West Virginia Property & Casualty Laws and Regulations Study Guide 2024

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