§33-61-7. Application for License; Authority of Commissioner
(a) As soon as practical, the company established pursuant to the provisions of this article shall file its corporate charter and bylaws with the commissioner and apply for a license to transact insurance in this state. Notwithstanding any other provision of this code, the commissioner shall act on the documents within 15 days of the […]
§33-61-8. Initial Capital and Surplus
(a) There is hereby created in the State Treasury a special revenue account designated as the Department of Environmental Protection Mining Mutual Insurance Company Fund solely for the purpose of receiving moneys transferred from various funds at the Department of Environmental Protection. (b) As soon as practical, but within 30 days of the effective date […]
§33-61-9. Types of Coverage Authorized; Discretionary Participation
(a) Upon approval by the commissioner for a license to transact insurance in this state, the company may issue nonassessable policies of performance bonds. (b) Operators may procure nonassessable policies of performance bonds from the company or other allowable providers to satisfy the requirements of 22-3-11 of this code. (c) Nothing in this article shall […]
§33-61-10. Applicable Law
To the extent applicable, and when not in conflict with the provisions of this article, the provisions of chapters 31, 31D, 31E, and 33 of this code apply to the company created pursuant to the provisions of this article. If a provision of this article and another provision of this code are in conflict, the […]
§33-61-4. Authorization for Creation of Company; Requirements and Limitations
(a) A Mining Mutual Insurance Company may be created as a domestic, private, nonstock corporation in this state. The company shall remain for the duration of its existence a domestic mutual insurance company owned by its policyholders and may not be converted into a stock corporation or any other entity not owned by its policyholders. […]
§33-61-5. Governance and Organization
(a) The company shall initially be governed by a provisional board of directors consisting of five directors. The provisional board shall act as the incorporators of the company and shall prepare and file articles of incorporation and bylaws in accordance with the provisions of this article and all of the provisions of this code. The […]
§33-61-6. Management and Administration of the Company
(a) If the companys board of directors determines that the affairs of the company may be administered suitably and efficiently, the company may enter into a contract with a licensed insurer, licensed health service plan, insurance service organization, third-party administrator, insurance brokerage firm or other firm or company with suitable qualifications and experience to administer […]
§33-60-9. Reciprocity Agreements
The commissioner may enter into agreements with state, federal, or foreign regulatory agencies to allow persons who make an insurance innovation available in West Virginia through the regulatory sandbox to make their insurance innovation available in other jurisdictions and to allow persons operating in similar regulatory sandboxes in other jurisdictions to make insurance innovations available […]
§33-60-10. Rulemaking
(a) The Insurance Commissioner shall propose rules for legislative approval in accordance with the provisions of 29A-3-1 et seq. of this code for the purposes of administering this article. (b) The Insurance Commissioner shall develop all forms, contracts, or other documents to be used for the purposes outlined in this article.
§33-61-1. Scope
This article applies only to the Mining Mutual Insurance Company created pursuant to this article.