§33-61-1. Scope
This article applies only to the Mining Mutual Insurance Company created pursuant to this article.
§33-61-2. Findings and Purpose
(a) The Legislature finds that: (1) There has been a nationwide downturn in the coal mining industry which was especially difficult in West Virginia;
§33-61-3. Definitions
For purposes of this article, the term: “Commissioner” means the Insurance Commissioner as provided in 33-2-1 of this code. “Company” means the Mining Mutual Insurance Company created pursuant to the terms of this article. “Operator” has the same meaning as provided in 22-3-3 of this code and means any person who is granted or who […]
§33-60-2. Application for Admission to Regulatory Sandbox
(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;
§33-60-3. Acceptance or Rejection of Application
(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 […]
§33-60-4. Limited No-Action Letter
(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
§33-60-5. Time Period of Beta Test; Extension of Time Period; Penalties for Violation of Limited No-Action Letter
(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 […]
§33-60-6. Extended No-Action Letter; Review of Beta Test
(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 […]
§33-60-7. Confidentiality of Information
(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 […]
§33-60-1. Definitions
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 […]