§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.
§33-26-1. Short Title
This article may be cited as the "West Virginia Insurance Guaranty Association Act."
§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.