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WV Code § 33-38-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-3. Licensure

(a) No person, firm, association or corporation may act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation:(1) In this state, unless such reinsurance intermediary-broker is a licensed insurance producer or reinsurance intermediary in this state; or(2) In another state, unless such reinsurance intermediary-broker is a licensed insurance producer or reinsurance intermediary in this state or another state having a law substantially similar to this article or such reinsurance intermediary-broker is licensed in this state as a nonresident reinsurance intermediary.(b) No person, firm, association or corporation may act as a reinsurance intermediary-manager:(1) For a reinsurer domiciled in this state, unless such reinsurance intermediary-manager is a licensed insurance producer or reinsurance intermediary in this state;(2) In this state, if the reinsurance intermediary-manager maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation in this state, unless such reinsurance intermediary-manager is a licensed insurance producer or reinsurance intermediary in this state;(3) In another state for a nondomestic insurer, unless such reinsurance intermediary-manager is a licensed insurance producer in this state or another state having a law substantially similar to this article or such person is licensed in this state as a nonresident reinsurance intermediary.(c) The Commissioner may require a reinsurance intermediary-manager subject to the provisions of subsection (b) of this section to:(1) File a bond in an amount from an insurer acceptable to the Commissioner for the protection of the reinsurer; and(2) Maintain an errors and omissions policy in an amount acceptable to the Commissioner.(d) Licensed attorneys at law of this state when acting in their professional capacity are exempt from this section.
WV Code § 33-38-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-4. Required Contract Provisions; Reinsurance Intermediary-Brokers

(a) Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, specifying the responsibilities of each party.(b) Each written authorization shall, at a minimum, provide that:(1) The insurer may terminate the reinsurance intermediary-broker's authority at any time.(2) The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within thirty days of receipt.(3) All funds collected for the insurer's account shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank which is a qualified United States financial institution as defined herein.(4) The reinsurance intermediary-broker shall comply with section five of this article.(5) The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.(6) The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
WV Code § 33-38-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-5. Books and Records; Reinsurance Intermediary-Brokers

(a) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker will keep a complete record for each transaction showing:(1) The type of contract, limits, underwriting restrictions, classes or risks and territory;(2) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;(3) Reporting and settlement requirements of balances;(4) Rate used to compute the reinsurance premium;(5) Names and addresses of assuming reinsurers;(6) Rates of all reInsurance Commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;(7) Related correspondence and memoranda;(8) Proof of placement;(9) Details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;(10) Financial records, including, but not limited to, premium and loss accounts; and(11) When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:(A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or(B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.(b) The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
WV Code § 33-38-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-6. Duties of Insurers Utilizing the Services of a Reinsurance Intermediary-Broker

(a) An insurer may not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-broker on its behalf unless that person is licensed as required by subsection (a), section three of this article.(b) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to article twenty-seven of this chapter.(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which it transacts business.
WV Code § 33-38-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-8. Prohibited Acts

The reinsurance intermediary-manager may not:(a) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.(b) Commit the reinsurer to participate in reinsurance syndicates.(c) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed.(d) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December 31, next preceding.(e) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.(f) Jointly employ an individual who is employed by the reinsurer unless such reinsurance intermediary-manager is under common control with the reinsurer subject to article twenty-seven of this chapter.(g) Appoint a subreinsurance intermediary-manager.
WV Code § 33-38-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-9. Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary-Manager

(a) A reinsurer may not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary-manager on its behalf unless that person is licensed as required by subsection (b), section three of this article.(b) The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager which such reinsurer has engaged prepared by an independent certified public accountant in a form acceptable to the commissioner.(c) If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion shall be in addition to any other required loss reserve certification.(d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who may not be affiliated with the reinsurance intermediary-manager.(e) Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of such termination to the commissioner.(f) A reinsurer may not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary-manager. This subsection does not apply to relationships governed by article twenty-seven of this chapter.
WV Code § 33-38-10 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-10. Examination Authority

(a) A reinsurance intermediary is subject to examination by the commissioner at his or her discretion. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner.(b) A reinsurance intermediary-manager may be examined as if it were the reinsurer.
WV Code § 33-38-11 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-11. Penalties and Liabilities

(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with section thirteen, article two of this chapter, to be in violation of any provision or provisions of this article, shall:(1) For each separate violation, pay a penalty in an amount not exceeding $5,000;(2) Be subject to revocation or suspension of its license; and(3) If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.(b) The decision, determination or order of the commissioner pursuant to subsection (a) of this section is subject to judicial review pursuant to section fourteen, article two of this chapter.(c) Nothing contained in this section may affect the right of the commissioner to impose any other penalties provided in the insurance law.(d) Nothing contained in this article is intended to or may in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.
WV Code § 33-38-12 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-12. Regulatory Authority

The commissioner is hereby authorized to promulgate reasonable rules, pursuant to chapter twenty-nine-a of the West Virginia code, for the implementation and administration of the provisions of this article, these rules to include, but not be limited to, setting reasonable fees and standards for licensing.
WV Code § 33-38-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-13. Fees

Except where it is otherwise specially provided, the Commissioner shall demand and receive the following fees from all reinsurance intermediaries: For receiving and filing annual reports, $100; for filing certified copy of articles of incorporation, $50; for filing copy of its charter, $50; for filing statements preliminary to admission, $100; for filing of designated contract, $25; for filing of notification of termination of a contract with a reinsurance intermediary-manager by the reinsurer, $10; for filing to add or delete names on the reinsurance intermediary license, $25; for filing an address change, $25; for filing a legal name change, $75; for filing a bond or an errors and omissions policy, $25; and for filing any additional documents as required by law or furnishing copies thereof, copies of reports or certificates of condition of reinsurance intermediary to be filed in any other state, $20. All such fees shall be paid into the State Treasury and credited to the special revenue account created in section thirteen, article three of this chapter.
WV Code § 33-38-14 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 38. Reinsurance Intermediary Act|§33-38-14. Reciprocity

(a) The Commissioner may waive any requirements for a nonresident license applicant with a valid license from the applicant's home state, except the requirements imposed by sections three and three-a of this article, if the applicant's home state awards nonresident licenses to residents of this state on the same basis.(b) A nonresident reinsurance intermediary's satisfaction of his or her home state's continuing education requirements for licensed insurance producers or reinsurance intermediaries shall constitute satisfaction of this state's continuing education requirements if the nonresident's home state recognizes the satisfaction of its continuing education requirements imposed upon insurance producers or reinsurance intermediaries from this state on the same basis.
WV Code § 33-39-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 39. Disclosure of Material Transactions|§33-39-1. Report

(a) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance programs unless the acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance programs have been submitted to the commissioner for review, approval or information purposes pursuant to other provisions of this chapter.(b) The report required in subsection (a) of this section is due within fifteen days after the end of the calendar month in which any of the foregoing transactions occur.(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be filed with:(1) The Insurance Commissioner; and(2) The national association of Insurance Commissioners.(d) All reports obtained by or disclosed to the commissioner pursuant to this article shall be given confidential treatment and shall not be subject to subpoena and shall not be made public by the commissioner, the national association of Insurance Commissioners or any other person in accordance with section nineteen, article two of this chapter without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer who would be affected thereby notice and an opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event the commissioner may publish all or any part thereof in such manner as he or she may consider appropriate.
WV Code § 33-39-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 39. Disclosure of Material Transactions|§33-39-2. Acquisitions and Dispositions of Assets

(a) No acquisitions or dispositions of assets need be reported pursuant to section one of this article if the acquisitions or dispositions are not material. For purposes of this article, a material acquisition, or the aggregate of any series of acquisitions during any thirty-day period, is one that is nonrecurring and not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the Insurance Commissioner. For purposes of this article, a material disposition, or the aggregate of any series of dispositions during any thirty-day period, is one that is nonrecurring and not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the Insurance Commissioner.(b) Asset acquisitions subject to this article include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.(c) Asset dispositions subject to this article include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction or other disposition.(d) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:(1) Date of the transaction;(2) Manner of acquisition or disposition;(3) Description of the assets involved;(4) Nature and amount of the consideration given or received;(5) Purpose of, or reason for, the transaction;(6) Manner by which the amount of consideration was determined;(7) Gain or loss recognized or realized as a result of the transaction; and(8) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.(e) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or a one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and such insurer ceded substantially all of its direct and assumed business to a pool. An insurer is deemed to have ceded "substantially all" of its direct and assumed business to a pool if the insurer has less than $1 million of total direct plus assumed written premiums during a calendar year that are not subject to the pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent of the insurer's capital and surplus. If a group of insurers reports on a consolidated basis as here allowed, the report should identify the individual insurers that are members of the group.
WV Code § 33-39-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 39. Disclosure of Material Transactions|§33-39-4. Effective Date

This article shall take effect on January 1, 1996.
WV Code § 33-40-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 40. Risk-Based Capital (Rbc) for Insurers|§33-40-1. Definitions

As used in this article, these terms have the following meanings:(a) “Adjusted RBC report” means an RBC report which has been adjusted by the commissioner in accordance with subsection (e), section two of this article.(b) “Corrective order” means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required.(c) “Domestic insurer” means any insurance company, farmers’ mutual fire insurance company or HMO domiciled in this state.(d) “Foreign insurer” means any insurance company which is licensed to do business in this state under article three of this chapter but is not domiciled in this state. (e) “NAIC” means the National Association of Insurance Commissioners.(f) “Life and/or health insurer” means any insurance company licensed under article three of this chapter or a licensed property and casualty insurer writing only accident and health insurance.(g) “Property and casualty insurer” means any insurance company licensed under article three of this chapter or any farmers’ mutual fire insurance company licensed under article twenty-two of this chapter, but may not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers.(h) “Negative trend” means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the trend test calculation included in the RBC instructions.(i) “RBC instructions” means the RBC report, including risk-based capital instructions adopted by the NAIC, as the RBC instructions may be amended by the NAIC, from time to time, in accordance with the procedures adopted by the NAIC.(j) “RBC level” means an insurer’s company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:(1) “Company action level RBC” means, with respect to any insurer, the product of two and its authorized control level RBC;(2) “Regulatory action level RBC” means the product of one and one-half and its authorized control level RBC;(3) “Authorized control level RBC” means the number determined under the risk-based capital formula in accordance with the RBC instructions;(4) “Mandatory control level RBC” means the product of seven-tenths and the authorized control level RBC.(k) “RBC plan” means a comprehensive financial plan containing the elements specified in subsection (b), section three of this article. If the commissioner rejects the RBC plan and it is revised by the insurer, with or without the commissioner’s recommendation, the plan shall be called the revised RBC plan.(l) “RBC report” means the report required in section two of this article.(m) “Total adjusted capital” means the sum of:(1) An insurer’s statutory capital and surplus as determined in accordance with the statutory accounting applicable to the financial statements required to be filed under section fourteen, article four of this chapter; and(2) Any other items required by the RBC instructions.