West Virginia Code 33-38-3 – Licensure
(a) No person, firm, association or corporation may act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation:
Terms Used In West Virginia Code 33-38-3
- Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-38-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Firm: means an individual doing business as a sole proprietor, a partnership, limited liability company, limited liability partnership or other legal entity. See West Virginia Code 33-38-2
- Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this chapter as an insurer. See West Virginia Code 33-38-2
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as these terms are defined in subdivisions (g) and (h) of this section. See West Virginia Code 33-38-2
- Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, firm, association or corporation who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See West Virginia Code 33-38-2
- Reinsurance intermediary-manager: means any person, firm, association or corporation who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer, whether known as a reinsurance intermediary-manager, manager or other similar term. See West Virginia Code 33-38-2
- Reinsurer: means any person, firm, association or corporation duly licensed or accredited in this state pursuant to the applicable provisions of this chapter as an insurer with the authority to assume reinsurance. See West Virginia Code 33-38-2
- 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
(1) In this state, unless such reinsurance intermediary-broker is a licensed insurance producer or reinsurance intermediary in this state; or
(2) In another state, unless such reinsurance intermediary-broker is a licensed insurance producer or reinsurance intermediary in this state or another state having a law substantially similar to this article or such reinsurance intermediary-broker is licensed in this state as a nonresident reinsurance intermediary.
(b) No person, firm, association or corporation may act as a reinsurance intermediary-manager:
(1) For a reinsurer domiciled in this state, unless such reinsurance intermediary-manager is a licensed insurance producer or reinsurance intermediary in this state;
(2) In this state, if the reinsurance intermediary-manager maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation in this state, unless such reinsurance intermediary-manager is a licensed insurance producer or reinsurance intermediary in this state;
(3) In another state for a nondomestic insurer, unless such reinsurance intermediary-manager is a licensed insurance producer in this state or another state having a law substantially similar to this article or such person is licensed in this state as a nonresident reinsurance intermediary.
(c) The Commissioner may require a reinsurance intermediary-manager subject to the provisions of subsection (b) of this section to:
(1) File a bond in an amount from an insurer acceptable to the Commissioner for the protection of the reinsurer; and
(2) Maintain an errors and omissions policy in an amount acceptable to the Commissioner.
(d) Licensed attorneys at law of this state when acting in their professional capacity are exempt from this section.