Terms Used In West Virginia Code > Chapter 11 > Article 13T - Tax Credit for Combined Claims Made Medical Malpractice Premiums and Medical Malpractice Liability Tail Insurance Premiums Paid

• Claims made malpractice insurance policy: means a medical malpractice liability insurance policy that covers claims which:

  (A) Are reported during the policy period,

  (B) Meet the provisions specified by the policy, and

  (C) Are for an incident which occurred during the policy period, or occurred prior to the policy period, as is specified by the policy. See West Virginia Code 11-13T-2

• Combined annual medical liability insurance premiums: means the sum of the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for medical malpractice insurance coverage under a claims made malpractice insurance policy, plus the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for tail insurance. See West Virginia Code 11-13T-2
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• 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.
• Corporation: means a corporation or joint-stock association, organized under the laws of this state, the United States or any other state, territory or foreign country or dependency including, but not limited to, banking institutions. See West Virginia Code 11-22-1
• Eligible taxpayer: means any person subject to tax under section sixteen, article twenty-seven of this chapter or a physician who is a partner, member, shareholder or employee of an eligible taxpayer. See West Virginia Code 11-13T-2
• Eligible taxpayer organization: means a partnership, limited liability company, or corporation that is an eligible taxpayer. See West Virginia Code 11-13T-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited liability company: means a limited liability company organized under the laws of this state, the United States or by any other state, territory or the District of Columbia. See West Virginia Code 11-22-1
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Payor: means a natural person who is a partner, member, shareholder or owner, in whole or in part, of an eligible taxpayer organization and who pays medical malpractice insurance premiums or tail insurance premiums or both for or on behalf of the eligible taxpayer organization. See West Virginia Code 11-13T-2
• Person: means and includes any natural person, corporation, limited liability company, trust or partnership. See West Virginia Code 11-13T-2
• Tail insurance: means insurance which covers an eligible taxpayer insured once a claims made malpractice insurance policy is canceled, not renewed or terminated and which covers claims made or asserted after such cancellation or termination for acts relating to the provision of physicians'. See West Virginia Code 11-13T-2
• Tax year: means the calendar year following the July first assessment day or, in the case of a public service business assessed pursuant to article six of this chapter, the calendar year beginning on the January first assessment day. See West Virginia Code 11-5-3