CTrgZdrjb6cu2HjQEgc9XbOuS4XUkYC2mVd-IVWJNkT72~HY1dJimnEwzg9V061hFWZLC5D1EgYgVp18Cf~Kw__&Key-Pair-Id=KUT5TJCACFTXG","The Senate Banking and Insurance Committee agreed, by voice vote, to report Senate Bill 776, the Firearms Industry Nondiscrimination Act, to the full Senate with a recommendation that it pass; under the bill's original double-reference the measure will first be referred to the Committee on the Judiciary.

Counsel described the bill as creating a new article in Chapter 5A of the Department of Administration code that would bar the executive branch and political subdivisions from contracting with financial institutions that discriminate against \"firearm entity\" or \"firearm trade association,\" subject to narrow exceptions. Counsel said the definition of \"financial institution\" references federal law and is very broad, potentially covering banks, credit unions, brokers, insurers, payment processors and other businesses listed in federal definitions.

Jason Webb of the National Shooting Sports Foundation testified that the bill does not force financial institutions to make loans that fail normal underwriting standards, saying, \"that's a legitimate business purpose. You could deny anyone that doesn't meet the collateral capital financial all those things absolutely.\" Webb and Taylor McKee of the National Rifle Association argued the measure protects firearm-related businesses from being cut off from banking, payment processing and other central services and cited economic-development examples from other states.

Webb referenced Georgia's experience, telling the committee that in the last five years \"13 companies have located, or expanded in the state of Georgia, investing $213,000,000 and created 2,175 jobs,\" and said states including Alabama, Georgia, Florida, Montana, Texas, Utah and Wyoming have passed similar nondiscrimination laws.

Counsel noted the bill provides private remedies, including actions for actual and compensatory damages, punitive damages, injunctive relief and attorney's fees for prevailing plaintiffs; it also authorizes the attorney general to pursue civil actions and to recommend termination of state business relationships with violating financial institutions. Counsel said there is a secondary reference to the Committee on the Judiciary and that a statute-of-limitations provision is included.

After hearing testimony from industry witnesses, the committee adopted the motion to report the bill to the full Senate with the recommendation that it pass; that motion also directed the bill to the Committee on the Judiciary as originally ordered. The committee took no amendments during its consideration.","Senate Bill 776, the Firearms Industry Nondiscrimination Act, was explained by counsel and endorsed by industry witnesses. The committee agreed to report the bill to the full Senate with a recommendation that it pass and a first referral to the Committee on the Judiciary.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6122521,"Senate committee backs bill to exempt $25,000 of life insurance cash value from Medicaid eligibility calculations",230,303000,533000,"/Search/View?dp=1&key=2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4&start=303&end=533","https://assets.pipeline.soar.com/2694732-c35e9fd6f7fbbbca7e19a44cf6bbffd4/thumbnail_303000.jpg","/articles/6122521/West-Virginia/Senate-committee-backs-bill-to-exempt-25000-of-life-insurance-cash-value-from-Medicaid-eligibility-calculations","https://secure.pipeline.soar.com/6122521-7ce128c4c8e16ed8f001bb717a7f22c9/orig.mp4?Expires=1771159471&Signature=ZpL1J6QMjvm8KFxchDjwuEOM-cNrG43-pc8zk5Pecvhnn8JaRDu5rAJvCxQ~SaZL6Ru1Sv5aZB4~nPoUYP12vI3DOZd5Q9wPEiXfF0XkgNqYrJWZ3FbXeyZLs-ErCsCzgXTRRWkztxeL4a69qHcRczNUuzoZqLac9HMsVCuT7XVlMif1NIy0G~SDN8ZJHERY4w55lUDI-1kArpUP7lgo6tG~pus2MAyFr~GJyFpIPO38-1~fY6EKIAo~xlDIKB~OJmStgzJNtStamnL9EXzllfO1Yd3rc5VzFNzDIK8jqRyVq20HGf30Uvllg0sKOr4shRKXRTmZoWiO~gKVJzvKiw__&Key-Pair-Id=KUT5TJCACFTXG","The Senate Banking and Insurance Committee on an unrecorded voice vote agreed to a committee substitute for Senate Bill 6 that would create a new section in the human resources code exempting the first $25,000 of the cash value or death benefit of a life insurance policy from Medicaid eligibility calculations.

Counsel told the committee the substitute \"provides so that the first 25000 dollars of the cash value of a life insurance policy, or of the death benefit of a life insurance policy, is exempt from Medicaid, eligibility calculations.\" Counsel also said Human Resources' fiscal note estimates a \"minimus fiscal impact\" and that denials because of cash-surrender value are rare.

Supporters said the change aims to help low-income West Virginians keep small life insurance policies intact while pursuing Medicaid long-term care eligibility. The Senator from the Thirteenth said the bill would prevent some residents from having to \"cancel a life insurance policy to spend down the very limited cash value dollars inside the life insurance policy\" before they qualify for long-term-care services, and noted that, in the absence of such policies, the state often pays funeral and burial costs.

After agreeing to the committee substitute, the committee voted to report the measure to the full Senate \"with the recommendation that it do pass,\" subject to its original double-reference by first sending the bill to the Committee on Health and Human Resources. The committee adopted both votes by voice; no roll-call tally was given.

The bill's text, as described by counsel, creates a standalone section in the human resources code and is intended to limit the role of a policy's cash-surrender value (CSV) in determining Medicaid eligibility. The fiscal note cited by counsel characterizes the anticipated budgetary effect as minimal.

The committee took no further amendments and adjourned after completing its action on the substitute and the reporting motion.","The Senate Banking and Insurance Committee agreed to a committee substitute for Senate Bill 6 to exclude the first $25,000 of a life insurance policy's cash-surrender value or death benefit from Medicaid asset calculations and voted to report the measure to the full Senate, with a first referral to the Health and Human Resources Committee.","actionData","errors"]

Article not found

Committee approves update to insurance holding company rules to align with NAIC model

Committee agrees to report firearms industry nondiscrimination bill after proponents cite economic gains

Senate committee backs bill to exempt $25,000 of life insurance cash value from Medicaid eligibility calculations