On Feb. 23, WV LEG passed bill raising insurance referral fees to $100.
WV LEG passed bill HB 5057 to raise threshold for nominal referral fees for insurance products from $25 to $100 without the recipient being required to have license.
Bill Provisions
Amends WV INS 33-11A-7 to add definition of nominal fee being one-time $100 fee.
Purpose is to define nominal fee for giving referral to insurance company or producer.
Legislative History
On Jan. 24, 2024, bill introduced in the House; on Feb. 8, 2024, bill passed in House.
On Feb. 9, 2024, bill introduced in the Senate; on Feb. 23, 2024, bill passed in Senate.
Effectiveness
Provisions of bill effective 90 days after passage.
Mar. 2024 WV LEG Governor Approval
On Mar. 27, 2024, WV LEG bill HB 5057 approved by governor, effective May 23, 2024.
Regulators
WV LEG
Entity Types
IB; Ins
Reference
Bill, 3/27/2024; Bill HB5057, 2/23/2024; Citation: WV INS 33-11A-7;
