West Virginia Insurance Law

Insurance Commissioner: (Appointment & Duties) - Answer- * Appointed by Governor for a 6-year term * Enforces Insurance Code Insurance Commissioner: (Powers) - Answer- * Examine / investigate insurers and producers * Hold hearing - take depositions - compel witness to testify Insurance Commissioner must inspect each insurer every ____ years. - Answer- Every 5 years Insurance Commissioner must hold a hearing within ____ days of a written demand, unless delayed by mutual agreement. - Answer- 45 days The Commissioner must give at least ____ days notice of the time, place and scope of matters of the hearing to all directly affected persons. - Answer- 15 days The Commissioner must enter an order pertaining to a hearing within ____ days after its completion unless extended by mutual consent. - Answer- 45 days If after notice and a hearing, the Commissioner determines a person or insurer has violated any insurance law, regulation, rule, or order, he may issue a ___________ to that person to discontinue the violation. - Answer- cease and desist order If the person or insurer does not comply with the order within _____ days, the Commissioner may revoke the license and assess a penalty of up to $________. - Answer- 20 days / $10,000 The Commissioner may also require insurers to pay a penalty up $____ per violation. If an insurer commits unfair claim settlement practices, the Commissioner may assess a penalty of up to $_____, as well as restitution to the claimant. - Answer- $10,000 / $250,000 After notice and a hearing, the Commissioner may place on probation, suspend, revoke, or refuse to renew the license of any insurer for: - Answer- * Violation of any insurance law, regulation, rule, or order of the Commissioner; * Providing incorrect, misleading, or untrue information in the license application or obtaining a license through misrepresentation or fraud; Improperly withholding or misappropriating money or property received in the course of doing insurance business; * Intentionally misrepresenting the terms of an insurance contract or application; * Conviction or pleading no contest to any felony or a misdemeanor in connection with insurance transactions; *