West Virginia Code 33-16D-9 – Maintenance of records
(a) Each small employer carrier shall maintain at its principal place of business a complete and detailed description of its rating practices and renewal underwriting practices, including information and documentation which demonstrate that its rating methods and practices are based upon commonly accepted actuarial principles.
Terms Used In West Virginia Code 33-16D-9
- Actuarial certification: means a written statement by an actuary, or other individual acceptable to the commissioner, that a small employer carrier is in compliance with the provisions of section five of this article, based upon that person'. See West Virginia Code 33-16D-2
- carrier: means any health insurer, as defined in section one-a, article sixteen of this chapter, which offers health benefit plans covering the employees of a small employer situate within the State of West Virginia. See West Virginia Code 33-16D-2
- Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-16D-2
- Small employer: means any person, firm, corporation, partnership or association actively engaged in business in the State of West Virginia who, during the preceding calendar year, employed an average of no more than fifty but not fewer than two eligible employees and employs at least two employees on the first day of its group health plan year. See West Virginia Code 33-16D-2
(b) Each small employer carrier shall file each first day of March with the commissioner an actuarial certification that the carrier is in compliance with the provisions of section five of this article and that the rating methods of the carrier are actuarially sound. A copy of such certification shall be retained by the carrier at its principal place of business.
(c) A small employer carrier shall make the information and documentation described in subsection (a) of this section available to the commissioner upon request.