West Virginia Code 33-40-10 – Foreign insurers
(a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:
Terms Used In West Virginia Code 33-40-10
- Domestic insurer: means any insurance company, farmers&rsquo. See West Virginia Code 33-40-1
- Foreign insurer: means any insurance company which is licensed to do business in this state under article three of this chapter but is not domiciled in this state. See West Virginia Code 33-40-1
- RBC plan: means a comprehensive financial plan containing the elements specified in subsection (b), section three of this article. See West Virginia Code 33-40-1
- RBC report: means the report required in section two of this article. See West Virginia Code 33-40-1
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Statute: A law passed by a legislature.
(1) The date an RBC report would be required to be filed by a domestic insurer under this act; or
(2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the Insurance Commissioner of any other state.
(b) In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer (or, if no RBC statute is in force in that state, under the provisions of this article), if the Insurance Commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state's RBC statute (or, if no RBC statute is in force in that state, under section three of this article), the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In such event, the failure of the foreign insurer to file an RBC plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(c) In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the circuit court of Kanawha County permitted under article ten of this chapter with respect to the liquidation of property of foreign insurers found in this state and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.