West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures › Section 114-72-4 - Contents of a Withdrawal Plan

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. An
				insurers' withdrawal plan must contain the following:
a. Identification of the line or lines of
				insurance being withdrawn;
b.
				Identification of the policy forms by number and type affected by the
				withdrawal;
c. The dates the insurer
				intends to begin and complete its withdrawal;
d. An explanation of the reasons for the
				withdrawal;
e. Provisions for notifying
				all of the affected policyholders and certificateholders of the dates of the
				beginning and completion of the withdrawal and how the withdrawal will affect them,
				including, but not limited to:
1. A copy of the
				notice and an explanation of the manner in which the notice will be provided to
				policyholders and certificateholders; and
2. Either affirmation that such notice will be
				provided within thirty (30) days of the approval of the withdrawal plan if approval
				is required, or a request that the commissioner allow the notice to be provided at
				some other specified date or time;
f. Provisions for meeting all of the insurer's
				contractual obligations, including, but not limited to:
1. Notification of all affected agents of the
				insurer of the date the insurer intends to begin and complete the withdrawal;
				and
2. If applicable, a statement
				affirming the insurer's compliance with the provisions of article six-a, chapter
				thirty-three of the West Virginia Code relating to cancellation and nonrenewal of
				automobile liability or physical damage insurance coverage;
g. Provisions for providing the same level of
				services to the insurer's West Virginia policyholders and claimants as set forth in
				the insurer's contracts;
h. Information
				on the insurer's West Virginia business, including:
1. The total annual premium volume and the number
				of policies and certificates and covered persons in West Virginia for each line of
				business to be withdrawn;
2. An estimate
				of what percentage of the West Virginia market the withdrawal constitutes;
				and
3. Any information necessary to
				assist the commissioner in determining whether a market availability problem will be
				created by the withdrawal, the extent of the problem, and what market assistance may
				be needed to alleviate the problem, including, but not limited to, the following:
A. Type of location and geographic area subject to
				the withdrawal (identify type of area such as suburban, urban, rural, or list
				specific rating territories) and zip codes; and
B. If applicable, types of risks no longer being
				covered, for example, if insurer is no longer writing private passenger auto
				insurance coverage for single-car families or for persons without supporting
				business;
i. If an
				insurer is unable to provide the exact number of policies and certificates and
				covered persons, the insurer must provide estimates of these numbers and explain how
				the estimates were determined;
j. The
				number of and estimated amount of all losses outstanding in West Virginia, including
				claims incurred but not reported;
k. A
				plan to handle the losses specified in subdivision j of this subsection, including,
				but not limited to:
1. Identification of what
				assets will be available for paying outstanding incurred but not reported claims,
				claims in the course of settlement, and associated loss adjustment
				expenses;
2. Identification of who
				specifically will administer the run-off of the business; and
3. An actuarial opinion certifying that adequate
				reserves are available to pay outstanding claims;
l. If West Virginia policyholders or
				certificateholders are to be reinsured, then the filing of a reinsurance agreement
				meeting all statutory and regulatory requirements and, when applicable, the filing
				of an assumption certificate;
m.
				Provisions for meeting any applicable statutory obligations, including, but not
				limited to:
1. Payment of any guaranty fund
				assessments;
2. Participation in any
				assigned risk plan, pool, fund, facility, or joint underwriting arrangement;
				and
3. Payment of any taxes;
n. A list of any other programs or
				products the insurer will continue to offer in West Virginia; and
o. An affirmation that no new business in the same
				line as that from which the insurer has withdrawn will be solicited by the insurer
				in this state during or within the three years subsequent to the filing of the
				withdrawal plan unless the commissioner waives this requirement.