West Virginia Code 33-27A-12 – Holding company treated as insurer
(a) A mutual insurance holding company, and, if applicable, its intermediate holding company, are deemed to be insurers subject to the provisions of §33-10-1 et seq. of this code. A mutual insurance holding company and the intermediate holding company accordingly are deemed to be parties to any proceeding under such article involving an insurance company of the subsidiary of the mutual insurance holding company or of the intermediate holding company as a result of a reorganization under this article.
Terms Used In West Virginia Code 33-27A-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Intermediate holding company: means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. See West Virginia Code 33-27A-2
- Mutual insurance holding company: means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted pursuant to this article, which company is the parent company of a reorganized stock company or of an intermediate holding company. See West Virginia Code 33-27A-2
- Reorganized stock company: means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance company's reorganization under this article. See West Virginia Code 33-27A-2
(b) In any proceeding under §33-10-1 et seq. of this code involving a reorganized stock company, the assets of the mutual insurance holding company, and if applicable, its intermediate holding company, are deemed to be assets of the reorganization stock company for purposes of satisfying claims of the policyholders of the reorganized stock company.
(c) A mutual insurance holding company, and, if applicable, its intermediate holding company, shall not be dissolved or liquidated without compliance with the provisions of §33-10-1 et seq. of this code. Such companies are deemed to be domestic insurance companies for purposes of a dissolution or liquidation.