West Virginia Code 33-11A-3 – Definitions
For the purposes of this article:
Terms Used In West Virginia Code 33-11A-3
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- 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
(a) "Affiliate" means a person that directly or indirectly or through one or more intermediaries, controls or is controlled by another or is under common control with another.
(b) "Commissioner" means the Insurance Commissioner of West Virginia.
(c) "Financial institution":
(1) Means any bank, savings bank, savings and loan association, trust company, credit union or any other depository institution, which: (i) Accepts federally insured deposits, including, but not limited to, those as defined by the Federal Deposit Insurance Act, as amended, 12 U.S.C. § 1813(c)(1); and (ii) makes loans to residents of this state;
(2) Means any employee or agent of a financial institution; and
(3) Means any nondepository affiliate or subsidiary of a financial institution but only in the instances when the nondepository affiliate or subsidiary is soliciting the sale or purchase of insurance recommended or sponsored by, on the premises of, or in connection with a product offering of, the financial institution.
(4) Does not include a credit card bank, as defined in the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841(c)(2)(F), an industrial loan company as defined in 12 U.S.C. § 1841(c)(2)(H), a specialized savings association serving certain military personnel as defined in 12 U.S.C. § 1467a(m)(3)(F), a bank whose ownership is grandfathered under the Competitive Equality Banking Act of 1987 as codified at 12 U.S.C. § 1843(f)(1), or an insurance company.
(d) "Insurance" means all products defined or regulated as insurance by the State of West Virginia, except:
(1) Credit life, health and accident, accident, loss of income, or property insurance as described in subsection (b) of section one hundred nine, article three, chapter forty-six-a of the Code of West Virginia;
(2) Insurance placed by a financial institution in connection with collateral pledged as security for a loan when the debtor breaches the contractual obligation to provide that insurance; and(3) Private mortgage insurance.
(e) "Insurance company" means a company that possesses a certificate under this chapter to transact insurance business in West Virginia.
(f) "Insurance information" means copies of insurance policies, or the information contained thereon, binders, rates and expiration dates contained within the information supplied in connection with the loan, which are not otherwise available to the financial institution's affiliated broker or agent.
(g) "Person" means any natural person, partnership, corporation, association, business trust, or other form of business enterprise, as the case demands.