West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-103 - Bail Bondsmen in Criminal Cases › Section 114-103-8 - Financial Responsibility of Professional Bondsmen

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Each professional bondsman acting as
				surety on bail bonds in this State shall, unless real estate is used as
				security, maintain a deposit of approved securities with and satisfactory to
				the Commissioner of a value of at least one-tenth the amount of all bonds or
				undertakings written in this State on which he or she is absolutely or
				conditionally liable as of the first day of the current month. The amount of
				this deposit must be reconciled with the bondsman's liabilities as of the first
				day of each month, but the value of said deposit shall in no event be less than
				$10,000. The Commissioner shall not be liable for any of the incurred
				liabilities of the professional bondsman in excess of the pledged
				security.
8.2. If a professional
				bondsman secures criminal bonds with real estate, the aggregate amount of the
				bonds written thereunder cannot exceed an amount equal to five times the
				unencumbered, current assessed value of the real estate listed (as determined
				by the county assessor). The Commissioner shall not be liable for any of the
				incurred liabilities of the professional bondsman in excess of the
				unencumbered, current assessed value of the real estate.
8.3. A professional bondsman may apply to the
				Commissioner to increase the limit of his or her aggregate authority in regard
				to the writing of bonds in this State above the limits set forth in subsections
				8.1 and 8.2 of this rule without the need for maintaining additional security.
				The Commissioner will evaluate those requests on a case-by-case basis with
				consideration given to any special circumstances that apply, as well as the
				license history and financial responsibility of the bondsman making the
				request. A request may be granted on a temporary or permanent basis.
				Additionally, the Commissioner may, temporarily or permanently, decrease the
				limit of a professional bondsman's aggregate authority to write bonds below the
				limits set forth in subsections 8.1 and 8.2 of this rule if the bondsman has
				shown financial irresponsibility in the conduct of bonding business in this
				State. A professional bondsman may request a hearing pursuant to W. Va. Code
				§§
									33-2-12 and 33-2-13 upon any decision of the Commissioner to deny a
				request to increase the bondsman's aggregate authority or decrease the
				bondman's aggregate authority in regard to the writing of bonds in this
				State.
8.4. If two or more bondsmen
				join in the writing of a single bond, the penalty of the bond shall be prorated
				between the several bondsmen, either equally or on the same proportionate basis
				as the bondsmen participated in the writing of the bond.
8.5. With the approved securities deposited
				with the Commissioner, the professional bondsman shall at the same time deliver
				to the Commissioner a power of attorney or assignment on an approved form, as
				located at
www.wvinsurance.gov
,
				executed and acknowledged by the professional bondsman authorizing the sale or
				transfer of said securities or any part thereof.
8.6. Any professional bondsman, whose
				security deposits with the Commissioner are, for any reason, reduced in value
				below the requirements of this rule shall, within 10 working days, deposit such
				additional securities as are necessary to comply with the provisions of this
				rule or reduce the excess bond liability. No professional bondsman shall sign,
				endorse, execute, or become surety on any additional bail bonds, or pledge or
				deposit any cash, check, or other security of any nature in lieu of a bail bond
				in this State until the professional bondsman has cured the deficiency. If a
				bondsman does not cure the deficiency within 10 working days, the license of
				the bondsman shall be suspended pending a hearing on the matter.
8.7. The Commissioner may deny the renewal of
				any license held by a professional bondsman if, at the time of the renewal
				application, the professional bondsman has not complied with or cured a
				deficiency.
8.8. The deposit
				provided for in subsection 8.1 of this rule shall constitute a reserve
				available to meet sums due on forfeiture of any bonds executed by the bondsman.
				The deposit shall be held in safekeeping by the Commissioner and shall only be
				used if a bondsman fails to pay an order and judgment of forfeiture after being
				properly notified, or shall be used if the license of a professional bondsman
				has been revoked.
8.9. A pro rata
				portion of the securities shall be returned to the bondsman when the
				Commissioner is satisfied that the deposit of securities is in excess of the
				amount required to be maintained with the Commissioner by said bondsman, and
				all the securities shall be returned if the Commissioner is satisfied that the
				bondsman has satisfied, or satisfactory arrangements have been made to satisfy,
				the obligations of the bondsman on all the bondsman's bail bonds written in
				this State.
8.10. If a bondsman
				discontinues writing bonds due to death, permanent incapacitation, or some
				other circumstance that results in the bondsman returning the license issued,
				and the Commissioner is satisfied that no more bonds can be written against the
				bondsman's security deposit, the Commissioner shall return the portion of the
				security deposit in excess of that required to secure the bondsman's
				outstanding bond liability.