West Virginia has a new enactment for medical discount providers referred to as HB 4404. The law requires a surety bond equal to or more than $35,000 to be posted by discount medical establishments. The bond attained by the discount medical organizations must be in favor of the Insurance Commissioner for the advantage of individuals that may be damaged by the organization’s breach of the new law; it is mandatory that the insurance company who wrote the bond is licensed in the state.
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West Virginia Discount Medical Provider Bond
August 30, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: discount medical provider, medical, medical provider, medical provider bond, west virginia, wv | Comments (0)
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West Virginia Public Funds Depository Bond
August 26, 2009 by Eric WeisbrotThere is a new depository bond law in the state of West Virginia called HB 4692. The law provides an alternative to the depository bond requirements for public funds belonging to the state. Existing law requires a $10,000 bond to be posted by eligible depositories. The new law allows such banking establishments to position deposits in certificates of deposit. The certificates of deposit requirements are outlined by the new law; this will make banking establishments qualified to use them in lieu of bonds. Category: Commercial Bonds, Surety NewsTags: bond requirements, depository bond, legislation, public funds depository bond, surety bond, west vriginia, wv | Comments (0)
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West Virginia Mortgage Lender License Bond Amendment
August 24, 2009 by Eric WeisbrotOn 03/27/2008, the state of West Virginia enacted SB 292. The new law authorizes the Commissioner of Banking to make a claim for an unpaid civil administrative penalty or an unpaid assessment invoice against a mortgage lender’s license bond. The law in place allows claims against the bond directly from consumers. The new law became active on June 7, 2008.Category: Commercial Bonds, Mortgage Banker Bonds, Surety NewsTags: bond requirements, legislation, mortgage banker, mortgage lender, surety bond, west virginia, wv | Comments (0)
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West Virginia MVD Bond Increase
August 23, 2009 by Eric WeisbrotThere is a new MVD (Motor Vehicle Dealer) bond law in the state of West Virginia under the name of HB 4364.The new law more than doubles the mandatory amount of the motor vehicle dealer license bond from $10,000 to $25,000. The new law was enacted on 04/01/2008 and became active on 06/8/2008.Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond, west virginia, wv | Comments (0)
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West Virginia Viatical Settlement Broker Bond
August 19, 2009 by Eric WeisbrotSB 704 is a new law enacted in West Virginia which regulates viatical settlement providers and brokers. The law requires licensure and proof of financial accountability through a surety bond, cash, or cash equivalents. The bond must be $250,000 and from a surety company licensed in the state. The Commissioner of Insurance has the authority to waive the financial requirement if the applicant shows proof that an instrument has been filed within the applicant’s home state. The bond acquired would have to be in favor of the State; it would also have to sanction the Insurance Commissioner to make recovery for any individual in this state suffering damages that resulted from failure to act, faulty performance, conviction of fraud or conviction of deceitful methods of the viatical settlement provider or agent. The National Association of Insurance Commissioners model legislation is the reason for the up rise of this new law.Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, surety bond, viatical settlement, viatical settlement broker, viatical settlement provider, west vriginia, wv | Comments (0)
