reglab/housing_qa huggingface dataset:
WV Code § 33-31-13 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-13. Exemption From Compulsory Associations

No captive insurance company may be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, nor may any captive insurance company, or any insured or affiliate thereof, receive any benefit from any such plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company.
WV Code § 33-31-14 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-14. Tax on Premiums Collected

(a) Each pure captive insurance company which maintains its principal office and principal place of business in this state shall pay to the commissioner, in the month of February of each year, a tax at the rate of five tenths of one percent on the gross amount of all premiums collected or contracted for on policies or contracts of insurance written by the pure captive insurance company during the year ending December thirty-first, next preceding, after deducting from the direct premiums, subject to the tax, the amounts paid to policyholders as return premiums which shall include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders: Provided, That no tax shall be due or payable as to considerations received for annuity contracts.(b) Except as otherwise provided in subsection (a) of this section, each captive insurance company shall pay to the commissioner in the month of February of each year, a tax at the rate of two percent on the gross amount of all premiums collected on or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December thirty-first, next preceding, after deducting from the direct premiums, subject to the tax, the amounts paid to policyholders as return premiums which shall include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders. Each captive insurance company shall also be subject to the additional premium taxes levied by sections fourteen-a and fourteen-d, article three of this chapter and the surcharge levied by section thirty-three, article three of this chapter.(c) The tax provided for in this section shall constitute all taxes collectible under the laws of this state from any captive insurance company, and no other occupation tax or other taxes shall be levied or collected from any captive insurance company by the state or any county, city or municipality within this state, except ad valorem taxes.(d) The tax provided for in this section shall be calculated on an annual basis, notwithstanding policies or contracts of insurance or contracts of reinsurance issued on a multiyear basis. In the case of multiyear policies or contracts, the premium shall be prorated for purposes of determining the tax under this section.
WV Code § 33-31-15 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-15. Rules

The commissioner may establish and from time to time amend such rules relating to captive insurance companies as are necessary to enable the commissioner to carry out the provisions of this article.
WV Code § 33-31-16 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-16. Laws Applicable

No provisions of this chapter, other than those contained in this article or contained in specific references in this article, may apply to captive insurance companies.
WV Code § 33-31-16a (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-16a. Laws Applicable; Risk Retention Groups

In addition to the applicable provisions of this article, any captive insurance company organized as a risk retention group is subject to the following provisions of this chapter: section nine, article two (examination of insurers, agents, brokers and solicitors; access to books, records, etc.); section fourteen, article four (financial statement filings; annual and quarterly statements; required format; foreign insurers; agents of the commissioner); section fifteen-a, article four (credit for reinsurance; definitions; requirements; trust accounts; reductions from liability; security; effective date); article seven (assets and liabilities); article ten (rehabilitation and liquidation); article twenty-seven (insurance holding company systems); article thirty-three (annual audited financial report); article thirty-four (administrative supervision); article thirty-five (criminal sanctions for failure to report impairment); article thirty-six (Business Transacted with Producer Controlled Property/Casualty Insurer Act); article thirty-seven (managing general agents); article thirty-eight (Reinsurance Intermediary Act); article forty (risk-based capital for insurers); and article forty-one (Insurance Fraud Prevention Act), as well as any rules promulgated under those provisions in accordance with article three, chapter twenty-nine-a of this code, including any rule relating to property and casualty actuarial opinions.
WV Code § 33-31-17 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-17. Delinquency

Except as otherwise provided in this article, the terms and conditions set forth in article ten of this chapter, pertaining to insurance reorganizations, receiverships and injunctions, shall apply in full to captive insurance companies formed or licensed under this article.
WV Code § 33-31-18 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-18. Rules for Controlled Unaffiliated Business

The commissioner may adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company. Until such time as rules under this section are adopted, the commissioner may approve the coverage of such risks by a pure captive insurance company.
WV Code § 33-31-20 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-20. Branch Captive Insurance Company Formation

(a) A branch captive may be established in this state in accordance with the provisions of this article to write in this state only insurance or reinsurance of the employee benefit business of its parent and affiliated companies which is subject to the provisions of the federal Employee Retirement Income Security Act of 1974 and set forth in 29 U. S. C.§ 1001, et seq., as amended. In addition to the general provisions of this article, the provisions of sections twenty-one through twenty-five, inclusive, of this article shall apply to branch captive insurance companies.(b) No branch captive insurance company shall do any insurance business in this state unless it maintains the principal place of business for its branch operations in this state.
WV Code § 33-31-21 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-21. Security Required

In the case of a branch captive insurance company, as security for the payment of liabilities attributable to the branch operations, the commissioner shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations. The amount of such security may be no less than the amount set forth in subdivision (1), subsection (a), section four of this article and the reserves on such insurance policies or such reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses and unearned premiums with regard to business written through the branch operations: Provided, That the commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. If the form of security selected is a letter of credit, the letter of credit must be established by, or issued or confirmed by, a bank chartered in this state or a member bank of the federal reserve system.
WV Code § 33-31-22 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-22. Certificate of General Good

In the case of a captive insurance company licensed as a branch captive, the alien captive insurance company shall petition the commissioner to issue a certificate setting forth the commissioner's finding that, after considering the character, reputation, financial responsibility, insurance experience and business qualifications of the officers and directors of the alien captive insurance company, the licensing and maintenance of the branch operations will promote the general good of the state. The alien captive insurance company may register to do business in this state after the commissioner's certificate is issued.
WV Code § 33-31-23 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-23. Reports

Prior to March 1 of each year, or with the approval of the commissioner within sixty days after its fiscal year-end, a branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified under oath by its president and secretary. If the commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.
WV Code § 33-31-24 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-24. Examination

(a) The examination of a branch captive insurance company pursuant to section eight of this article shall be of branch business and branch operations only, so long as the branch captive insurance company annually provides to the commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed and demonstrates to the commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.(b) As a condition of licensure, the alien captive insurance company shall grant authority to the commissioner for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
WV Code § 33-31-25 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31. Captive Insurance|§33-31-25. Taxation

In the case of a branch captive insurance company, the tax provided for in section fourteen of this article shall apply only to the branch business of such company.
WV Code § 33-31A-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-1. Applicability of Article

In addition to the provisions of article thirty-one of this chapter, the provisions of this article shall apply to all sponsored captive insurance companies.
WV Code § 33-31A-2 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-2. Definitions

As used in this article, unless the context requires otherwise:(1) "Participant" means associations, corporations, limited liability companies, partnerships, trusts and other business entities and any affiliates thereof that are insured by a sponsored captive insurance company where the losses of the participant are limited through a participant contract to such participant's pro rata share of the assets of one or more protected cells identified in such participant contract.(2) "Participant contract" means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one or more protected cells identified in such participant contract.(3) "Protected cell" means a separate account established by a sponsored captive insurance company formed or licensed under the provisions of this chapter in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of such participants as set forth in such participant contracts.(4) "Sponsor" means any entity that meets the requirements of section six of this article and is approved by the commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company.(5) "Sponsored captive insurance company" means any captive insurance company:(A) In which the minimum capital and surplus required by applicable law is provided by one or more sponsors;(B) That is formed or licensed under the provisions of this chapter;(C) That insures the risks only of its participants through separate participant contracts; and(D) That funds its liability to each participant through one or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company's general account.
WV Code § 33-31A-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-3. Formation of Sponsored Captive Insurance Companies

One or more sponsors may form a sponsored captive insurance company under the provisions of this article. A sponsored captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders.
WV Code § 33-31A-4 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-4. Supplemental Application Materials

In addition to the information required by subdivisions (1) and (2), subsection (c), section two, article thirty-one of this chapter, each applicant-sponsored captive insurance company shall file with the commissioner the following:(1) Materials demonstrating how the applicant will account for the loss and expense experience of each protected cell at a level of detail found to be sufficient by the commissioner and how it will report such experience to the commissioner;(2) A statement acknowledging that all financial records of the sponsored captive insurance company, including records pertaining to any protected cells, shall be made available for inspection or examination by the commissioner or the commissioner's designated agent;(3) All contracts or sample contracts between the sponsored captive insurance company and any participants; and(4) Evidence that expenses shall be allocated to each protected cell in a fair and equitable manner.
WV Code § 33-31A-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-6. Qualification of Sponsors

A sponsor of a sponsored captive insurance company shall be an insurer licensed under the laws of any state, a reinsurer authorized or approved under the laws of any state or a captive insurance company formed or licensed under this article. A risk retention group shall not be either a sponsor or a participant of a sponsored captive insurance company.
WV Code § 33-31A-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-7. Authorized Participants

Associations, corporations, limited liability companies, partnerships, trusts and other business entities may be participants in any sponsored captive insurance company formed or licensed under this chapter. A sponsor may be a participant in a sponsored captive insurance company. A participant need not be a shareholder of the sponsored captive insurance company or any affiliate thereof. A participant shall insure only its own risks through a sponsored captive insurance company.
WV Code § 33-31A-8 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-8. Investments

Notwithstanding the provisions of section five of this article, the assets of two or more protected cells may be combined for purposes of investment, and such combination shall not be construed as defeating the segregation of such assets for accounting or other purposes. Sponsored captive insurance companies shall comply with the investment requirements contained in article eight of this chapter, as applicable: Provided, That compliance with such investment requirements shall be waived for sponsored captive insurance companies to the extent that credit for reinsurance ceded to reinsurers is allowed pursuant to section eleven, article thirty-one of this chapter or to the extent otherwise deemed reasonable and appropriate by the commissioner. Notwithstanding any other provision of this chapter, the commissioner may approve the use of alternative reliable methods of valuation and rating.
WV Code § 33-31A-9 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 31A. Sponsored Captive Insurance Company Formation|§33-31A-9. Delinquency

In the case of a delinquency of a sponsored captive insurance company, the provisions of section seventeen, article thirty-one of this chapter shall apply, provided:(1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to such protected cell; and(2) Its capital and surplus shall at all times be available to pay any expenses of or claims against the sponsored captive insurance company.
WV Code § 33-32-1 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-1. Purpose and Short Title

The purpose of this act is to regulate the formation and operation of risk retention groups and purchasing groups in this state formed pursuant to the provisions of the federal liability risk retention act of 1986, hereinafter referred to as "RRA 1986." This article may be referred to as the "Risk Retention Act of West Virginia."
WV Code § 33-32-3 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-3. Charter and License Requirements for Domestic Groups

(a) A risk retention group shall, pursuant to the provisions of article five of this chapter, be chartered and licensed to write only liability insurance pursuant to this article and, except as provided elsewhere in this article, shall comply with all of the laws, rules and requirements applicable to insurers chartered and licensed in this state and with section four of this article, to the extent such requirements are not a limitation on laws, rules or requirements of this state.(b) Notwithstanding any other provision of this chapter to the contrary, all risk retention groups chartered in this state shall file with the commissioner and the national association of Insurance Commissioners, an annual statement on a form prescribed by the national association of Insurance Commissioners and in diskette form, if required by the commissioner and completed in accordance with the national association of Insurance Commissioners' instructions and the national association of Insurance Commissioners accounting practices and procedures manual.(c) Before it may offer insurance in any state, each risk retention group shall also submit for approval by the Insurance Commissioner of this state a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision of such plan or study, in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten days of any such change. The risk retention group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of the plan or study is approved by the commissioner.(d) At the time of filing its application for a charter, the risk retention group shall provide to the commissioner in summary form the following information: The identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt of this information, the commissioner shall forward the information to the national association of Insurance Commissioners. Providing notification to the national association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of section four or any other sections of this article.(e) Risk retention groups are subject to the provisions of article thirty-three, article thirty-four, article thirty-seven and article thirty-nine of this chapter.
WV Code § 33-32-5 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-5. Tax on Premiums Collected

(a) Each risk retention group shall pay to the commissioner, annually on March 1, a tax at the rate of two percent of the taxable premiums on policies or contracts of insurance covering property or risks in this state and on risk and property situated elsewhere upon which no premium tax is otherwise paid during the previous year. Each risk retention group is also subject to the additional premium taxes levied by sections fourteen-a and fourteen-d, article three of this chapter. (b) The taxes provided for in this section constitute all taxes collectible under the laws of this state from any risk retention group, and no other premium tax or other taxes shall be levied or collected from any risk retention group by the state or any county, city or municipality within this state, except ad valorem taxes. Each risk retention group shall be subject to the same interests, additions, fines and penalties for nonpayment as are generally applicable to insurers.(c) To the extent that a risk retention group uses insurance agents, each agent shall keep a complete and separate record of all policies procured from each risk retention group. The record shall be open to examination by the commissioner, as provided in section nine, article two of this chapter. These records shall, for each policy and each kind of insurance provided under the policy, include the following:(1) The limit of liability;(2) The time period covered;(3) The effective date;(4) The name of the risk retention group which issued the policy;(5) The gross premium charged; and(6) The amount of return premiums, if any.
WV Code § 33-32-6 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-6. Compliance With Unfair Claims Settlement Practices Law

Any risk retention group, its agents and representatives, shall comply with the laws of this state, as set forth in chapter thirty-three of this code, regarding unfair claims settlement practices act of this state.
WV Code § 33-32-7 (2021)
2021 West Virginia Code|Chapter 33. Insurance|Article 32. Risk Retention Act|§33-32-7. Prohibitive, Deceptive, False, or Fraudulent Practices

Any risk retention group shall comply with the laws of this state, as provided in chapter thirty-three of this code, regarding prohibitive, deceptive, false or fraudulent acts or practices. However, if the commissioner seeks an injunction regarding such conduct, the injunction must be obtained from a court of competent jurisdiction.