West Virginia Code 33-44-7 – Administrative relief
(a) Any person engaged in any act which constitutes the unauthorized transaction of insurance as set forth in this article may, after notice and hearing pursuant to section thirteen, article two of this chapter, be fined by the commissioner a sum not to exceed $20,000 for each unauthorized act or transaction of unauthorized insurance.
Terms Used In West Virginia Code 33-44-7
- Commissioner: means the Insurance Commissioner for the State of West Virginia. See West Virginia Code 33-44-3
- Insurance: is a contract whereby one undertakes to indemnify another or to pay a specified amount upon determinable contingencies. See West Virginia Code 33-44-3
- Insurer: means , as used in this article unless otherwise indicated, any person engaged in the transaction of insurance. See West Virginia Code 33-44-3
- Person: means , as used in this article unless otherwise indicated, any natural person or entity, including, but not limited to, individuals, partnerships, associations, bona fide associations, trusts, trustees, companies, insurers, unauthorized insurers, organizations, societies, reciprocals, syndicates, administrators, third-party administrators, agents, producers, advertisers, customer service representatives, promoters, officers, directors, lawyers, incorporators or any other legal entity. See West Virginia Code 33-44-3
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Transaction of insurance: means that for purposes of this article, any of the following acts in this state effected by mail or otherwise is considered to constitute the transaction of an insurance business in or from this state:
(1) The making of or proposing to make an insurance contract. See West Virginia Code 33-44-3
(b) Any person engaged in any act which constitutes the unauthorized transaction of insurance as set forth in this article may be assessed restitution by the Insurance Commissioner in an amount sufficient to reimburse any and all insureds for the unpaid claims, if, after notice and hearing pursuant to section thirteen, article two of this chapter, the commissioner finds that the unauthorized insurer has failed to pay claims of its insureds in accordance with the terms of the contracts.