West Virginia Code of State Rules › Agency 115 - Risk And Insurance Management › Title 115 - LEGISLATIVE RULES STATE BOARD OF RISK AND INSURANCE MANAGEMENT › Series 115-01 - Mine Subsidence Insurance › Appendix F

Current through Register Vol. XLI, No. 28, July 12, 2024
WEST VIRGINIA BOARD OF RISK AND INSURANCE MANAGEMENT
AS MANAGER AND TRUSTEE OF THE
WEST VIRGINIA MINE SUBSIDENCE FUND
REINSURANCE AGREEMENT
INSURANCE COMPANY:
NAIC#: GROUP#:
ASSURED: Various provided with Mine Subsidence Coverage on or
				  in connection with policies issued or renewed on or after the date of this
				  Reinsurance Agreement.
REINSURANCE DATE:
AMOUNT: 100% - but not to exceed $200,000 per loss plus
				  allocated loss adjustment expense.
In consideration of the provisions and stipulations herein or
				  added hereto, and of premiums ceded by the above named insurance company, the
				  West Virginia Board of Risk and Insurance Management (hereinafter BRIM), as
				  Manager and Trustee of the West Virginia Mine Subsidence Fund (hereinafter
				  Fund) and not otherwise, does reinsure, for all West Virginia mine subsidence
				  losses and allocated loss adjustment expense reasonably incurred, the
				  above-named insurance company, for coverages provided pursuant to W.Va. Code
				  §
									33-30-1, et seq.
It is understood and agreed that BRIM shall reimburse the
				  named insurance company from the Fund for all amounts paid policy holders for
				  claims resulting from subsidence and shall pay from the Fund all costs of
				  administration incurred by BRIM; however no such reimbursement will be made by
				  BRIM from the Fund for claims paid by the named insurance company without the
				  expressed consent and approval of BRIM. The named insurance company is not
				  required to pay any claim for any loss insured under the Mine Subsidence
				  Insurance Law, except to the extent that the amount available in the Fund is
				  sufficient to reimburse the insurer for such claim under this section, and
				  without moral obligation.
It is further understood and agreed that the above-named
				  insurance company shall charge and obtain premiums from all its insureds who
				  request mine subsidence insurance under the West Virginia Mine Subsidence
				  Insurance Law in accordance with rates approved by the West Virginia Insurance
				  Commissioner and shall deposit such premiums with BRIM as Manager and Trustee
				  of the Fund, less 30 percent of such premiums, which amounts shall be retained
				  by the above-named insurance company as a ceding commission. Such deposits
				  shall be made in accordance with the directions of BRIM as promulgated from
				  time to time.
It is further understood and agreed that any and all claims
				  by the above-named insurance company for reinsurance hereunder shall be made in
				  accordance with the directions of BRIM as promulgated from time to time.
This agreement shall remain in effect unless and until
				  terminated by one of the following:
(1) It may be terminated, upon written notice thereof by the
				  above-named insurance company, accompanied by written approval of the West
				  Virginia Insurance Commissioner.
(2) It may be terminated, upon sixty days written notice, by
				  BRIM pursuant to an opinion of the West Virginia Attorney General that any
				  future amendments to the West Virginia Mine Subsidence Insurance Law require or
				  make desirable such cancellation.
(3) It will terminate upon repeal of the West Virginia Mine
				  Subsidence Insurance Law; provided, however, that the obligations hereunder
				  will continue as to any coverages provided under the West Virginia Mine
				  Subsidence Insurance Law.
Any prior Reinsurance Agreement shall be superseded as of the
				  effective date of this Reinsurance Agreement.
WEST VIRGINIA BOARD OF RISK AND INSURANCE MANAGEMENT, AS
				  MANAGER AND TRUSTEE OF THE WEST VIRGINIA MINE SUBSIDENCE FUND.
By:__________________________________
				  Date:________________________
Title: Executive Director, West Virginia Board of Risk and
				  Insurance Management
(NAME OF INSURANCE COMPANY)
By:__________________________________ Date:
				  _______________________
Title:
Note: Please verify proper spelling of Company Name, 'NAIC
				  number and 'GROUP' number if applicable. Return one copy of signed agreement to
				  the address provided on the Board's website at
http://www.brim.wv.gov
.