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WV Code § 33-8A-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 8A. Use of Clearing Corporations and Federal Reserve Book-Entry System|§33-8A-5. Deposit of Securities by Foreign Insurance Companies

Notwithstanding any other provision of law, securities eligible for deposit under the insurance law of this state relating to deposit of securities by an insurance company as a condition of commencing or continuing to do an insurance business in this state may be deposited with a clearing corporation or held in the federal reserve book-entry system. Securities deposited with a clearing corporation or held in the federal reserve book-entry system and used to meet the deposit requirements under the insurance laws of this state shall be under the control of the commissioner and shall not be withdrawn by the insurance company without the approval of the commissioner. An insurance company holding securities in this manner shall provide to the commissioner evidence issued by its custodian or a member bank through which the insurance company has deposited securities with a clearing corporation or held in the federal reserve book-entry system, respectively, in order to establish that the securities are actually recorded in an account in the name of the custodian or other direct participant or member bank and evidence that the records of the custodian, other participant or member bank reflect that the securities are held subject to the order of the commissioner.
WV Code § 33-8A-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 8A. Use of Clearing Corporations and Federal Reserve Book-Entry System|§33-8A-7. Deposit With Affiliates; Requirements

(a) Nothing in this regulation shall prevent an insurance company from depositing securities with another insurance company with which the depositing insurance company is affiliated, provided that the securities are deposited pursuant to a written agreement authorized by the board of directors of the depositing insurance company or an authorized committee thereof and that the receiving insurance company is organized under the laws of one of the states of the United States of America or of the District of Columbia. If the respective states of domicile of the depositing and receiving insurance companies are not the same, the depositing insurance company shall have given notice of the deposit to the Insurance Commissioner in the state of its domicile and the Insurance Commissioner shall not have objected to it within thirty days of the receipt of the notice.(b) The terms of the agreement shall comply with the following:(1) The insurance company receiving the deposit shall maintain records adequate to identify and verify the securities belonging to the depositing insurance company.(2) The receiving insurance company shall allow representatives of an appropriate regulatory body to examine records relating to securities held subject to the agreement.(3) The depositing insurance company may authorize the receiving insurance company:(A) To hold the securities of the depositing insurance company in bulk, in certificates issued in the name of the receiving insurance company or its nominee, and to commingle them with securities owned by other affiliates of the receiving insurance company; and(B) To provide for the securities to be held by a custodian, including the custodian of securities of the receiving insurance company or in a clearing corporation or the federal reserve book-entry system.
WV Code § 33-9-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-1. Deposits of Insurers

The State Treasurer of West Virginia shall accept and hold in trust, when made through the commissioner, deposits of securities or funds by insurers as follows:(a) Deposits required for a license to transact insurance in West Virginia.(b) Deposits of domestic, foreign, or alien insurers when made pursuant to the laws of other states, provinces, and countries as prerequisite for authority to transact insurance in such state, province, or country.(c) Deposits in such additional amounts as are permitted to be made by section six of this article.
WV Code § 33-9-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-2. Purpose of Deposits

Such deposits shall be held for purposes as follows:(a) When the deposit is required for authority to transact insurance in West Virginia the deposit shall be held for the protection of all the insurer's policyholders and creditors within the United States.(b) When the deposit is required pursuant to the laws of another state, province, or country, the deposit shall be held for such purposes as is required by such laws, and as specified by the commissioner at the time the deposit is made.(c) When the deposit is required pursuant to the retaliatory provisions, section sixteen of article three of this chapter, the deposit shall be held for purposes as specified in the commissioner's order requiring the deposit.
WV Code § 33-9-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-3. Assets Eligible for Deposit

(a) All deposits required for a license to transact insurance in West Virginia shall consist of cash or any combination of the government obligations described in paragraph (A) or (B), subdivision (1), subsection (a), section eleven, article eight of this chapter or paragraph (A), (B) or (C), subdivision (3) of said subsection.(b) All deposits required pursuant to the laws of another state, province or country, or pursuant to the retaliatory provision, section sixteen, article three of this chapter, shall consist of those assets that are required or permitted by the laws, or as required pursuant to the retaliatory provision.
WV Code § 33-9-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-4. Trust Companies as Depositories; State Responsible for Safekeeping and Return of Deposits

(a) Upon request of the insurer, the state Treasurer may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the treasurer's depository to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer.(b) The state of West Virginia shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the state Treasurer or in any depository so designated by him
WV Code § 33-9-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-5. Rights of Solvent Insurer

So long as the insurer remains solvent and complies with this chapter it may:(a) Demand, receive, sue for and recover the income from the securities or cash deposited,(b) Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities of equivalent or greater value, and(c) Inspect, at reasonable times, any such deposit.
WV Code § 33-9-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-6. Excess Deposits

An insurer may so deposit cash or eligible securities in an amount exceeding its deposit required or otherwise permitted under this chapter, such excess deposit to be held for the protection of such insurer's policyholders and creditors. During the solvency of the insurer any such excess deposit or part thereof shall be released to the insurer upon its request. During the insolvency of the insurer such excess deposit shall be released only as provided in section seven of this article.
WV Code § 33-9-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-7. Release of Deposits -- Generally

Any deposit made in this state under this chapter shall be released and returned:(a) To the insurer upon extinguishment by authorized reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held;(b) To the insurer to the extent such deposit is in excess of the amount required; or(c) Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
WV Code § 33-9-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-8. Release of Deposits -- Order of Commissioner Required

No such release of deposited funds shall be made except upon application to and written order of the commissioner. The commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.
WV Code § 33-9-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 9. Administration of Deposits|§33-9-9. Deposit Not Subject to Levy; Exception

No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof; except, that such levy may be permitted if so specified in the commissioner's order requiring the deposit pursuant to the retaliatory provision, section sixteen of article three of this chapter.
WV Code § 33-10-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-2. Jurisdiction, Venue and Appeal of Delinquency Proceedings; Exclusive Remedy

(a) The circuit courts of this state or the judges thereof in vacation are vested with exclusive original jurisdiction of delinquency proceedings under this article, and are authorized to make all necessary and proper orders to carry out the purposes of this article.(b) The venue of delinquency proceedings against a domestic insurer shall be in the circuit court of the county of the insurer's principal place of business. The venue of such proceedings against foreign insurers, alien insurers or domestic insurers in which their principal place of business is outside of the State of West Virginia shall be in the circuit court of Kanawha County.(c) With the exception of administrative supervision pursuant to article thirty-four of this chapter, delinquency proceedings pursuant to this article shall constitute the sole and exclusive method of liquidating, rehabilitating, reorganizing or conserving an insurer and no court shall entertain a petition for the commencement of such proceedings unless the same has been filed in the name of the state on the relation of the Insurance Commissioner.(d) An appeal shall lie to the West Virginia Supreme Court of Appeals from an order granting or refusing rehabilitation, liquidation or conservation and from every other order in delinquency proceedings having the character of a final order as to the particular portion of the proceedings embraced therein. Appeals from orders granting or refusing rehabilitation, liquidation or conservation shall be prosecuted pursuant to section four-d of this article.(e) At any time after an order is made under section ten or eleven of this article, the commissioner may remove the principal office of the insurer proceeded against to Kanawha County. In the event of such removal, the court wherein the proceeding was originally commenced shall, upon the application of the commissioner, direct its clerk to transmit all the pleadings, motions and other papers filed therein with such clerk to the clerk of the circuit court of Kanawha County. The proceeding shall thereafter be subject to the jurisdiction of the Kanawha County circuit court and conducted in the same manner as though it had been commenced in the Kanawha County circuit court.
WV Code § 33-10-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-3. Court's Seizure Order

(a) The commissioner may file in the appropriate circuit court of this state, as provided in section two of this article, a petition alleging, with respect to a domestic insurer:(1) That there exist any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this act;(2) That the interests of policyholders, creditors or the public will be endangered by delay; and(3) The contents of an order considered necessary by the commissioner.(b) Upon a filing under subsection (a) of this section, the court may issue forthwith, ex parte and without a hearing, the requested order which shall direct the commissioner to take possession and control of all or a part of the assets, books, accounts, documents and other records of an insurer and of the premises occupied by it for transaction of its business; and until further order of the court enjoin the insurer and its officers, managers, agents and employees from disposition of its property and from the transaction of its business except with the written consent of the commissioner.(c) The court shall specify in the order what its duration shall be, which shall be the time as the court considers necessary for the commissioner to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may, from time to time, hold hearings as it considers desirable after notice that it considers appropriate and may extend, shorten or modify the terms of the seizure order. The court shall vacate the seizure order if the commissioner fails to commence a formal delinquency proceeding under this article after having had a reasonable opportunity to do so. An order of the court pursuant to a formal proceeding under this article shall ipso facto vacate the seizure order.(d) Entry of a seizure order under this section will not constitute an anticipatory breach of any contract of the insurer.(e) An insurer subject to an ex parte order under this section may petition the court at any time after the issuance of the order for a hearing and review of the order. The court shall hold the hearing and review not more than fifteen days after the request. Subject to the approval of the court, a hearing under this subsection may be held privately in chambers if the insurer proceeded against so requests.(f) If, at any time after the issuance of such an order, it appears to the court that any person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given will not stay the effect of any order previously issued by the court.
WV Code § 33-10-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4. Injunctions and Other Orders

(a) Upon application by the commissioner for an order under this article:(1) The court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all other persons from the transaction of its business or the waste or disposition of its property until further order of the court.(2) The court may at any time during a proceeding under this article issue other injunctions or orders as may be considered necessary to prevent interference with the commissioner or the proceeding, or waste of the assets of the insurer, or the commencement or prosecution of any actions, or the obtaining of preferences, judgments, attachments or other liens, or the making of any levy against the insurer or against its assets or any part thereof.(3) The court may order any managing general agent or attorney-in-fact to release to the commissioner any books, records, accounts, documents or other writings relating to the business of such person: Provided, That any of the same or the property of an agent or attorney shall be returned when no longer necessary to the commissioner or at any time the court after notice and hearing shall so direct.(b) Any person having possession of and refusing to deliver any of the books, records or assets of an insurer against whom a seizure order has been issued by the court is guilty of a misdemeanor and, shall be punished by a fine not exceeding $1,000 or confined in jail not more than one year, or both fined and confined.(c) Whenever the commissioner makes any seizure as provided in section three of this article, it is the duty of the sheriff of any county of this state, and of the police department of any municipality therein, to furnish the commissioner, upon demand, with deputies, patrolmen or officers necessary to assist the commissioner in making and enforcing the seizure.(d) Notwithstanding any other provision of law, no bond is required of the commissioner as a prerequisite for the issuance of any injunction or restraining order pursuant to this section.(e) Notwithstanding subsections (a) through (d) of this section or any other provision of this chapter, the commencement of a delinquency proceeding with respect to an insurer-member does not operate as a stay, injunction or prohibition of the exercise by a federal home loan bank of its rights regarding collateral pledged by the insurer-member.
WV Code § 33-10-4a (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4a. Commencement of Formal Delinquency Proceeding

(a) Any formal delinquency proceeding against a person shall be commenced by filing a petition in the name of the commissioner.(b) The petition shall state the grounds upon which the proceeding is based and the relief requested, and may include a prayer for restraining orders and injunctive relief as described in section four of this article.(c) Any petition that prays for a temporary restraining order must be verified by the commissioner or the commissioner's designee, but need not plead or prove irreparable harm or inadequate remedy by law. The commissioner shall provide only such notice as the court may require.(d) If any temporary restraining order is prayed for:(1) The court may issue an initial order containing the relief requested;(2) The order shall state the time and date of its issuance;(3) The court shall set a time and date for the return of summons, not more than ten days from the time and date of the issuance of the initial order, at which time the person proceeded against may appear before the court for a summary hearing;(4) The order shall not continue in effect beyond the time and date set for the return of summons, unless the court shall expressly enter one or more orders extending the restraining order; and(5) The verified petition shall be filed with the clerk of the circuit court and maintained as confidential, except for good cause shown, until service of the petition and summons is effected.(e) If no temporary restraining order is requested, the court shall cause a summons to be issued. The summons shall specify a return date not more than thirty days after issuance and that an answer to the petition must be filed at or before the return date.(f) Service of process required pursuant to this article shall be upon the person named in the petition in accordance with the West Virginia rules of civil procedure.
WV Code § 33-10-4b (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4b. Return of Summons and Summary Hearing

(a) The court shall hold a summary hearing at the time and date for the return of summons.(b) If a person is not served with the petition and summons and fails to appear for the summary hearing, the court shall:(1) Continue the summary hearing not more than ten days;(2) Require the commissioner to make additional or alternative attempts at service of the petition and summons upon the person; and(3) Extend any restraining order.(c) Upon a showing of good faith efforts to effect service upon a person who has failed to appear for a continued summary hearing, the court shall order notice of the petition to be published. The order and notice shall specify a return date not less than ten nor more than twenty days after the publication and that the restraining order has been extended to the continued hearing date.(d) If a person fails to appear for a summary hearing after service of the summons, the court shall enter judgment in favor of the commissioner against that person.(e) A person who appears for the summary hearing shall file its answer at the hearing and the court shall:(1) Determine whether to extend any temporary restraining orders pending final judgment; and(2) Set the case for trial on a date not more than ten days from the summary hearing.(f) The court shall grant no continuance for filing an answer.
WV Code § 33-10-4c (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4c. Proceedings for Expedited Trial, Continuances, Discovery, Evidence

(a) The court shall hear the case at the time and date set forth for trial without a jury and without unnecessary delays. To the extent not inconsistent with other laws or applicable rules, the court shall give priority to the matter over all other matters. To the extent otherwise authorized by law or applicable rules, the court may assign the matter to other judges if necessary to comply with the need for expedited proceedings under this article.(b) Continuances for trial shall be granted only in extreme circumstances.(c) The court shall receive as self-authenticated any of the following when offered by the commissioner:(1) Certified copies of the financial statements made by the person; and(2) Certified copies of examination reports of the person made by or on behalf of the commissioner.(d) The facts contained in any such examination report shall be presumed to be true as of the date of the hearing if the examination was made as of a date not more than two hundred seventy days before the petition was filed. This presumption shall be rebuttable and shall shift the burden of production and persuasion.(e) Discovery shall be limited to grounds alleged in the petition, and shall be concluded on an expedited basis.
WV Code § 33-10-4d (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4d. Decision and Appeals

(a) The court shall enter judgment within fifteen days or as soon as practicable after the conclusion of the evidence.(b) The judgment shall be final when entered. Any appeal shall be prosecuted on an expedited basis and must be filed within five days of entry. No request for reconsideration, review or appeal and no posting of a bond shall dissolve or stay the judgment.
WV Code § 33-10-4e (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 10. Rehabilitation and Liquidation|§33-10-4e. Confidentiality

(a) In all proceedings and judicial reviews under section four of this article, all records of the insurer, other documents and all insurance department files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential and all papers filed with the clerk of the circuit court shall be held by the clerk in a confidential file, except as is necessary to obtain compliance with any order entered in connection with the proceedings, unless and until:(1) The circuit court, after hearing argument in chambers, shall order otherwise;(2) The insurer requests that the matter be made public; or(3) The commissioner applies for an order under section ten or eleven of this article.(b) The commissioner may share documents, materials or other information in his or her possession or control pertaining to an insurer that is the subject of a proceeding under this article with other state insurance departments, the national association of Insurance Commissioners, and federal banking agencies in accordance with section nineteen, article two of this chapter. No waiver of any applicable privilege or claim of confidentiality shall occur as a result of disclosure by the commissioner under this section or as a result of sharing documents, materials or other information pursuant to this subsection.