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WV Code § 33-26-19 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26. West Virginia Guaranty Association Act|§33-26-19. Severability

In the event any part or provision of this article be held to be unconstitutional by any court of competent jurisdiction, such holding and decision of the court shall not affect the validity and Constitutionality of the remaining parts and provisions of this article.
WV Code § 33-26A-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-1. Short Title

This article shall be known and may be cited as the "West Virginia Life and Health Insurance Guaranty Association Act."
WV Code § 33-26A-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-2. Purpose of Article and Association of Insurers

(a) The purpose of this article is to protect, subject to certain limitations, the persons specified in §33-26A-3(a) of this code against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in §33-26A-3(b) of this code, because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.(b) To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited by this article, and members of the association are subject to assessment to provide funds to carry out the purpose of this article.
WV Code § 33-26A-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-4. Construction of Article

This article shall be liberally construed to effect the purpose under section two of this article which shall constitute an aid and guide to interpretation.
WV Code § 33-26A-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-6. Creation of Association; Required Accounts; Supervision of Commissioner; Meetings and Records

(a) There is created a nonprofit legal entity to be known as the West Virginia Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under §33-26A-10 of this code and shall exercise its powers through a board of directors established under §33-26A-7 of this code. For purposes of administration and assessment, the association shall maintain the following two accounts:(1) The life insurance and annuity account which includes the following subaccounts:(A) Life insurance account;(B) Annuity account which shall include annuity contracts owned by a governmental retirement plan or its trustee established under section 401, 403(b), or 457 of the United States Internal Revenue Code, but shall otherwise exclude unallocated annuities; and(C) Unallocated annuity account which shall exclude contracts owned by a governmental retirement plan or its trustee established under section 401, 403(b), or 457 of the United States Internal Revenue Code.(2) The health account.(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.
WV Code § 33-26A-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-7. Board of Directors; Members; Vacancies; Voting Rights; Appointment and Reimbursement

(a) The board of directors of the association shall consist of not less than seven nor more than 11 member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner.(b) To select the initial board of directors, and initially organize the association, the commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy. If the board of directors is not selected within 60 days after notice of the organizational meeting, the commissioner may appoint the initial members.(c) In approving selections or in appointing members to the board, the commissioner shall consider, among other things, whether all member insurers are fairly represented.(d) Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors but members of the board shall not otherwise be compensated by the association for their services.
WV Code § 33-26A-11 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-11. Duties and Powers of Commissioner of Insurance

In addition to the duties and powers enumerated elsewhere in this article:(a) The commissioner shall:(1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer;(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this article; and(3) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator or rehabilitator.(b) The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact business in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. The forfeiture shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be less than $100 per month.(c) A final action of the board of directors or the association may be appealed to the commissioner by any member insurer if such appeal is taken within 60 days of its receipt of notice of the final action being appealed. If a member company is appealing an assessment, the amount assessed shall be paid to the association and available to meet association obligations during the pendency of an appeal. If the appeal on the assessment is upheld, the amount paid in error or excess shall be returned to the member company. Any final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction.(d) The liquidator, rehabilitator, or conservator of any impaired insurer may notify all interested persons of the effect of this article.
WV Code § 33-26A-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-13. Appointment of Special Deputy

The association may recommend a natural person to serve as a special deputy to act for the commissioner and under his or her supervision in the liquidation, rehabilitation or conservation of any member insurer.
WV Code § 33-26A-15 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-15. Examination of Association; Annual Report

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the commissioner and a report of its activities during the preceding calendar year.
WV Code § 33-26A-16 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-16. Tax Exemptions

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.
WV Code § 33-26A-17 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-17. Immunity

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or his or her representatives, for any action or omission by them in the performance of their powers and duties under this article. Such immunity shall extend to the participation in any organization of one or more other state associations of similar purposes and to any such organization and its agents or employees.
WV Code § 33-26A-18 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 26A. West Virginia Life and Health Insurance Guaranty Association Act|§33-26A-18. Stay of Court Proceedings; Reopening Default Judgments

All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to a judgment under any decision, order, verdict or finding based on default the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
WV Code § 33-27-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-1. Short Title

This article may be cited as the "West Virginia Insurance Holding Company Systems Act."
WV Code § 33-27-6a (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-6a. Supervisory Colleges; Power of Commissioner; Expenses; Agreements

(a) Power of Commissioner. –- With respect to any insurer registered under section four of this article, and in accordance with subsection (c) of this section, the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following:(1) Initiating the establishment of a supervisory college;(2) Clarifying the membership and participation of other supervisors in the supervisory college;(3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;(4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and(5) Establishing a crisis management plan.(b) Supervisory College. –- In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section six of this article, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The commissioner may enter into agreements in accordance with subsection (c), section seven of this article providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college: Provided, That this section may not be construed as delegating to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.
WV Code § 33-27-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-8. Injunctions; Prohibitions Against Voting Securities; Sequestration of Voting Securities

 (a) Injunctions. -- Whenever it appears to the commissioner that any person or any director, officer, employee or agent thereof has committed or is about to commit a violation of this article or of any rule, regulation or order issued by the commissioner hereunder, the commissioner may apply to the circuit court for an order enjoining such person or such director, officer, employee or agent thereof from violating or continuing to violate this chapter or any such rule, regulation or order, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require. (b) Voting of securities: when prohibited. -- No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this article or of any rule, regulation or order issued by the commissioner hereunder may be voted at any shareholders' meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the courts of this state have so ordered. If an insurer or the commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this article or of any rule, regulation or order issued by the commissioner hereunder the insurer or the commissioner may apply to the circuit court to enjoin any offer, request, invitation, agreement or acquisition made in contravention of section four of this article, or any rule, regulation or order issued by the commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require. (c) Sequestration of voting securities. -- In any case where a person has acquired or is proposing to acquire any voting securities in violation of this article or any rule, regulation or order issued by the commissioner hereunder, the circuit court may, on such notice as the court deems appropriate, upon the application of the insurer or the commissioner seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this article. Notwithstanding any other provisions of law, for the purposes of this article, the situs of the ownership of the securities of domestic insurers shall be deemed to be in this state.
WV Code § 33-27-10 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-10. Receivership

Whenever it appears to the commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the commissioner may take possession of the property of such domestic insurer and proceed as provided in article ten of this chapter.
WV Code § 33-27-11 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-11. Revocation, Suspension or Nonrenewal of Insurer's License

Whenever it appears to the commissioner that any person has committed a violation of this article which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer's license or authority to do business in this state for such period as he or she finds is required for the protection of policyholders or the public: Provided, That any such determination shall be accompanied by specific findings of fact and conclusions of law.
WV Code § 33-27-12 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-12. Conflict With Other Laws

All laws and parts of laws of this state inconsistent with this article are hereby superseded with respect to matters covered by this article.
WV Code § 33-27-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-13. Recovery

(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer, (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock, or (2) any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiary or subsidiaries to a director, officer or employee, when the distribution or payment pursuant to (1) or (2) is made at any time during the one year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c) and (d) of this section.(b) No such distribution may be recoverable if the parent corporation or affiliate shows that when paid such distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.(c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments under subsection (a) of this section that such person received. Any person who otherwise controlled the insurer at the time such distributions were declared is liable up to the amount of distributions he or she would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.(d) The maximum amount recoverable under this subsection shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.(e) To the extent that any person liable under subsection (c) of this section is insolvent or otherwise fails to pay claims due from it pursuant to subsection (c), its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from such parent corporation or holding company or person who otherwise controlled it.
WV Code § 33-27-14 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27. Insurance Holding Company Systems|§33-27-14. Regulatory Authority

The Insurance Commissioner may propose rules for legislative approval in accordance with article three, chapter twenty-nine-a of this code and may promulgate emergency rules pursuant to the provisions of section fifteen, article three, chapter twenty-nine-a of this code, as are necessary to implement the provisions of this article.
WV Code § 33-27A-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27A. West Virginia Mutual to Mutual Insurance Holding Company Act|§33-27A-1. Short Title

This article may be cited as the “West Virginia Mutual to Mutual Insurance Holding Company Act.”
WV Code § 33-27A-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27A. West Virginia Mutual to Mutual Insurance Holding Company Act|§33-27A-2. Definitions

As used in this article:"Intermediate holding company" means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. "Intermediate holding company" also means a stock company that is the parent or subsidiary of another intermediate holding company. "Mutual insurance company" means a domestic or foreign mutual Insurance company. "Mutual insurance holding company" means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted pursuant to this article, which company is the parent company of a reorganized stock company or of an intermediate holding company."Policyholder" means the person, group of persons, association, corporation, partnership, member or other entity named as the insured under a mutual policy of insurance. "Reorganization plan" means a reorganization plan adopted by a mutual insurance companys board of directors in accordance with the provisions of this article."Reorganized stock company" means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance companys reorganization under this article. "Voting Stock" means securities of any class or any ownership interests having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only as a result of the occurrence of a contingency.
WV Code § 33-27A-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 27A. West Virginia Mutual to Mutual Insurance Holding Company Act|§33-27A-6. Amending Articles of Incorporation of Mutual Holding Company

Proposed amendments to the articles of incorporation of a mutual insurance holding company may be adopted at any members meeting. The board of directors of a mutual insurance holding company shall provide notice of any members meeting conducting a vote on the adoption of the amendment to the articles of incorporation by publication in a newspaper of general circulation, published in the county where the companys principle place of business is located, at least 30 days prior to the members meeting. Where the amendment is not inconsistent with the Constitution and laws of the State of West Virginia and of the United States, the amendment may be adopted by the affirmative vote of at least three-fifths of the members present and voting at the meeting.