§33-27-1. Short Title
This article may be cited as the "West Virginia Insurance Holding Company Systems Act."
§33-27-10. Receivership
Whenever it appears to the commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the commissioner may take possession of […]
§33-27-11. Revocation, Suspension or Nonrenewal of Insurer's License
Whenever it appears to the commissioner that any person has committed a violation of this article which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer's […]
§33-27-12. Conflict With Other Laws
All laws and parts of laws of this state inconsistent with this article are hereby superseded with respect to matters covered by this article.
§33-27-13. Recovery
(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer, (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than […]
§33-27-14. Regulatory Authority
The Insurance Commissioner may propose rules for legislative approval in accordance with article three, chapter twenty-nine-a of this code and may promulgate emergency rules pursuant to the provisions of section fifteen, article three, chapter twenty-nine-a of this code, as are necessary to implement the provisions of this article.
§33-27-2. Definitions
As used in this article: (a) An “affiliate” of or person “affiliated” with a specific person is a person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the person specified. (b) “Commissioner” means the West Virginia Insurance Commissioner, his or her deputies or […]
§33-27-2a. Subsidiaries of Insurers; Authorization; Investment Authority; Exemptions; Qualifications; Cessation of Controls
(a) Authorization. – Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business with the commissioner's prior approval: (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated;
§33-27-3. Acquisition of Control of or Merger With Domestic Insurer; Filing Requirements; Statements; Alternative Filing Material; Approval by the Commissioner; Hearings; Notice; Mailings to Shareholders; Expenses; Exemptions; Violations and Jurisdiction
(a) Filing requirements. — (1) No person other than the issuer may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the […]
§33-27-3a. Acquisitions Involving Insurers Not Otherwise Covered; Definitions; Scope; Pre-Acquisition Notification and Waiting Period; Competitive Standard; Orders and Penalties
(a) Definitions. — The following definitions apply to only this section: (1) "Acquisition" means any agreement, arrangement or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, but is not limited to, the acquisition of voting securities, the acquisition of assets, bulk reinsurance and […]
§33-27-4. Registration of Insurers; Information and Form Required; Summary of Changes to Registration Statement; Materiality; Reporting of Dividends to Shareholders; Information to Insurers; Termination of Registration; Consolidated Filing; Alternative Registration; Exemptions; Disclaimer; Enterprise Risk Filing; Violations
(a) Registration. — (1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially […]
§33-27-5. Standards; Adequacy of Surplus; Dividends and Other Distributions; Notice of Amendments or Modifications; Management of Domestic Insurers Subject to Registration
(a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (1) The terms shall be fair and reasonable;
§33-27-6. Examination; Power of Commissioner; Access to Books and Records; Use of Consultants; Expenses; Compelling Production, Contempt and Payment of Fees, Mileage and Actual Expenses
(a) Power of commissioner. — Subject to the limitation contained in this section and in addition to the powers which the commissioner has under other provisions of this chapter relating to the examination of insurers, the commissioner has the power to examine any insurer registered under section four of this article and its affiliates to […]
§33-27-6a. Supervisory Colleges; Power of Commissioner; Expenses; Agreements
(a) Power of Commissioner. –- With respect to any insurer registered under section four of this article, and in accordance with subsection (c) of this section, the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance […]
§33-27-6b. Group-Wide Supervision of Internationally Active Insurance Groups
(a) The commissioner is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group: (1) Does not have substantial insurance operations in the United States;
§33-27-7. Confidential Treatment
(a) Documents, materials or other information in the possession or control of the commissioner that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to §33-27-6 of this code and all information reported or provided to the commissioner pursuant to §33-27-3(b) (12) […]
§33-27-8. Injunctions; Prohibitions Against Voting Securities; Sequestration of Voting Securities
(a) Injunctions. — Whenever it appears to the commissioner that any person or any director, officer, employee or agent thereof has committed or is about to commit a violation of this article or of any rule, regulation or order issued by the commissioner hereunder, the commissioner may apply to the circuit court for an order […]
§33-27-9. Criminal Proceedings; Penalties; Orders; Fines; Disapproval of Dividends and Distributions
(a) Any insurer failing, without just cause, to file any registration statement as required by this article shall be required, after notice and hearing, to pay a penalty of up to one thousand dollars for each day's delay, to be recovered by the commissioner. Any penalty so recovered shall be paid into the General Revenue […]