West Virginia Code 33-12C-16 – Records of surplus lines licensee
(a) Each surplus lines licensee shall keep in this state a full and true record of each surplus lines insurance contract placed by or through the licensee, including a copy of the policy, certificate, cover note or other evidence of insurance showing each of the following items applicable:
Terms Used In West Virginia Code 33-12C-16
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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) Amount of the insurance, risks and perils insured;
(2) Brief description of the property insured and its location;
(3) Gross premium charged;
(4) Any return premium paid;
(5) Rate of premium charged upon the several items of property;
(6) Effective date and terms of the contract;
(7) Name and address of the insured;
(8) Name and address of the insurer;
(9) Amount of tax and other sums to be collected from the insured;
(10) Allocation of taxes by state as referred to in subsection (f) of this section; and
(11) Identity of the producing broker, any confirming correspondence from the insurer or its representative, and the application.
(b) The record of each contract shall be kept open at all reasonable times to examination by the commissioner without notice for a period not less than ten years following termination of the contract. In lieu of maintaining offices in this state, each nonresident surplus lines licensee shall make available to the commissioner any and all records that the commissioner deems necessary for examination.