West Virginia Property & Casualty Laws and Regulations with Complete Solutions

West Virginia Property & Casualty Laws and Regulations with Complete Solutions Insurance commisioner •Appointed by the governor •6 year term •must sever all ties with any insurance company except as a claimant. Examination of insurers •Must examine each domestic insurer at least once every five years, and as often as deemed necessary. •May examine an alien or foreign insurer licensed to transact insurance in this state at least once every five years. Insurance examination cost The cost must be paid by the company being examined. Refusal of examination penalty License will be revoked. Insurer opportunity to respond. The insurer may respond to the report within 10 days; within the following 30 days the commissioner may enter the order. Withhold from public inspection any examination May withhold from public inspection any examination for no longer than 90 Days. "Insurance" Is a contract whereby one undertakes to indemnify another party or to pay a specified amount upon determinable contingencies. "Insurer" Means every person engaged in the business of making contracts of insurance. "Person" Means any individual, company,insurer, association, organization, society, reciprocal, partnership, syndicate, business trust, corporation or any other Legal entity. "Policy" Means a contract or certificate effecting insurance, and includes all clauses, riders, endorsements and paper attached to and a part of the contract. "Premium" Means the consideration for insurance, by whatever named called. "Hearings" A demand must specify the grounds to be relied upon as a basis for the relief to be requested, and the hearing MUST BE HELD WITHIN 45 days after the commissioner receives written demand (unless postponed by written agreement) the commissioner must give at least 15 days notice of the time, and place. Commissioner makes an order with the findings of fact and conclusions Within 45 days Insurer's penalty in lieu of refusing to renew The insurer can be required to pay the state of West Virginia a penalty in a sum not exceeding $10,000, and upon the failure of the insurer to pay such penalty within 30 days after notice thereof. The commissioner may revoke or suspend the insurer's license. Transaction of insurance by unauthorized insurer A sum not to exceed $20,000 for each unauthorized act. Domestic insurer Means an insurer formed under the laws of WV. Foreign Insurer An insurer formed under the laws of the United State or another state of the U.S. Alien Insurer An insurer formed under the laws of a country other than the United States Stock Insurer Means an incorporated insurer with capital dividend into shares and owned by its shareholders. Mutual Insurer An incorporated insurer without permanent capital stick and the governing body of which is elected by the policyholders, and it's typically owned by its policyholders. Unauthorized Insurer Means a person or insurer engaged in the transaction of insurance without a license in force pursuant to the laws of this state. Sell Means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company.