West Virginia Insurance Law Latest Update Graded A+

West Virginia Insurance Law Latest Update Graded A+ Insurance Commissioner: (Appointment & Duties) * Appointed by Governor for a 6-year term * Enforces Insurance Code Insurance Commissioner: (Powers) * Examine / investigate insurers and producers * Hold hearing - take depositions - compel witness to testify Insurance Commissioner must inspect each insurer every ____ years. Every 5 years Insurance Commissioner must hold a hearing within ____ days of a written demand, unless delayed by mutual agreement. 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. 15 days The Commissioner must enter an order pertaining to a hearing within ____ days after its completion unless extended by mutual consent. 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. 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 $________. 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. $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: * 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; * Committing any unfair trade practice or insurance fraud; * Fraudulent, coercive, or dishonest practices demonstrating incompetence, untrustworthiness or financial irresponsibility; * Denial, suspense, or revocation of license in any other state; * Forging any document related to an insurance transaction; * Cheating on the license examination; * Knowingly accepting business from an unlicensed individual; * Failure to pay child support obligation; * Failure to pay any West Virginia taxes, fees, charges or penalties. The Commissioner may also require payment of a penalty up to $____ per violation, up to $____ total, unless the person knew or had reason to know he was in violation, then up to $____ per violation, $____total. $1,000 / $10,000 $5,000 / $100,000 Any person required to have a license, who is found acting without a license, constitutes an unauthorized transaction of insurance and may be fined by