Current through Register Vol. XLI, No. 17, April 26, 2024
Section 114-2-5 - Switching5.1. No person who owns or is affiliated with an insurance agency or individual insurance producer may require, as a condition precedent to making a loan, that the borrower cancel insurance and purchase new insurance with the individual insurance producer or with an agency insurance producer with which the person is affiliated.5.2. Any individual insurance producer who, directly or indirectly, or by subterfuge or artifice aids, abets or participates in violating this section is subject to the penalties prescribed by W. Va. Code § 33-12-24.5.3. The act of any person, who owns or is affiliated with an insurance agency or individual insurance producer in making a loan in violation of this section will be considered to be the act of the individual insurance producer or agency insurance producer with which the person making the loan is affiliated. The individual insurance producer or agency insurance producer will be held strictly accountable for the acts of a person who is affiliated with the individual insurance producer or agency insurance producer and who makes a loan in violation of this section.5.4. Any insurance company licensed under the laws of West Virginia that accepts business from an insurance producer which it knows or reasonably should know to have violated this rule is subject to the penalties prescribed by W. Va. Code § 33-3-11.