West Virginia Code 33-12C-13 – Licensee’s duty to notify insured
(a) No contract of insurance placed by a surplus lines licensee under this article shall be binding upon the insured and no premium or fee charged shall be due and payable until the surplus lines licensee shall have notified the insured in writing, in a form acceptable to the commissioner, a copy of which shall be maintained by the licensee with the records of the contract and available for possible examination, that:
Terms Used In West Virginia Code 33-12C-13
- Commissioner: means the Insurance Commissioner of West Virginia, or the commissioner'. See West Virginia Code 33-12C-3
- Contract: A legal written agreement that becomes binding when signed.
- contract: means any contract of insurance including, but not limited to, annuities, indemnity, medical or hospital service, workers'. See West Virginia Code 33-12C-3
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Insurance: means any of the lines of authority in section ten, article one of this chapter. See West Virginia Code 33-12C-3
- Insurer: means any person, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyds insurer, insurance exchange syndicate, fraternal benefit society, and any other legal entity engaged in the business of making contracts of insurance under section two, article one of this chapter. See West Virginia Code 33-12C-3
- 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
- Surplus lines licensee: means an individual licensed under section five of this article to place insurance on properties, risks or exposures located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See West Virginia Code 33-12C-3
(1) The insurer with which the licensee places the insurance is not licensed by this state and is not subject to its supervision; and
(2) In the event of the insolvency of the surplus lines insurer, losses will not be paid by the state insurance guaranty fund.
(b) Nothing herein contained shall nullify any agreement by any insurer to provide insurance.