reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice › Section 114-37-4 - Format of Substandard Risk Insurance Application Notice

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The Application for a motor vehicle insurance
				policy to be issued in this State and written on the basis of a substandard risk
				rate schedule shall have printed directly thereon in a minimum 10 point bold-faced
				type in a contrasting color or in reverse print, a statement appearing on the front
				page of the Application reading substantially as follows:
THE POLICY FOR WHICH
				YOU ARE APPLYING HAS BEEN RATED IN ACCORDANCE WITH A SPECIAL RATING SCHEDULE FILED
				WITH THE COMMISSIONER OF INSURANCE PROVIDING FOR HIGHER PREMIUM CHARGES THAN THOSE
				GENERALLY APPLICABLE FOR AVERAGE RISKS. IF THE COVERAGE OR PREMIUM IS NOT
				SATISFACTORY, YOU MAY BE ELIGIBLE FOR OTHER INSURANCE. IF THIS COVERAGE OR PREMIUM
				IS SATISFACTORY, YOU MAY BE ELIGIBLE FOR COVERAGE UNDER A STANDARD OR PREFERRED
				POLICY IF DURING THE NEXT THREE YEARS YOU HAVE NO TRAFFIC VIOLATIONS OR ACCIDENTS
				AND YOU MAINTAIN CONTINUOUS INSURANCE COVERAGE.
4.2. The Substandard Risk Application Notice shall
				be clear and conspicuous on the face of the Substandard Risk Application.
4.3. The Substandard Risk Application Notice may
				not be printed on a separate sheet of paper, on a sticker attached to the
				Application, or on an overlay sheet.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice › Section 114-37-5 - Format of Substandard Risk Insurance Policy Notice

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. A motor vehicle insurance policy issued in
				this State and written on the basis of a substandard risk rate schedule shall have
				printed directly thereon, in a minimum 10 point boldfaced type in a contrasting
				color or in reverse print, a statement appearing on the policy jacket or the first
				page of the policy reading substantially as follows:
THIS POLICY HAS BEEN
				RATED IN ACCORDANCE WITH A SPECIAL RATING SCHEDULE FILED WITH THE COMMISSIONER OF
				INSURANCE PROVIDING FOR HIGHER PREMIUM CHARGES THAN THOSE GENERALLY APPLICABLE FOR
				AVERAGE RISKS. IF THE COVERAGE OR PREMIUM IS NOT SATISFACTORY, YOU MAY BE ELIGIBLE
				FOR OTHER INSURANCE. IF THIS COVERAGE OR PREMIUM IS SATISFACTORY, YOU MAY BE
				ELIGIBLE FOR COVERAGE UNDER A STANDARD OR PREFERRED POLICY IF DURING THE NEXT THREE
				YEARS YOU HAVE NO TRAFFIC VIOLATIONS OR ACCIDENTS AND YOU MAINTAIN CONTINUOUS
				INSURANCE COVERAGE.
5.2. The
				Substandard Risk Insurance Policy Notice shall be clear and conspicuous on the face
				of the Substandard Risk Policy.
5.3. The
				Substandard Risk Insurance Policy Notice may not be printed on a separate sheet of
				paper, on a sticker attached to the Policy, or on an overlay sheet.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice › Section 114-37-6 - Submission of Form Filing Required

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. All
				insurers shall submit the Form Filing to comply with W. Va. Code '33-6-31c
				to the Rates and Forms Division of the Office of the West Virginia Insurance
				Commissioner. The form filing is effective upon approval by the
				Commissioner.
6.2. The Form Filing shall
				include: Two (2) Cover Letters informing the Commissioner that this filing is
				submitted to comply with W. Va. Code '33-6-31c;
				a Form Filing Abstract (PCA-F-81); a copy of the properly imprinted application; a
				copy of the properly imprinted Policy Form; an amendment to the manual page stating
				that these imprinted forms are to be used with every automobile insurance policy
				written on a substandard risk in the State; and the appropriate filing fee required
				by W.Va. Code '33-6-34.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice › Section 114-37-7 - Notice of Eligibility for Coverage Under Standard or Preferred Policy

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. All insurers
				selling or which have in force substandard risk motor vehicle insurance policies
				shall provide a one time notice in writing to their substandard risk policyholders
				who have maintained continuous insurance coverage for three years, have not been
				convicted of any moving traffic violations and had no at fault accidents, that they
				may be eligible for coverage under a standard or preferred policy.
7.2. The notice to substandard risk policyholders
				regarding their eligibility for coverage under a standard or preferred policy shall
				read substantially as follows: Our records show that for the past three years you
				have maintained continuous motor vehicle insurance coverage, have not been convicted
				of any moving traffic violations, and have had no at fault accidents. You may,
				therefore, be eligible for coverage under a standard or preferred policy at lower
				premium charges than those you are currently paying. To confirm your eligibility for
				such coverage, contact us at (appropriate address and telephone number) or contact
				the insurer of your choice.
7.3. The
				notice required in this section must be provided either by personal delivery or by
				regular mail addressed to the policyholder at the last address appearing for the
				policyholder in the records of the insurer.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice › Section 114-37-8 - Severability

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. If any provision of
				this rule or the application of this rule to any person or circumstances is for any
				reason held to be invalid, the remainder of the rule and the application of the
				provisions to other persons or circumstances shall not be affected by the
				holding.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This rule
				establishes the form and procedures for notice to be given by insurers to named
				insureds and spouses of named insureds with regard to the continuation of motor
				vehicle liability coverage when the named insured dies, becomes legally separated,
				or terminates his or her marital relationship.
1.2. Authority. -- W. Va. Code ''33-6-36(c),
				33-2-10
1.3. Filing Date. -- April 22,
				1994
1.4. Effective Date. -- April 22,
				1994
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-2 - Applicability

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Applicability. --
				This rule applies to all motor vehicle liability policies under which the named
				insured is a natural person.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. "Commissioner"
				means the Insurance Commissioner of the State of West Virginia.
3.2. "Named Insured" means any natural person who
				appears on the records of an insurer as an insured under a motor vehicle liability
				policy.
3.3. "Insurer" means any insurer
				offering or providing motor vehicle liability insurance coverage.
3.4. "Policy" means any motor vehicle liability
				policy.
3.5. "Expiration of Policy" or
				"Termination of Policy" means the discontinuation of coverage by the insurer under a
				motor vehicle liability policy as to any named insured or spouse of a named insured
				for any reason except those permissible reasons for cancellation and non-renewal of
				policies set forth in W. Va. Code ''33-6A-1 and 4.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-4 - Notice of Policy Availability

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Insurers
				must provide to all named insureds a notice in the form of Appendix A to this rule:
4.1.1. Either when the policy is issued, or at the
				first renewal of the policy after this rule is effective, whichever occurs first;
				and
4.1.2. Upon the occurrence of any
				change in the policy or termination of the policy for any reason other than those
				set forth in W. Va. Code ''33-6A-1 and 4.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-5 - Mandatory Continuation of Coverage Upon Timely Request

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. As to all policies which have been in
				existence for a continuous period of two full years the insurer must issue a
				separate policy to any named insured or spouse of a named insured when:
5.1.1. The named insured has died;
5.1.2. The named insured has become legally
				separated from their spouse; or
5.1.3.
				The named insured has terminated their marital relationship with their spouse;
				and
5.1.4. The named insured or the
				named insured's spouse has made a request to the insurer for the issuance of their
				own policy and the request was made within thirty (30) days of the expiration or
				termination of the policy.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-6 - No Lapse in Coverage

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. As to
				all policies issued pursuant to Section 5 of this rule, there will be no lapse in
				the coverage provided to the named insured or spouse of a named insured who has
				requested a separate policy so long as appropriate premiums are paid for all
				relevant time periods.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-7 - Changes in Coverage Amount

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Upon the
				issuance of policies pursuant to Section 5 of this rule, the named insured or spouse
				of named insured must be permitted by the insurer to increase or decrease coverage
				amounts to the same extent such coverage options would have been available under the
				original policy.
7.2. Requests for
				increases or decreases in coverage made pursuant to subsection 7.1 of this rule,
				will be effective at the time the request is made to the insurer.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Section 114-38-8 - Severability

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. If any provision of
				this rule or the application of this rule to any person or circumstance is for any
				reason held to be invalid, the remainder of the rule and the application of the
				provision to other persons or circumstances shall not be affected by the
				holding.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-38 - Continuation Of Coverage Under Automobile Liability Policies › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
IMPORTANT NOTICE OF POLICYHOLDER RIGHTS IN EVENT OF
				  DEATH,
LEGAL SEPARATION, OR TERMINATION OF MARRIAGE
				  (DIVORCE)
OF THE NAMED INSURED
RIGHT TO REQUEST SEPARATE POLICY
If you have had your auto policy two full years and the named
				  insured either dies, becomes legally separated, or the marital relationship ends
				  (eg. divorce), then each named insured and the named insured's spouse has the right
				  to request their own separate policy with this company.
MUST ACT WITHIN THIRTY DAYS OF END OF YOUR
				  COVERAGE
If any of the situations above apply to you and you are a named
				  insured or named insured's spouse, and you want your own separate policy you must
				  make a request to this insurance company for your own separate policy within thirty
				  days after the date the existing policy ends your coverage.
IMPORTANT TWO-YEAR POLICYHOLDER
				  PROTECTIONS
Once you have had your auto policy for two full years you earn
				  certain protection from your policy being terminated. After two years West Virginia
				  law won't let your policy be terminated except for certain reasons which are spelled
				  out by statute. If you switch coverage to a different insurance company you will
				  lose these protections.
If you wish to make a request for your own separate policy as
				  explained above please contact us at (
appropriate address and telephone
				  number
).
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
As used in this legislative rule:
2.1. "Applicant" means a person who seeks to
				contract for insurance coverage.
2.2.
				"Basic Hospital and Medical Surgical Expense Coverage" means policies designed to
				provide coverage for hospital and medical surgical expenses only incurred as a
				result of a covered accident or sickness. Coverage is provided for daily hospital
				room and board, miscellaneous hospital services, hospital out-patient services,
				surgical services, anesthesia services, and in-hospital medical services, subject to
				any limitations, deductibles and copayment requirements set forth in the policy.
				Coverage is not provided for unlimited hospital or medical surgical
				expenses.
2.3. "Bona Fide Association"
				means an association which:
a. Has been organized
				in good faith for purposes other than that of obtaining or providing
				insurance;
b. Has a minimum of one
				hundred members;
c. Has been actively in
				existence for at least five years;
d.
				Has a constitution and bylaws providing that:
1.
				The association holds annual meetings to further purposes of its members;
2. Except in the case of credit unions, the
				association collects dues or solicits contributions from members; and
3. The members have voting privileges and
				representation on the governing board and committees that exist under the authority
				of the association;
e. Does
				not condition membership in the association on any health status-related factor
				relating to an individual;
f. Makes
				accident and sickness insurance offered through the association available to all
				members regardless of any health status-related factor relating to members or
				individuals eligible for coverage through a member;
g. Does not make accident and sickness insurance
				coverage offered through the association available other than in connection with a
				member of the association; and
h. Meets
				any additional requirements as may be set forth in chapter thirty-three of the W.
				Va. Code or by rule.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-3 - Policy Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Except as
				provided in this rule, no policy subject to this rule may be advertised, solicited,
				delivered or issued for delivery in this state unless the policy contains
				definitions or terms which conform to the requirements of this section. Certificates
				issued under a policy subject to this rule and the terms used therein shall be
				consistent with this section. However, only this subsection and subsection 3.10
				apply to a policy issued to an employer of fifty-one (51) or more employees, under
				which the coverage is negotiated by the policyholder.
3.2. "Accident," "accidental injury," or
				"accidental means" shall be defined to employ "result" language and may not include
				words which establish an accidental means test or use words such as "external,
				violent, visible wounds" or similar words of description or characterization.
a. The definition may not be more restrictive than
				the following: "Injury or injuries, for which benefits are provided" means
				accidental bodily injury sustained by the insured person which is the direct result
				of an accident, independent of disease or bodily infirmity or any other cause, and
				occurs while the insurance coverage is in force.
b. The definition may provide that the term
				"injuries" excludes injuries for which benefits are provided or available under any
				motor vehicle no-fault, workers' compensation, employer's liability, occupational
				disease or similar law, unless prohibited by law.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-4 - Prohibited Policy Provisions

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. No policy may
				exclude coverage for a loss due to a preexisting condition for a period greater than
				twelve (12) months following an individual's enrollment date. For a health benefit
				plan issued in connection with a group health plan, a waiting period or affiliation
				period elected by a health maintenance organization pursuant to WV 114CSR54 "Group
				Accident and Sickness Insurance Issuance, Portability and Marketing Requirements,"
				prior to an insured's eligibility for benefits must run concurrently with a
				preexisting condition exclusion period.
4.2. Policies providing hospital confinement
				indemnity coverage may not contain provisions excluding coverage because of
				confinement in a hospital operated by the federal or state government.
4.3. For a health benefit plan issued in
				connection with a group health plan, a health insurer may impose a preexisting
				condition exclusion only as provided in WV 114CSR54 "Group Accident and Sickness
				Insurance Issuance, Portability and Marketing Requirements."
4.4. For policies other than a health benefit plan
				issued in connection with a group health plan, this rule does not impair or limit
				the use of waivers to exclude, limit or reduce coverage or benefits for specifically
				named or described preexisting diseases, physical conditions or extra- hazardous
				activity. Where waivers are required as a condition of policy issuance, renewal or
				reinstatement, signed acceptance by the insured is required unless on initial
				issuance of the policy, the full text of the waiver is contained either on the first
				page or the specification page.
4.5.
				Policy provisions expressly precluded in this section shall in no way be construed
				as a limitation on the authority of the commissioner to disapprove other policy
				provisions including, but not limited to, provisions respecting limitations,
				exceptions, reductions or eliminations of coverage, not otherwise specifically
				authorized by statute or rule, which policy provisions are determined by the
				commissioner to be unjust, unfair, unreasonable or unfairly discriminatory either to
				the policyholder, subscriber, beneficiary or any person insured under the
				policy.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-7 - Association Group Policy Disclosure, Affiliation of Association and Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Each insurer
				offering coverage under a group accident and sickness policy which is issued to a
				non bona fide association shall be required to make full disclosure to each
				applicant who is not already a member of the association on a form approved by the
				Commissioner. Such disclosure shall be provided at the time the application for
				coverage is completed.
7.2. Full
				disclosure under 7.1 above shall state:
a. That
				the individual must already be or become a member of the association to be eligible
				for coverage under the group policy;
b.
				All costs related to association membership, including but not limited to initial
				association membership fee and the amount of the annual association dues;
c. That membership fees and/or dues are in
				addition to the policy premium;
d. That
				the association holds the master policy;
e. That the premium charged and the terms and
				conditions of coverage are determined between the association and the insurer; and
f. That the premium, terms and
				conditions of coverage may be changed by agreement of the association group
				policyholder and the insurer, without the consent of the individual certificate
				holder.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-8 - Billing of Association Dues by an Insurer

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. An insurer which bills association member
				ship dues shall provide the certificate holders a statement at least annually
				disclosing the amount of the premium billed by the insurer.
8.2. An insurer which bills association fees
				and/or dues may not include the cost of the billing for the association in the
				determination of the premium rate.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-9 - Eligibility of Associations

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. Prior to
				offering a group accident and sickness insurance policy to an association, an
				insurer must submit evidence to the commissioner that the association meets the
				requirements under W. Va. Code §§
									33-16-1 a(a) or
				33-16-2(b). The commissioner shall review the evidence and may request additional
				evidence as needed.
9.2. An insurer
				shall submit to the commissioner within thirty (30) days any changes in the evidence
				submitted under subsection 9.1 of this section.
9.3. The commissioner may order an insurer to
				cease offering accident and sickness insurance to an association if the commissioner
				determines that the association does not satisfy the requirements under W.Va. Code
				§§
									33-16-1 et
				seq.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-39 - Group Accident And Sickness Insurance Minimum Policy Coverage Standards › Section 114-39-10 - Severability

Current through Register Vol. XLI, No. 28, July 12, 2024
If any provision of this legislative rule or the application
				  thereof to any person or circumstance is for any reason held invalid, the remainder
				  of the rule and the application of the provision to other persons or circumstances
				  shall not be affected by the holding.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				legislative rule establishes the standards and procedural requirements which the
				commissioner considers necessary to carry out the provision of W. Va. Code §
									33-4-15a
				dealing with credit for reinsurance. The actions and information required by this
				rule are declared to be necessary and appropriate in the public interest and for the
				protection of the ceding insurers in this state.
1.2. Authority. -- W. Va. Code §§
									33-2-10 and
				33-4-15a(e).
1.3. Filing Date. -- April 12, 2021.
1.4. Effective Date. -- July 1, 2021.
1.5. Sunset Provision. -- This rule shall
				terminate and have no further force or effect upon August 1, 2026.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-2 - Reinsurer Licensed in This State

Current through Register Vol. XLI, No. 28, July 12, 2024
Pursuant to W. Va. Code §
									33-4-15a(b)(2)(A),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				  an assuming insurer that was licensed in this state as of any date on which
				  statutory financial statement credit for reinsurance is claimed.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-3 - Accredited Reinsurers

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Pursuant to W.
				Va. Code §
									33-4-15a(b)(2)(B),
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				an assuming insurer that is accredited as a reinsurer in this state as of any date
				on which statutory financial statement credit for reinsurance is claimed. An
				accredited reinsurer must:
3.1.a. File a properly
				executed Form AR-1, as adopted by the National Association of Insurance
				Commissioners, with the commissioner as evidence of its submission to this state's
				jurisdiction and to this state's authority to examine its books and records,
				pursuant to W. Va. Code §
										33-2-9;
3.1.b. File with the commissioner a certified copy
				of a certificate of authority or other acceptable evidence that it is licensed to
				transact insurance or reinsurance in at least one state, or, in the case of a United
				States branch of an alien assuming insurer, is entered through and licensed to
				transact insurance or reinsurance in at least one state;
3.1.c. File annually, on or before the first day
				of March, with the commissioner a copy of its annual statement. The annual statement
				shall be a copy of the statement filed with the insurance department of its state of
				domicile or, in the case of an alien assuming insurer, with the state through which
				it is entered and in which it is licensed to transact insurance or reinsurance, and
				a copy of its most recent audited financial statement; and
3.1.d. Maintain a surplus as regards policyholders
				in an amount not less than $20,000,000, or obtain the affirmative approval of the
				commissioner upon a finding that it has adequate financial capacity to meet its
				reinsurance obligations and is otherwise qualified to assume reinsurance from
				domestic insurers.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-4 - Reinsurer Domiciled in Another State

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Pursuant to W. Va. Code §
									33-4-15a(b)(2)(C),
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				an assuming insurer that as of any date on which statutory financial statement
				credit for reinsurance is claimed:
4.1.a. Is
				domiciled in (or, in the case of a United States branch of an alien assuming
				insurer, is entered through) a state that employs standards regarding credit for
				reinsurance substantially similar to those applicable under W. Va. Code §
										33-4-15a and
				this rule;
4.1.b. Maintains a surplus as
				regards policyholders in an amount not less than $20,000,000; and
4.1.c. Files a properly executed Form AR-1, as
				adopted by the National Association of Insurance Commissioners, with the
				commissioner as evidence of its submission to this state's authority to examine its
				books and records, pursuant to W. Va. Code §
										33-2-9.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-8 - Credit for Reinsurance Required by Law

Current through Register Vol. XLI, No. 28, July 12, 2024
Pursuant to W. Va. Code §
									33-4-15a(b)(2)(G),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				  an assuming insurer not meeting the requirements of W. Va. Code §§
									33-4-15a(b)(2)(A);
				  33-4-15a(b)(2)(B);
				  33-4-15a(b)(2)(C);
				  33-4-15a(b)(2)(D);
				  33-4-15a(b)(2)(E);
				  and
				  33-4-15a(b)(2)(F),
				  but only as to the insurance of risks located in jurisdictions where the reinsurance
				  is required by the applicable law or regulation of that jurisdiction. As used in
				  this section, "jurisdiction" means a state, district or territory of the United
				  States and any lawful national government.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-9 - Asset or Reduction From Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 2 through 8

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. Pursuant to W. Va. Code §
									33-4-15a(c),
				the commissioner shall allow a reduction from liability for reinsurance ceded by a
				domestic insurer to an assuming insurer not meeting the requirements of W. Va. Code
				§
									33-4-15a(b)
				in an amount not exceeding the liabilities carried by the ceding insurer. The
				reduction shall be in the amount of funds held by or on behalf of the ceding
				insurer, including funds held in trust for the exclusive benefit of the ceding
				insurer, under a reinsurance contract with the assuming insurer as security for the
				payment of obligations under the reinsurance contract. The security must be held in
				the United States subject to withdrawal solely by, and under the exclusive control
				of, the ceding insurer or, in the case of a trust, held in a qualified United States
				financial institution as defined in W. Va. Code §
									33-4-15a(d)(2).
				This security may be in the form of any of the following:
9.1.a. Cash;
9.1.b. Securities listed by the Securities
				Valuation Office of the National Association of Insurance Commissioners, including
				those deemed exempt from filing as defined by the Purposes and Procedures Manual of
				the Securities Valuation Office, and qualifying as admitted assets;
9.1.c. Clean, irrevocable, unconditional and
				"evergreen" letters of credit issued or confirmed by a qualified United States
				institution, as defined in W. Va. Code §
										33-4-15a(d)(1),
				effective no later than December 31 of the year for which filing is being made, and
				in the possession of, or in trust for, the ceding insurer on or before the filing
				date of its annual statement. Letters of credit meeting applicable standards of
				issuer acceptability as of the dates of their issuance (or confirmation) shall,
				notwithstanding the issuing (or confirming) institution's subsequent failure to meet
				applicable standards of issuer acceptability, continue to be acceptable as security
				until their expiration, extension, renewal, modification or amendment, whichever
				first occurs; or
9.1.d. Any other form
				of security acceptable to the commissioner.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-10 - Trust Agreements Qualified Under Section 9

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. As used in this section:
10.1.a. "Beneficiary" means the entity for whose
				sole benefit the trust has been established and any successor of the beneficiary by
				operation of law. If a court of law appoints a successor in interest to the named
				beneficiary, then the named beneficiary includes and is limited to the court
				appointed domiciliary receiver (including a conservator, rehabilitator or
				liquidator).
10.1.b. "Grantor" means the
				entity that has established a trust for the sole benefit of the beneficiary. When
				established in conjunction with a reinsurance agreement, the grantor is the
				unlicensed, unaccredited assuming insurer.
10.1.c. "Obligations," as used in subdivision k,
				subsection 10.2 of this section means:
10.1.c.1.
				Reinsured losses and allocated loss expenses paid by the ceding company, but not
				recovered from the assuming insurer; 10.1.c.2. Reserves for reinsured losses
				reported and outstanding;
10.1.c.3.
				Reserves for reinsured losses incurred but not reported; and
10.1.c.4. Reserves for allocated reinsured loss
				expenses and unearned premiums.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-12 - Other Security

Current through Register Vol. XLI, No. 28, July 12, 2024
A ceding insurer may take credit for unencumbered funds withheld
				  by the ceding insurer in the United States which are subject to withdrawal solely by
				  the ceding insurer and under its exclusive control.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-13 - Reinsurance Contract

Current through Register Vol. XLI, No. 28, July 12, 2024
13.1. Credit will
				not be granted, nor an asset or reduction from liability allowed, to a ceding
				insurer for reinsurance effected with assuming insurers meeting the requirements of
				sections 2, 3, 4, 5, 6, 7 or 9 of this rule or otherwise in compliance with W. Va.
				Code §
									33-4-15a(b)
				after the adoption of this rule unless the reinsurance agreement:
13.1.a. Includes a proper insolvency clause, which
				stipulates that reinsurance is payable directly to the liquidator or successor
				without diminution regardless of the status of the ceding company, pursuant to W.
				Va. Code §
										33-4-15(c);
13.1.b. Includes a provision pursuant
				to W. Va. Code §
										33-4-15a(b)(2)
				whereby the assuming insurer, if an unauthorized assuming insurer, has submitted to
				the jurisdiction of an alternative dispute resolution panel or court of competent
				jurisdiction within the United States, has agreed to comply with all requirements
				necessary to give the court or panel jurisdiction, has designated an agent upon whom
				service of process may be effected, and has agreed to abide by the final decision of
				the court or panel; and
13.1.c. Includes
				a proper reinsurance intermediary clause, if applicable, which stipulates that the
				credit risk for the intermediary is carried by the assuming
				insurer.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-14 - Contracts Affected

Current through Register Vol. XLI, No. 28, July 12, 2024
All new and renewal reinsurance transactions entered into after
				  the effective date of this rule shall conform to the requirements of W. Va. Code
				  §
									33-4-15a and
				  this rule if credit is to be given to the ceding insurer for the
				  reinsurance.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-40 - Credit For Reinsurance › Section 114-40-15 - Fees

Current through Register Vol. XLI, No. 28, July 12, 2024
The commissioner may charge reasonable fees regarding the filing
				  of any document required of a reinsurer. Such fees are to used by the commissioner
				  for the operation of his or her office.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41 - Actuarial Opinion And Memorandum Rule › Section 114-41-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				legislative rule applies to all life insurance companies and fraternal benefit
				societies doing business in this State and to all life insurance companies and
				fraternal benefit societies which are authorized to reinsure life insurance,
				annuities or accident and health insurance businesses in this State. This rule is
				based on the "Actuarial Opinion and Memorandum Regulation (Model 822)" adopted by
				the National Association of Insurance Commissioners in 1991 and amended in 2009.
1.1.a. This rule will be applied in a manner that
				allows the appointed actuary to utilize his or her professional judgment in
				performing the asset analysis and developing the actuarial opinion and supporting
				memoranda, consistent with relevant actuarial standards of practice. However, the
				Commissioner has the authority to specify specific methods of actuarial analysis and
				actuarial assumptions when, in the Commissioner's judgment, these specifications are
				necessary for an acceptable opinion to be rendered relative to the adequacy of
				reserves and related items.
1.1.b. This
				rule is applicable to all annual statements filed with the Commissioner.
1.1.c. Notwithstanding the foregoing, the
				Commissioner may require any company otherwise exempt pursuant to this rule to
				submit a statement of actuarial opinion and to prepare a memorandum in support of
				the opinion in accordance with section 5 and 6 of this rule if, in the opinion of
				the Commissioner, an asset adequacy analysis is necessary with respect to the
				company.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41 - Actuarial Opinion And Memorandum Rule › Section 114-41-2 - Purpose

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. The purpose of this
				rule is to prescribe:
2.1.a. Requirements for
				statements of actuarial opinion that are to be submitted in accordance with the
				Standard Valuation Law, W. Va. Code §
										33-7-9(c),
				and for memoranda in support thereof;
2.1.b. Rules applicable to the appointment of an
				appointed actuary; and
2.1.c. Guidance
				as to the meaning of "adequacy of reserves."
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41 - Actuarial Opinion And Memorandum Rule › Section 114-41-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. "Actuarial Opinion"
				means the opinion of an appointed actuary regarding the adequacy of the reserves and
				related actuarial items based on an asset adequacy analysis in accordance with
				Section 6 of this rule and with applicable Actuarial Standards of
				Practice.
3.2. "Actuarial Standards
				Board" means the board established by the American Academy of Actuaries to develop
				and promulgate standards of actuarial practice.
3.3. "Annual Statement" means that statement
				required by W. Va. Code §
									33-4-14
				to be filed annually by the company with the office of the Commissioner.
3.4. "Appointed Actuary" means any individual who
				is appointed or retained in accordance with the requirements set forth in subsection
				4.3 of this rule to provide the actuarial opinion and supporting memorandum as
				required by the Standard Valuation Law, W. Va. Code §
									33-7-9(c).
3.5. "Asset Adequacy Analysis" means an analysis
				that meets the standards and other requirements referred to in subsection 4.4 of
				this rule.
3.6. "Commissioner" means the
				Insurance Commissioner of West Virginia.
3.7. "Company" means a life insurance company,
				fraternal benefit society or reinsurer subject to the provisions of this
				rule.
3.8. "Qualified Actuary" means any
				individual who meets the requirements set forth in subsection 4.2 of this
				rule.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41 - Actuarial Opinion And Memorandum Rule › Section 114-41-4 - General Requirements

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Submission of Statement of Actuarial Opinion.
The annual statement shall include on or attached to page 1, the
				  statement of an appointed actuary, entitled "Statement of Actuarial Opinion,"
				  setting forth an opinion relating to reserves and related actuarial items held in
				  support of policies and contracts, in accordance with section 6 of this rule. Upon
				  written request by the company, the Commissioner may grant an extension of the date
				  for submission of the statement of actuarial opinion.
4.2. A "qualified actuary" is an individual who:
4.2.a. Is a member in good standing of the
				American Academy of Actuaries;
4.2.b. Is
				qualified to sign statements of actuarial opinion for life and health insurance
				company annual statements in accordance with the American Academy of Actuaries
				qualification standards for actuaries signing such statements;
4.2.c. Is familiar with the valuation requirements
				applicable to life and health insurance companies;
4.2.d. Has not been found by the Commissioner (or
				if so found has subsequently been reinstated as a qualified actuary), following
				appropriate notice and hearing to have:
4.2.d.1.
				Violated any provision of, or any obligation imposed by, the insurance law or other
				law in the course of his or her dealings as a qualified actuary;
4.2.d.2. Been found guilty of fraudulent or
				dishonest practices;
4.2.d.3.
				Demonstrated his or her incompetency, lack of cooperation, or untrustworthiness to
				act as a qualified actuary;
4.2.d.4.
				Submitted to the Commissioner during the past five (5) years, pursuant to this rule,
				an actuarial opinion or memorandum that the Commissioner rejected because it did not
				meet the provisions of this rule including standards set by the Actuarial Standards
				Board; or
4.2.d.5. Resigned or been
				removed as an actuary within the past five (5) years as a result of acts or
				omissions indicated in any adverse report on examination or as a result of failure
				to adhere to generally acceptable actuarial standards; and
4.2.e. Has not failed to notify the Commissioner
				of any action taken by any commissioner of any other state similar to that under
				subdivision (d) of this subsection.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41 - Actuarial Opinion And Memorandum Rule › Section 114-41-5 - Statement of Actuarial Opinion Based on an Asset Adequacy Analysis

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. General
				Description. The statement of actuarial opinion required by this section shall
				consist of:
5.1.a. A paragraph identifying the
				appointed actuary and his or her qualifications (see paragraphs 1 and 2, subdivision
				a, subsection 5.2 of this section);
5.1.b. A scope paragraph identifying the subjects
				on which an opinion is to be expressed and describing the scope of the appointed
				actuary's work, including a tabulation delineating the reserves and related
				actuarial items that have been analyzed for asset adequacy and the method of
				analysis (see subdivision b, subsection 5.2 of this section) and identifying the
				reserves and related actuarial items covered by the opinion that have not been so
				analyzed;
5.1.c. A reliance paragraph
				describing those areas, if any, where the appointed actuary has deferred to other
				experts in developing date, procedures or assumptions, (e.g., anticipated cash flows
				from currently owned assets, including variation in cash flows according to economic
				scenarios;
5.1.d. An opinion paragraph
				expressing the appointed actuary's opinion with respect to the adequacy of the
				supporting assets to mature the liabilities; and
5.1.e. One or more additional paragraphs will be
				needed in individual company cases as follows:
5.1.e.1. If the appointed actuary considers it
				necessary to state a qualification of his or her opinion;
5.1.e.2. If the appointed actuary must disclose an
				inconsistency in the method of analysis or basis of asset allocation used at the
				prior opinion date with that used for this opinion;
5.1.e.3. If the appointed actuary must disclose
				whether additional reserves as of the prior opinion date are released as of this
				opinion date, and the extent of the release; and
5.1.e.4. If the appointed actuary chooses to add a
				paragraph briefly describing the assumptions that form the basis for the actuarial
				opinion.
West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-41A - Property And Casualty Actuarial Opinion › Section 114-41A-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This rule
				applies to all property and casualty insurance companies and fraternal benefit
				societies doing business in this State and to all property and casualty insurance
				companies and fraternal benefit societies that are authorized to reinsure property
				and casualty businesses in this State. This rule is based on the "Property and
				Casualty Actuarial Opinion Model Law (Model 745)," as adopted by the National
				Association of Insurance Commissioners (NAIC) in 2003 and amended in 2009.
1.2. Authority. -- W. Va. Code §
									33-2-10.
1.3. Filing Date. -- May 10, 2011.
1.4. Effective Date. -- June 10, 2011.