West Virginia Code 11-13T-2 – Definitions
(a) General. — When used in this article, or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section, unless a different meaning is clearly required by the context in which the term is used.
Terms Used In West Virginia Code 11-13T-2
- Claims made malpractice insurance policy: means a medical malpractice liability insurance policy that covers claims which:
(A) Are reported during the policy period,
(B) Meet the provisions specified by the policy, and
(C) Are for an incident which occurred during the policy period, or occurred prior to the policy period, as is specified by the policy. See West Virginia Code 11-13T-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a corporation or joint-stock association, organized under the laws of this state, the United States or any other state, territory or foreign country or dependency including, but not limited to, banking institutions. See West Virginia Code 11-22-1
- Eligible taxpayer: means any person subject to tax under section sixteen, article twenty-seven of this chapter or a physician who is a partner, member, shareholder or employee of an eligible taxpayer. See West Virginia Code 11-13T-2
- Eligible taxpayer organization: means a partnership, limited liability company, or corporation that is an eligible taxpayer. See West Virginia Code 11-13T-2
- Limited liability company: means a limited liability company organized under the laws of this state, the United States or by any other state, territory or the District of Columbia. See West Virginia Code 11-22-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Payor: means a natural person who is a partner, member, shareholder or owner, in whole or in part, of an eligible taxpayer organization and who pays medical malpractice insurance premiums or tail insurance premiums or both for or on behalf of the eligible taxpayer organization. See West Virginia Code 11-13T-2
- Person: means and includes any natural person, corporation, limited liability company, trust or partnership. See West Virginia Code 11-13T-2
- 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
- Tail insurance: means insurance which covers an eligible taxpayer insured once a claims made malpractice insurance policy is canceled, not renewed or terminated and which covers claims made or asserted after such cancellation or termination for acts relating to the provision of physicians'. See West Virginia Code 11-13T-2
(b) Terms defined. –-
(1) "Claims made malpractice insurance policy" means a medical malpractice liability insurance policy that covers claims which:
(A) Are reported during the policy period,
(B) Meet the provisions specified by the policy, and
(C) Are for an incident which occurred during the policy period, or occurred prior to the policy period, as is specified by the policy.
(2) "Combined annual medical liability insurance premiums" means the sum of the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for medical malpractice insurance coverage under a claims made malpractice insurance policy, plus the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for tail insurance.
(3) "Eligible taxpayer" means any person subject to tax under section sixteen, article twenty-seven of this chapter or a physician who is a partner, member, shareholder or employee of an eligible taxpayer.
(4) "Eligible taxpayer organization" means a partnership, limited liability company, or corporation that is an eligible taxpayer.
(5) "Payor" means a natural person who is a partner, member, shareholder or owner, in whole or in part, of an eligible taxpayer organization and who pays medical malpractice insurance premiums or tail insurance premiums or both for or on behalf of the eligible taxpayer organization.
(6) "Person" means and includes any natural person, corporation, limited liability company, trust or partnership.
(7) "Physicians' services" means health care provider services taxable under section sixteen, article twenty-seven of this chapter, performed in this state by physicians licensed by the state Board of Medicine or the state board of osteopathic medicine.
(8) "Tail insurance" means insurance which covers an eligible taxpayer insured once a claims made malpractice insurance policy is canceled, not renewed or terminated and which covers claims made or asserted after such cancellation or termination for acts relating to the provision of physicians' services by the eligible taxpayer occurring during the period the prior malpractice insurance was in effect.
(9) "Tail insurance premium" means insurance coverage premiums paid by an eligible taxpayer or payor during the taxable year for tail insurance.
(10) "Tail liability" means the medical malpractice liability of an eligible taxpayer insured that results from a claim asserted subsequent to cancellation, nonrenewal or termination of a claims made malpractice insurance policy for acts relating to the provision of physicians' services by the eligible taxpayer occurring during the period when the prior malpractice insurance was in effect.