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WV Code § 33-34-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-5. Prohibited Acts During Period of Supervision

An insurer may not engage in the following actions during the period of supervision, without the prior approval of the commissioner or his or her special deputy supervisor:(1) Dispose of, convey, or encumber any of its assets or its business in force;(2) Withdraw any of its bank accounts;(3) Lend any of its funds;(4) Invest any of its funds;(5) Transfer any of its property;(6) Incur any debt, obligation or liability;(7) Merge or consolidate with another company;(8) Approve new premiums or renew any policies;(9) Enter into any new reinsurance contract or treaty;(10) Terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;(11) Release, pay or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate or contract;(12) Make any material change in management; or(13) Increase salaries and benefits of officers or directors or the preferential payment of bonuses, dividends, or other payments deemed preferential.
WV Code § 33-34-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-6. Administrative Election of Proceedings

Nothing contained in this article shall preclude the commissioner from initiating judicial proceedings to place an insurer in rehabilitation or liquidation proceedings or other delinquency proceedings, however designated under the laws of this state, regardless of whether the commissioner has previously initiated administrative supervision proceedings under this article against the insurer.
WV Code § 33-34-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-7. Rules

The division is empowered to adopt reasonable rules pursuant to chapter twenty-nine-a of this code deemed necessary for the implementation of this article.
WV Code § 33-34-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-8. Meetings Between the Commissioner and the Special Deputy Supervisor

Notwithstanding any other provision of this code to the contrary, the commissioner may meet with a special deputy supervisor appointed under this article and with the attorney or other representative of the special deputy supervisor, without the presence of any other person, at the time of any proceeding or during the pendency of any proceeding held under authority of this article to carry out the commissioner's responsibilities as provided in this article or for the special deputy supervisor to carry out his or her duties as provided in this article.
WV Code § 33-34-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-9. Special Deputy Supervisor Appointed and Expenses

(1) During the period of supervision the division by contract or otherwise may appoint a special deputy supervisor to supervise the insurer. In the event that a special deputy supervisor is not appointed, the commissioner shall serve in such capacity. (2) Each insurer which is subject to administrative supervision by the department shall pay to the division the expenses of its administrative supervision at the rates established by the division. Expenses shall include actual travel expenses, a reasonable living expense allowance, compensation of the special deputy supervisor or other persons employed or appointed by the division for purposes of the supervision, and necessary attendant administrative cost of the division directly related to the supervision. The travel expense and living expense allowance shall be limited to those expenses necessarily incurred in the performance of official duties relating to the administrative supervision and shall be paid by the insurer together with compensation upon presentation by the division to the insurer of a detailed account of the charges and expenses after a detailed statement has been filed by the special deputy supervisor or other person employed or appointed by the division and approved by the division.(3) All moneys collected from insurers for the expenses of administrative supervision shall be deposited into an account created in the State Treasury designated the "Insurance Commissioner's Regulatory Trust Fund", and the division is authorized to make deposits when required into this fund from moneys collected in the commissioner's "Operating-Additional Fees" account.(4) The division is authorized to pay to the special deputy supervisor or person employed or appointed by the division for purposes of the supervision out of such trust fund,as created in subsection three of this section, the actual travel expenses, reasonable living expense allowance, and compensation in accordance with the statement filed with the division by the special deputy supervisor or other person, as provided in subsection (2), upon approval by the division.(5) The division may in whole or in part defer payment of expenses due from the insurer pursuant to this section upon a showing that payment would adversely impact the financial condition of the insurer and jeopardize its rehabilitation. The payment shall be made by the insurer when the condition is removed and the payment would no longer jeopardize the insurer's financial condition.
WV Code § 33-34-10 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 34. Administrative Supervision|§33-34-10. Immunity

There shall be no liability on the part of, and no cause of action of any nature shall arise against, the Insurance Commissioner or the division or its employees or agents thereof for any action taken by them in the performance of their powers and duties under this article.
WV Code § 33-35-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 35. Criminal Sanctions for Failure to Report Impairment|§33-35-1. Definitions

For the purposes of this article, the following words shall mean:(a) "Insurer" means any insurance company or other insurer licensed to do business in this state. This includes, but is not limited to, any domestic insurer as defined in section six, article one of this chapter and includes any domestic stock insurance company, mutual insurance company, reciprocal insurance company, farmers' mutual fire insurance company, fraternal benefit society, hospital service corporation, medical service corporation, dental service corporation, health service corporation, health care corporation, health maintenance organization, captive insurance company or risk retention group.(b) "Impaired" means a financial situation in which, based upon the requirements of this chapter for the preparation of the insurer's annual statement, the insurer's assets are less than the insurer's liabilities and the required reserves together with the insurer's minimum required capital and minimum required surplus as required by this chapter to be maintained to transact the type of business for which the insurer is authorized by this chapter to transact.(c) "Chief executive officer" means the person, irrespective of their title, designated by the board of directors or board of trustees or other similar governing body of an insurer as the person charged with the responsibility and authority of administering and implementing the insurer's policies and procedures.
WV Code § 33-35-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 35. Criminal Sanctions for Failure to Report Impairment|§33-35-2. Duty to Notify

(a) Whenever an insurer is impaired, its chief executive officer shall immediately notify the commissioner in writing of such impairment and shall also immediately notify in writing all of the members of the board of directors, board of trustees or other similar governing body of the insurer.(b) Any officer, director or trustee of an insurer shall immediately notify the person serving as chief executive officer of the impairment of such insurer in the event such officer, director, or trustee knows or has reason to know that the insurer is impaired.
WV Code § 33-35-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 35. Criminal Sanctions for Failure to Report Impairment|§33-35-3. Penalty

(a) Any person who knowingly violates section two of this article is guilty of a misdemeanor, and, upon conviction thereof, shall be fined not more than $50,000 or be imprisoned in the county jail not more than one year, or both fined and imprisoned.(b) Any person who knowingly:(1) Conceals any property belonging to an insurer;(2) Transfers or conceals in contemplation of a state insolvency proceeding his own property or property belonging to an insurer;(3) Conceals, destroys, mutilates, alters or makes a false entry in any document which affects or relates to the property of an insurer or withholds any such document from a receiver, trustee or other officer of a court entitled to its possession; or(4) Gives, obtains or receives a thing of value for acting or forbearing to act in any court proceeding, and any such act results in or contributes to an insurer becoming impaired or insolvent, is guilty of a felony, and, upon conviction thereof, shall be imprisoned in the penitentiary not more than five years.
WV Code § 33-36-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-1. Short Title

This article may be cited as the "Business Transacted with Producer Controlled Insurer Act."
WV Code § 33-36-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-2. Definitions

As used in this article:(a) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.(b) "Control" or "controlled" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing ten percent or more of the voting securities of any other person or controls or appoints a majority of the board of directors, voting members or similar governing body of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection (l), section four, article twenty-seven of this chapter that control does not exist in fact. The commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support the determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.(c) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.(d) "Controlling producer" means a producer who, directly or indirectly, controls an insurer.(e) "Licensed insurer" or "insurer" means any person, firm, association or corporation duly licensed to transact a property or casualty insurance business, or both property and casualty insurance, in this state: Provided, That the following are not licensed insurers for the purposes of this article:(1) All residual market pools and joint underwriting authorities or associations; and(2) All captive insurance companies as defined in article thirty-one of this chapter: Provided, That a captive insurance company organized as a risk retention group shall be considered a licensed insurer for the purposes of this article.(f) "Producer" means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation: Provided, That the designation of any individual or entity as a producer does not expand upon or provide for activities beyond those permitted by article twelve of this chapter.
WV Code § 33-36-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-3. Applicability

This article applies to licensed insurers as defined in section two of this article, either domiciled in this state or domiciled in a state that does not have in effect a substantially similar law. All provisions of article twenty-seven of this chapter, to the extent they are not superseded by this article, shall continue to apply to all parties within holding company systems subject to this article.
WV Code § 33-36-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-5. Disclosure

The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer. If the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.
WV Code § 33-36-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-6. Penalties

(a) If the commissioner believes that the controlling producer or any other person has not materially complied with this article, or any rule or order promulgated hereunder, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer.(b) If it is found that because of any material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.(c) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to article ten of this chapter and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this article or any rule or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.(d) Nothing contained in this section may affect the right of the commissioner to impose any other penalties provided for in this chapter.(e) Nothing contained in this section is intended to or may in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.
WV Code § 33-36-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 36. Business Transacted With Producer-Controlled Property/casualty Insurer Act|§33-36-7. Effective Date

Controlled insurers and controlling producers who are not in compliance with section four of this article on its effective date have sixty days to come into compliance. The controlled insurers and controlling producers have sixty days after the effective date of this article to comply with section five of this article.
WV Code § 33-37-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 37. Managing General Agents|§33-37-1. Definitions

For the purposes of this article:(a) "Actuary" means a person who is a member in good standing of the American academy of actuaries.(b) "Home state" means the District of Columbia or any state or territory of the United States in which a managing general agent is incorporated or maintains its principal place of business. If neither the state in which the managing general agent is incorporated, nor the state in which the managing general agent maintains its principal place of business has adopted this article or a substantially similar law governing managing general agents, the managing general agent may declare another state in which it conducts business to be its "home state".(c) "Insurer" means any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to article three of this chapter. Insurer includes, but is not limited to, any domestic insurer as defined in section six, article one of this chapter and any foreign insurer as defined in section seven of said article, including any stock insurer, mutual insurer, reciprocal insurer, farmers' mutual fire insurance company, fraternal benefit society, hospital service corporation, medical service corporation, dental service corporation, health service corporation, health care corporation, health maintenance organization, captive insurance company or risk retention group.(d) "Managing general agent" (MGA) means any person, firm, association or corporation who:(1) Manages all or part of the insurance business of an insurer (including the management of a separate division, department or underwriting office); and(2) Acts as an agent for such insurer whether known as a managing general agent, manager or other similar term who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced:(A) Adjusts or pays claims in excess of $10,000 per claim; or (B) Negotiates reinsurance on behalf of the insurer.(3) Notwithstanding the above, the following persons are not considered managing general agents for the purposes of this article:(A) An employee of the insurer;(B) A U.S. manager of the United States branch of an alien insurer;(C) An underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written; and(D) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.(e) "Person" means an individual or a business entity.(f) "Underwrite" means the authority to accept or reject risk on behalf of the insurer.
WV Code § 33-37-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 37. Managing General Agents|§33-37-5. Examination Authority

The acts of a managing general agent are considered to be the acts of the insurer on whose behalf such agent is acting. A managing general agent may be examined as if it were the insurer pursuant to the provisions of section nine, article two of this chapter.
WV Code § 33-37-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 37. Managing General Agents|§33-37-6. Penalties and Liabilities

(a) If the commissioner finds that the managing general agent or any other person has violated any provision of this article, or any rule or order promulgated thereunder, after a hearing conducted in accordance with section thirteen, article two of this chapter, the commissioner may order:(1) For each separate violation, a penalty in an amount not exceeding $10,000;(2) Revocation or suspension of the producer's license;(3) Reimbursement by the managing general agent of the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer and its policyholders and creditors caused by a violation of this article committed by the managing general agent; and(4) If it was found that because of any such violation that the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.(b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to article ten of this chapter and the receiver appointed under that order determines that the managing general agent or any other person has not materially complied with this article, or any rule or order promulgated thereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this chapter.(d) Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and creditors.(e) The decision, determination or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to section fourteen, article two of this chapter.
WV Code § 33-37-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 37. Managing General Agents|§33-37-7. Rules and Regulations

The commissioner is authorized to promulgate reasonable rules for the implementation and administration of the provisions of this article pursuant to chapter twenty-nine-a of this code.
WV Code § 33-37-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 37. Managing General Agents|§33-37-8. Effective Date

This article shall take effect on July 1, 2004. No insurer may continue to use the services of a managing general agent on and after July 1, 2004, except in compliance with this article.
WV Code § 33-38-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-1. Short Title

This article may be cited as the "Reinsurance Intermediary Act."