reglab/housing_qa huggingface dataset:
WV Code § 33-32-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-8. Examination Regarding Financial Condition

Any risk retention group must submit to an examination by the commissioner to determine its financial condition if the commissioner of the jurisdiction in which the group is chartered has not initiated an examination or does not initiate an examination within sixty days after a request by the commissioner of this state. Any such examination shall be coordinated to avoid unjustified repetition and conducted in an expeditious manner. The risk retention group shall be subject to the provisions of section nine, article two of this chapter in regard to the expense and conduct of the examination. Any such examination shall be conducted in accordance with the national association of Insurance Commissioners examiners handbook.
WV Code § 33-32-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-9. Notice to Purchasers

Every application form for insurance from a risk retention group and any policy issued by a risk retention group shall contain in ten-point type on the front page and the declaration page, the following notice:NOTICEThis policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and rules of your state. State insurance insolvency guaranty funds are not available for your risk retention group.
WV Code § 33-32-10 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-10. Prohibited Acts Regarding Solicitation or Sale

The following acts by a risk retention group are hereby prohibited:(1) The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in such group; and (2) The solicitation or sale of insurance by, or operation of, a risk retention group that is in a hazardous financial condition or is financially impaired.
WV Code § 33-32-11 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-11. Prohibition on Ownership by an Insurance Company

No risk retention group shall be allowed to do business in this state if an insurance company is directly or indirectly a member or owner of such risk retention group, other than in the case of a risk retention group all of whose members are insurance companies.
WV Code § 33-32-12 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-12. Prohibited Coverage

No risk retention group may offer insurance policy coverage prohibited by chapter thirty-three of this code or ruled unlawful by the highest court of this state.
WV Code § 33-32-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-13. Delinquency Proceedings

A risk retention group not chartered in this state and doing business in this state must comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state Insurance Commissioner if there has been a finding of financial impairment after an examination under section four of this article.
WV Code § 33-32-14 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-14. Compulsory Associations

(a) A risk retention group shall not be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, or claimants against its insureds, receive any benefit from any such fund for claims arising out of the operations of such risk retention group.(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, such risks, wherever resident or located, shall not be covered by any insurance guaranty fund or similar mechanism in this state.(c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the state guaranty fund subject to article twenty-six of this chapter.
WV Code § 33-32-15 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-15. Countersignatures Not Required

A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned.
WV Code § 33-32-16 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-16. Purchasing Groups; Exemption From Certain Laws Relating to the Group Purchase of Insurance

A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would:(1) Prohibit the establishment of a purchasing group;(2) Make it unlawful for an insurer to provide or offer to provide insurance on a basis providing, to a purchasing group or its members, advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages or other matters;(3) Prohibit a purchasing group or its members from purchasing insurance on a group basis described in subsection (b) of this section;(4) Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;(5) Require that a purchasing group have a minimum number of members, common ownership or affiliation, or a certain legal form;(6) Require that a certain percentage of a purchasing group obtain insurance on a group basis;(7) Otherwise discriminate against a purchasing group or any of its members; or(8) Require that any insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent or broker residing in this state.
WV Code § 33-32-17 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-17. Notice and Registration Requirements of Purchasing Groups

(a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner, on forms prescribed by the national association of Insurance Commissioners, which such forms shall:(1) Identify the state in which the group is domiciled;(2) Identify all other states in which the group intends to do business;(3) Specify the lines and classifications of liability insurance which the purchasing group intends to purchase;(4) Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of such company;(5) Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state;(6) Identify the principal place of business of the groups; and(7) Provide any other information as may be required by the commissioner to verify that the purchasing group is qualified under this article.(b) A purchasing group shall, within ten days, notify the commissioner of any changes in any of the items set forth in this section.(c) The purchasing group shall register with and designate the commissioner, (or other appropriate authority), as its agent solely for the purpose of receiving service of legal documents or process: Provided, That these requirements do not apply in the case of a purchasing group which:(1) Was domiciled before April 1, 1986, in any state of the United States; and (2) Is domiciled on and after October 27, 1986, in any state of the United States and which:(A) Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state; and(B) Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state;(3) Which was a purchasing group under the requirements of the product liability risk retention act of 1981, before October 27, 1986; and(4) Which does not purchase insurance that was not authorized for purposes of an exemption under that act, as in effect before October 27, 1986.(d) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the commissioner to:(1) Verify that the entity qualifies as a purchasing group; (2) Determine where the purchasing group is located; and(3) Determine appropriate tax treatment.(e) The Insurance Commissioner shall promulgate rules pursuant to the provisions of chapter twenty-nine-a of this code regarding the amount of all registration or filing fees required by this section.
WV Code § 33-32-18 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-18. Restrictions on Insurance Purchased by Purchasing Groups

(a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.(b) A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of the group which has a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state, and that the risk retention group or insurer may not be subject to all insurance laws and regulations of this state. To give notice as required by this section, the purchasing group shall ensure that each group certificate or evidence of insurance has printed or stamped in contrasting color on the front page the following statement:THIS INSURER IS NOT LICENSED TO DO BUSINESS IN WEST VIRGINIA, AND IS NOT SUBJECT TO THE WEST VIRGINIA INSURANCE GUARANTY ACT OR TO ALL OF THE PROTECTIONS OF THE INSURANCE LAWS AND RULES OF THIS STATE.(c) A purchasing group shall not purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole: Provided, That coverage may provide for a deductible or self-insured retention applicable to individual members.(d) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.
WV Code § 33-32-19 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-19. Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups

The commissioner is authorized to make use of any of the powers established under this chapter of this code to enforce the laws of this state so long as those powers are not specifically preempted by the national product liability risk retention act of 1981, as amended by the risk retention amendments of 1986. This includes, but is not limited to, the commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, and impose penalties and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the commissioner can rely on the law and rules of the state. The injunctive authority of the commissioner in regard to risk retention groups is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.
WV Code § 33-32-20 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-20. Penalties

A risk retention group which violates any provision of this Act will be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license and/or the right to do business in this state.
WV Code § 33-32-21 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-21. Duty on Agents or Brokers to Obtain License

(a) A person, or a person working for a firm, association or corporation, shall not act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, or person working for a firm, association or corporation, is licensed as an insurance agent in accordance with article twelve of this chapter.(b) A person, or a person working for a firm, association or corporation, shall not act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless such person, or person working for a firm, association or corporation, is licensed as an insurance agent in accordance with article twelve of this chapter.(c) A person, or a person working for a firm, association or corporation, shall not act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless such person, or person working for a firm, association or corporation, is licensed as an insurance agent in accordance with article twelve of this chapter.(d) A person, or a person working for a firm, association or corporation, shall not act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless such person, or person working for a firm, association or corporation, is licensed as an excess line broker in accordance with section thirteen, article twelve of this chapter.(e) For purposes of acting as an agent for a risk retention group or purchasing group pursuant to the provisions of this section, the requirement of residence in this state shall not apply.(f) Every person, or person working for a firm, association or corporation, licensed pursuant to the provisions of this chapter, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by section nine of this article in the case of a risk retention group and in the case of a purchasing group, the notice required by subsection (b), section eighteen of this article.
WV Code § 33-32-22 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-22. Binding Effect of Orders Issued in United States District Court

An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state (or in all states or in any territory or possession of the United States) upon a finding that such a group is in a hazardous financial condition shall be enforceable in the courts of the state.
WV Code § 33-32-23 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-23. Rules

The commissioner may establish and from time to time amend such rules relating to risk retention groups as may be necessary or desirable to carry out the provisions of this article.
WV Code § 33-32-24 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-24. Operation Prior to Enactment

 (a) In addition to complying with the requirements of this article, any risk retention group operating in this state prior to enactment of the amendments made to this article in the 1992 regular session of the Legislature shall comply with the provisions of subsection (a), section four of this article before December 31, 1992.(b) Any purchasing group which was doing business in this state prior to enactment of the amendments made to this article in the 1992 regular session of the Legislature shall furnish notice to the commissioner pursuant to the provisions of section seventeen of this article before December 31, 1992.
WV Code § 33-33-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 33. Annual Audited Financial Report|§33-33-1. Declaration of Policy and Purpose

(a) The purpose of this article is to improve the Insurance Commissioner's surveillance of the financial condition of insurers by requiring:(1) An annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants;(2) Communication of internal control related matters noted in an audit; and(3) Management's report of internal control over financial reporting.(b) Every insurer, as defined in subdivision (7), section two of this article, shall be subject to this article. Insurers having direct premiums written in this state of less than $1 million in any calendar year and less than one thousand policyholders or certificate holders of directly written policies nationwide at the end of the calendar year shall be exempt from this article for the year, unless the commissioner makes a specific finding that compliance is necessary for the commissioner to carry out statutory responsibilities. However, insurers having assumed premiums pursuant to contracts and/or treaties of reinsurance of $1 million or more will not be so exempt.(c) Foreign or alien insurers filing audited financial reports in another state, pursuant to the other state's requirement for filing of audited financial reports which has been found by the commissioner to be substantially similar to the requirements herein, are exempt from sections three through eleven of this article if:(1) A copy of the audited financial report, communication of internal control-related matters noted in an audit, report on significant deficiencies in internal controls and the accountant's letter of qualifications which are filed with the other state are filed with the commissioner in accordance with the filing dates specified in sections three, ten and ten-a of this article, respectively. Canadian insurers may submit accountants' reports as filed with the Office of the superintendent of Financial Institutions, Canada.(2) A copy of any notification of adverse financial condition report filed with the other state is filed with the commissioner within the time specified in section nine of this article.(d) Foreign or alien insurers required to file Management's Report of Internal Control over Financial Reporting in another state are exempt from filing the report in this state provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified.(e) This article shall not prohibit or preclude or in any way limit the commissioner from performing examinations of insurers as specified in section nine, article two of this chapter or any other examinations as the commissioner may be authorized by this chapter to perform.
WV Code § 33-33-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 33. Annual Audited Financial Report|§33-33-3. General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports and Audit Committee Appointment

(a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the commissioner on or before June 1 for the year ending December 31 immediately preceding. The commissioner may require an insurer to file an audited financial report earlier than June 1 with ninety days advance notice to the insurer.(b) Extensions of the filing date on June 1 may be granted by the commissioner for thirty-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting the extension and determination by the commissioner of good cause for an extension. A request for extension must be submitted in writing not less than ten days prior to the due date in sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.(c) If an extension is granted in accordance with the provisions in subsection (b) of this section, a similar extension of thirty days is granted to the filing of management's report of internal control over financial reporting.(d) Every insurer required to file an annual audited financial report pursuant to this article shall designate a group of individuals as constituting its audit committee, as defined in subdivision (3), section two of this article. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of this article at the election of the controlling person.
WV Code § 33-33-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 33. Annual Audited Financial Report|§33-33-4. Contents of Annual Audited Financial Report

(a) The annual audited financial report shall report the financial condition of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the Insurance Commissioner of the state of domicile.(b) The annual audited financial report shall include the following:(1) Report of independent certified public accountant;(2) Balance sheet reporting admitted assets, liabilities, capital and surplus;(3) Statement of operations;(4) Statement of cash flow;(5) Statement of changes in capital and surplus;(6) Notes to financial statements. These notes shall be those required by the appropriate National Association of Insurance Commissioners annual statement instructions and accounting practices and procedures manual, as amended, including reconciliation differences, if any, between the audited statutory financial statements and the annual statement filed pursuant to section fourteen, article four of this chapter, with a written description of the nature of these differences; and(7) The financial statements included in the audited financial report shall be prepared in a form and using language and groupings substantially the same as the relevant sections of the annual statement of the insurer filed with the commissioner, andThe financial statement shall be comparative, presenting the amounts as of December 31 of the current year and the amounts as of the immediately preceding December 31. However, in the first year in which an insurer is required to file an audited financial report, the comparative data may be omitted.