§33-26-1. Short Title

This article may be cited as the "West Virginia Insurance Guaranty Association Act."

§33-26-10. Duties and Powers of the Commissioner

(a) The commissioner shall: (1) Notify the association of the existence of an insolvent insurer not later than three business days after he or she receives notice of the determination of the insolvency.

§33-26-11. Effect of Paid Claims

(a) Any person recovering under this article is considered to have assigned the person’s rights under the policy to the association to the extent of the person’s recovery from the association. Every insured or claimant seeking the protection of this article shall cooperate with the association to the same extent as that person would have […]

§33-26-12. Exhaustion of Other Coverage; Deductible Reimbursement

(a) Any person having a claim under an insurance policy, whether or not it is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury, or loss that gave rise to the covered claim against the association, shall first exhaust all coverage provided by any […]

§33-26-13. Prevention of Insolvencies

To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may, upon majority vote, make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency.

§33-26-14. Examination of Association; Financial Report

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than April 30 of each year, a financial report for the preceding calendar year, in a form approved by the commissioner.

§33-26-15. Tax Exemption

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property.

§33-26-16. Recognition of Assessments in Rates

The rates and premiums charged for insurance policies to which this article applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association and such rates shall not be deemed excessive because they contain […]

§33-26-17. Immunity

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or the commissioner or his representatives for any action taken by them in the exercise and performance of their powers and […]

§33-26-18. Stay of Proceedings; Reopening of Default Judgments

(a) All proceedings in which the insolvent insurer is a party or obligated to defend a party in any court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six months and such additional time as may be determined by the court from the date […]

§33-26-19. Severability

In the event any part or provision of this article be held to be unconstitutional by any court of competent jurisdiction, such holding and decision of the court shall not affect the validity and Constitutionality of the remaining parts and provisions of this article.

§33-26-2. Purpose

The purpose of this article is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to the extent provided in this article, minimize financial loss to claimants or policyholders because of the insolvency of an insurer, and to permit and to provide an […]

§33-26-3. Scope

This article applies to all kinds of direct insurance, but is not applicable to the following: (1) Life, annuity, health or disability insurance;

§33-26-4. Construction

This article shall be construed to effect the purpose under section two of this article which constitutes an aid and guide to interpretation.

§33-26-5. Definitions

As used in this article: (1) “Account” means any one of the three accounts created by section six of this article.

§33-26-6. Creation of the Association

There is created a nonprofit unincorporated legal entity to be known as the West Virginia Insurance Guaranty Association. All insurers defined as member insurers in section five of this article shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its […]

§33-26-7. Board of Directors

(1) The board of directors of the association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for […]

§33-26-8. Powers and Duties of the Association

(a) The association shall: (1) Be obligated to pay covered claims existing prior to the final order of liquidation, that arise within thirty days after the final order of liquidation or before the policy expiration date if the expiration date is less than thirty days after the final order of liquidation, or that arise before […]

§33-26-9. Plan of Operation

(a) The association shall: (1) Submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto become effective upon approval in writing by the commissioner.