§33-12C-17. Reports – Summary of Exported Business
(a) On or before May 1, 2004, and on or before May 1 thereafter, the end of the month following each year, each surplus lines licensee shall file with the commissioner, on forms prescribed by the commissioner, a verified report in duplicate of all surplus lines insurance transacted during the preceding period; (b) The report […]
§33-12C-5. Surplus Lines Insurance
(a) The placement of surplus lines insurance is subject to this section only if this state is the insured's home state. (b) Surplus lines insurance may be placed by a surplus lines licensee if: (1) Each insurer is an eligible surplus lines insurer; and
§33-12C-6. Withdrawal of Eligibility as a Surplus Lines Insurer
(a) The commissioner may declare a surplus lines insurer ineligible if the commissioner has reason to believe that: (1) Is in unsound financial condition or has acted in an untrustworthy manner;
§33-12C-6a. Debris Removal Liens; Noncompliance; Penalties
The commissioner may declare a surplus lines insurer ineligible for committing any violation of the provisions of article ten-e, chapter thirty-eight of this code.
§33-12C-7. Surplus Lines Tax
(a) In addition to the full amount of gross premiums charged by the insurer for the insurance, every person licensed pursuant to section eight of this article shall collect and pay to the commissioner a sum equal to four and fifty-five one-hundredths percent of the gross premiums and gross fees charged, less any return premiums, […]
§33-12C-8. Surplus Lines Licenses
(a) No person shall procure a contract of surplus lines insurance with a nonadmitted insurer for an insured whose home state is West Virginia unless the person possesses a current surplus lines insurance license issued by the commissioner. (b) The commissioner may issue a surplus lines license to a qualified holder of a current property […]
§33-12C-3. Definitions
As used in this article: (a) "Admitted insurer" means an insurer licensed to do an insurance business in this state. (b) "Business entity" means a corporation, association, partnership, limited liability company, or other legal entity. (c) "Capital", as used in the financial requirements of section five of this article, means funds paid in for stock […]
§33-12C-4. Placement of Insurance Business
(a) An insurer shall not engage in the transaction of insurance unless authorized by a license in force pursuant to the laws of this state, or exempted by this article or otherwise exempted by the insurance laws of this state. (b) A person shall not engage in a transaction of insurance or shall in this […]
§33-12C-1. Short Title
This article shall be known and may be cited as "The Nonadmitted Insurance Act".
§33-12C-2. Purpose – Necessity for Regulation
This article shall be liberally construed and applied to promote its underlying purposes which include: (a) Protecting persons seeking insurance in this state; (b) Permitting surplus lines insurance to be placed with reputable and financially sound nonadmitted insurers and exported from this state pursuant to this article; (c) Establishing a system of regulation which will […]