West Virginia Code 33-26A-6 – Creation of association; required accounts; supervision of commissioner; meetings and records
(a) There is created a nonprofit legal entity to be known as the West Virginia Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under § 33-26A-10 of this code and shall exercise its powers through a board of directors established under § 33-26A-7 of this code. For purposes of administration and assessment, the association shall maintain the following two accounts:
Terms Used In West Virginia Code 33-26A-6
- Account: means either of the two accounts created under §. See West Virginia Code 33-26A-5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the West Virginia Life and Health Insurance Guaranty Association created under §. See West Virginia Code 33-26A-5
- Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-26A-5
- 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
- Trustee: A person or institution holding and administering property in trust.
(1) The life insurance and annuity account which includes the following subaccounts:
(A) Life insurance account;
(B) Annuity account which shall include annuity contracts owned by a governmental retirement plan or its trustee established under section 401, 403(b), or 457 of the United States Internal Revenue Code, but shall otherwise exclude unallocated annuities; and
(C) Unallocated annuity account which shall exclude contracts owned by a governmental retirement plan or its trustee established under section 401, 403(b), or 457 of the United States Internal Revenue Code.
(2) The health account.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.