For the purposes of this article, unless the context otherwise indicates: “Applicant” means a person or entity that has filed an application under 33-60-2 of this code. “Beta test” means the phase of testing of an insurance innovation in the regulatory sandbox through the use, sale, license, or availability of the insurance innovation by or […]
(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.
(a) Except as provided in subsection (b) of this section, on or before December 31, 2025, an applicant may apply to the commissioner for admission to the regulatory sandbox by submitting an application in the form prescribed by the commissioner, accompanied by the following: (1) A filing fee of $750;
(a)(1) Unless extended as provided in 33-60-3(a)(2) of this code, the commissioner shall issue a notice of acceptance or rejection in accordance with this section within 60 days from the date an application is received. (2) The commissioner may extend by not more than 30 days the period provided in subdivision (1) of this subsection […]
(a) Within 10 days following the timely receipt of an acceptance pursuant to 33-60-3(d)(2)(B) of this code, the commissioner shall issue a limited no-action letter that: (1) Sets forth terms and conditions for the participant that are the same as those set forth in the notice of acceptance issued under 33-60-3(d)(2) of this code; and
(a) The time period for a beta test shall be three years. The time period may be extended by the commissioner in the notice of acceptance for a period that is not longer than one year if a request is made in accordance with 33-60-2(a)(5)(B) of this code. (b) During the beta test, the participant […]
(a) Within 60 days of completion of the beta test, unless the time period is extended up to 30 days upon notice from the commissioner, the commissioner shall issue an extended no-action letter or a notice declining to issue an extended no-action letter. The participant may continue to employ the insurance innovation pursuant to the […]
(a) All documents, materials, or other information in the possession or control of the commissioner that are created, produced, obtained, or disclosed in relation to this article and that relate to the financial condition of any person shall be confidential by law and privileged, are not subject to the provisions of chapter 29B of this […]
(a) On or before September 1 each year during which there was activity pursuant to this article during the prior fiscal year, the commissioner shall submit a written report to the Joint Committee on Government and Finance that meets the requirements of 33-60-8(b) of this code. (b) The report shall include the following: (1) The […]
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 […]
