West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-02 - Licensing And Conduct Of Insurance Producers And Agencies › Section 114-2-3 - Requirements for Licensing Insurance Agencies

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Each agency, as defined in W. Va. Code §
									33-12-2(e),
				shall file an application with the Commissioner for an agency insurance producer
				license on a form provided by this office. This requirement applies to each
				corporation, partnership, limited liability company, or other business entity in
				which more than one person has an interest or which operates under a corporate or
				trade name. The requirement for an agency insurance producer license does not apply
				to sole proprietors or partnerships in which there is only one licensed individual
				producer, so long as no other individual or agency insurance producer has any
				interest in, or affiliation with, the business of the individual insurance producer
				or his or her agency.
3.2. The Insurance
				Commissioner may refuse to grant a license to act as an agency insurance producer
				proposing to do business under a name which is likely to deceive or mislead the
				public in this state.
3.3. No agency
				insurance producer may be licensed in West Virginia which has or uses a name so
				similar to that of any agency insurance producer already so licensed as to cause
				uncertainty or confusion; except that in case of conflict of names between two
				agency insurance producers, the Commissioner may permit or require the newly
				licensed agency insurance producer to use in West Virginia a trade name that is
				reasonably necessary to avoid such conflict.
3.4. No license may be issued in a trade name
				except upon proof satisfactory to the Commissioner that the trade name has been
				lawfully registered.
3.5. Foreign
				corporations, limited partnerships and any other entities required by law to be
				registered with the Secretary of State must be so registered before a license will
				be issued.
3.6. Each application shall
				be accompanied by the fee required by W. Va. Code §
									33-12-10. Each insurer is
				required to notify every agency affiliated with the insurer of its responsibility to
				file an agency insurance producer application and to pay the required fee. No agency
				is required to obtain more than one agency insurance producer license regardless of
				the number of insurers it represents. When an agency ceases to have a stockholder,
				officer, director, member, employee or associate possessing a current individual
				insurance producer's license, the agency insurance producer license shall be
				considered terminated. The agency insurance producer shall surrender the terminated
				agency insurance producer license for cancellation not more than thirty (30) days
				after the last person to hold the individual insurance producer license ceased
				affiliation with the agency or was no longer so licensed.
3.7. A domestic insurance agency must be organized
				pursuant to the laws of this state and must maintain its principal place of business
				in this state.
3.8. Every business
				entity transacting insurance must be licensed as an agency insurance producer. For
				purposes of this section:
3.8.a. "Insurance" means
				all products defined or regulated by the State of West Virginia except:
(i) limited lines insurance as defined in W. Va.
				Code §
											33-12-2(i) and
				(k);
(ii) insurance placed by a lender in connection
				with collateral pledged for a loan when the debtor breaches the contractual
				obligation to provide this insurance; and
(iii) private mortgage insurance.