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WV Code § 33-40-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-2. Rbc Reports

(a) Every domestic insurer , on or prior to each March 1 (the filing date), shall prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions. In addition, every domestic insurer shall file its RBC report:(1) With the NAIC in accordance with the RBC instructions; and(2) With the Insurance Commissioner in any state in which the insurer is authorized to do business, if the Insurance Commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report not later than the later of:(A) Fifteen days from the receipt of notice to file its RBC report with that state; or(B) The filing date.(b) A life and health insurer’s RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take into account (and may adjust for the covariance between):(1) The risk with respect to the insurer’s assets;(2) The risk of adverse insurance experience with respect to the insurer’s liabilities and obligations;(3) The interest rate risk with respect to the insurer’s business; and(4) All other business risks and any other relevant risks set forth in the RBC instructions determined in each case by applying the factors in the manner set forth in the RBC instructions.(c) A property and casualty insurer’s RBC shall be determined in accordance with the applicable formula set forth in the RBC instructions. The formula shall take into account (and may adjust for the covariance between), determined in each case by applying the factors in the manner set forth in the RBC instructions:(1) Asset risk;(2) Credit risk;(3) Underwriting risk; and(4) All other business risks and any other relevant risks as are set forth in the RBC instructions.(d) An excess of capital over the amount produced by the risk-based capital requirements contained in this article and the formulas, schedules and instructions referenced in this article is desirable in the business of insurance. Accordingly, insurers and HMOs should seek to maintain capital above the RBC levels required by this article. Additional capital is used and useful in the insurance business and helps to secure insurers against various risks inherent in, or affecting, the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this article.(e) If a domestic insurer files an RBC report which, in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report that is adjusted is referred to as an Adjusted RBC Report.
WV Code § 33-40-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-5. Authorized Control Level Event

(a) "Authorized control level event" means any of the following events:(1) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (1) of this subsection, provided the insurer does not challenge the adjusted RBC report under section seven of this article;(3) If, pursuant to section seven of this article, the insurer challenges an adjusted RBC report that indicates the event in subdivision (1) of this subsection, notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order (provided the insurer has not challenged the corrective order) under section seven of this article; or(5) If the insurer has challenged a corrective order under section seven of this article and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.(b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:(1) Take such actions as are required under section four of this article regarding an insurer with respect to which a regulatory action level event has occurred; or(2) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under article ten of this chapter. In the event the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under said article, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in said article. In the event the commissioner takes actions under this subdivision pursuant to an adjusted RBC report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of article ten of this chapter pertaining to summary proceedings.
WV Code § 33-40-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-6. Mandatory Control Level Event

(a) “Mandatory control level event” means any of the following events:(1) The filing of an RBC report which indicates that the insurer’s adjusted capital is less than its mandatory control level RBC;(2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (1) of this subsection, provided the insurer does not challenge the adjusted RBC report under section seven of this article; or(3) If, pursuant to section seven of this article, the insurer challenges an adjusted RBC report that indicates the event in subdivision (1) of this subsection, notification by the commissioner to the insurer or HMO that the commissioner has, after a hearing, rejected the insurer’s or HMO’s challenge.(b) If there is a mandatory control level event:(1) With respect to a life insurer, the commissioner shall take any actions that are necessary to place the insurer under regulatory control under article ten of this chapter. In that event, the mandatory control level event shall be considered sufficient grounds for the commissioner to take action under said article, and the commissioner has the rights, powers and duties with respect to the insurer that are set forth in said article. If the commissioner takes actions pursuant to an adjusted RBC report, the insurer is entitled to the protections of said article pertaining to summary proceedings. Notwithstanding any of the provisions of this subdivision, the commissioner may forego action for up to ninety days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.(2) With respect to a property and casualty insurer, the commissioner shall take any actions that are necessary to place the insurer under regulatory control under article ten of this chapter or, in the case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event shall be considered sufficient grounds for the commissioner to take action under said article and the commissioner has the rights, powers and duties with respect to the insurer that are set forth in said article. If the commissioner takes actions pursuant to an adjusted RBC report, the insurer is entitled to the protections of said article pertaining to summary proceedings. Notwithstanding any of the provisions of this subdivision, the commissioner may forego action for up to ninety days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.
WV Code § 33-40-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-7. Hearings

Insurers have the right to a confidential departmental hearing, on the record, at which the insurer may challenge any determination or action by the commissioner made pursuant to the provisions of this article. The insurer shall notify the commissioner of its request for a hearing within ten days after receiving notification from the commissioner.(a) Notification to an insurer by the commissioner of an adjusted RBC report; or(b) Notification to an insurer by the commissioner that:(1) The insurer’s RBC plan or revised RBC plan is unsatisfactory; and(2) The notification constitutes a regulatory action level event with respect to the insurer; or(c) Notification to any insurer by the commissioner that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or(d) Notification to an insurer by the commissioner of a corrective order with respect to the insurer.(e) Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which shall be no less than fifteen nor more than forty-five days after the date of the insurer’s request.
WV Code § 33-40-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-9. Supplemental Provisions; Rules; Exemption

(a) The provisions of this article are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, article ten of this chapter.(b) The commissioner may adopt reasonable rules necessary for the implementation of this article.(c) The commissioner may exempt from the application of this article any domestic property and casualty insurer which:(1) Writes direct business only in this state;(2) Writes direct annual premiums of $2 million or less; and(3) Assumes no reinsurance in excess of five percent of direct premium written.(d) A domestic farmers' mutual fire insurance company is exempt from the provisions of this article when:(1) It writes direct business only in this state;(2) It writes direct annual premiums of $2 million or less; and(3) It assumes no reinsurance in excess of five percent of direct premium written.
WV Code § 33-40-10 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-10. Foreign Insurers

(a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:(1) The date an RBC report would be required to be filed by a domestic insurer under this act; or(2) Fifteen days after the request is received by the foreign insurer.Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the Insurance Commissioner of any other state.(b) In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer (or, if no RBC statute is in force in that state, under the provisions of this article), if the Insurance Commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state's RBC statute (or, if no RBC statute is in force in that state, under section three of this article), the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In such event, the failure of the foreign insurer to file an RBC plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.(c) In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the circuit court of Kanawha County permitted under article ten of this chapter with respect to the liquidation of property of foreign insurers found in this state and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.
WV Code § 33-40-11 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-11. Immunity

There shall be no liability on the part of, and no cause of action shall arise against, the commissioner or the agency of the Insurance Commission or its employees or agents for any action taken by them in the performance of their powers and duties under this article.
WV Code § 33-40-12 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-12. Notices

All notices by the commissioner to an insurer which may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer's receipt of such notice.
WV Code § 33-40-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-13. Effective Date

This article shall become effective on January 1, 1996.
WV Code § 33-40A-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40A. Risked-Based Capital for Health Organizations|§33-40A-2. Rbc Reports

(a) A domestic health organization, on or prior to each March 1 (the filing date), shall prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addition, a domestic health organization shall file its RBC report:(1) With the NAIC in accordance with the RBC instructions; and(2) With the Insurance Commissioner in any state in which the health organization is authorized to do business, if the Insurance Commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report not later than the later of:(A) Fifteen days from the receipt of notice to file its RBC report with that state; or (B) The filing date.(b) A health organization’s RBC shall be determined in accordance with the formula set forth in the RBC instructions. The formula shall take the following into account (and may adjust for the covariance between) determined in each case by applying the factors in the manner set forth in the RBC instructions.(1) Asset risk;(2) Credit risk;(3) Underwriting risk; and(4) All other business risks and such other relevant risks as are set forth in the RBC instructions.(c) An excess of capital (i.e. net worth) over the amount produced by the risk-based capital requirements contained in this article and the formulas, schedules and instructions referenced in this article is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this article. Additional capital is used and useful in the insurance business and helps to secure a health organization against various risks inherent in, or affecting, the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this article.(d) If a domestic health organization files an RBC report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an adjusted RBC report.
WV Code § 33-40A-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40A. Risked-Based Capital for Health Organizations|§33-40A-5. Authorized Control Level Event

(a) “Authorized control level event” means any of the following events:(1) The filing of an RBC report by the health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;(2) The notification by the commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (1) of this subsection, if the health organization does not challenge the adjusted RBC report under section seven of this article;(3) If, pursuant to section seven of this article, the health organization challenges an adjusted RBC report that indicates the event in subdivision (1) of this subsection, notification by the commissioner to the health organization that the commissioner has, after a hearing, rejected the health organization’s challenge;(4) The failure of the health organization to respond, in a manner satisfactory to the commissioner, to a corrective order, if the health organization has not challenged the corrective order under section seven of this article; or(5) If the health organization has challenged a corrective order under section seven of this article and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the health organization to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.(b) If there is an authorized control level event with respect to a health organization, the commissioner shall:(1) Take such actions as are required under section four of this article regarding a health organization with respect to which a regulatory action level event has occurred; or(2) If the commissioner considers it to be in the best interests of the policyholders and creditors of the health organization and of the public, take such actions as are necessary to cause the health organization to be placed under regulatory control under article ten of this chapter. If the commissioner takes such actions, the authorized control level event shall be considered sufficient grounds for the commissioner to take action under article ten of this chapter, and the commissioner has the rights, powers and duties with respect to the health organization as are set forth in article ten of this chapter. If the commissioner takes actions under this subdivision pursuant to an adjusted RBC report, the health organization is entitled to such protections as are afforded to health organizations under article ten of this chapter pertaining to summary proceedings.
WV Code § 33-40A-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40A. Risked-Based Capital for Health Organizations|§33-40A-6. Mandatory Control Level Event

(a) “Mandatory control level event” means any of the following events:(1) The filing of an RBC report which indicates that the health organization’s total adjusted capital is less than its mandatory control level RBC;(2) Notification by the commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (1) of this subsection, if the health organization does not challenge the adjusted RBC report under section seven of this article; or(3) If, pursuant to section seven of this article, the health organization challenges an adjusted RBC report that indicates the event in subdivision (1) of this subsection, notification by the commissioner to the health organization that the commissioner has, after a hearing, rejected the health organization’s challenge.(b) If it is a mandatory control level event, the commissioner shall take such actions as are necessary to place the health organization under regulatory control under article ten of this chapter. In that event, the mandatory control level event is sufficient grounds for the commissioner to take action under article ten of this chapter, and the commissioner has the rights, powers and duties with respect to the health organization as are set forth in article ten of this chapter. If the commissioner takes actions pursuant to an adjusted RBC report, the health organization is entitled to the protections of article ten of this chapter pertaining to summary proceedings. Notwithstanding any of the foregoing, the commissioner may forego action for up to ninety days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.
WV Code § 33-40A-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40A. Risked-Based Capital for Health Organizations|§33-40A-7. Hearings

Upon the occurrence of any of the following events the health organization has the right to a confidential departmental hearing, on a record, at which the health organization may challenge any determination or action by the commissioner. The health organization shall notify the commissioner of its request for a hearing within five days after the notification by the commissioner under subsection (a), (b), (c) or (d) of this section. Upon receipt of the health organization’s request for a hearing, the commissioner shall set a date for the hearing, which shall be no less than ten nor more than thirty days after the date of the health organization’s request. The events include:(a) Notification to a health organization by the commissioner of an adjusted RBC report;(b) Notification to a health organization by the commissioner that:(1) The health organization’s RBC plan or revised RBC plan is unsatisfactory; and(2) Notification constitutes a regulatory action level event with respect to the health organization;(c) Notification to a health organization by the commissioner that the health organization has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the health organization to eliminate the company action level event with respect to the health organization in accordance with its RBC plan or revised RBC plan; or(d) Notification to a health organization by the commissioner of a corrective order with respect to the health organization.
WV Code § 33-40A-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40A. Risked-Based Capital for Health Organizations|§33-40A-9. Supplemental Provisions; Rules; Exemption

(a) The provisions of this article are supplemental to any other provisions of the laws of this state, and do not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, article ten and article thirty-four of this chapter.(b) The commissioner may propose rules for legislative approval in accordance with article three, chapter twenty-nine-a of this code, as are necessary to effectuate the purposes of this article and to prevent circumvention and evasion thereof.(c) The commissioner may exempt from the application of this article a domestic health organization that:(1) Writes direct business only in this state;(2) Assumes no reinsurance in excess of five percent of direct premiums written; and(3) Writes direct annual premiums for comprehensive medical business of $2 million or less; or(4) Is a limited health service organization that covers less than two thousand lives.