33-32-1 Purpose and short title
33-32-2 Definitions
33-32-3 Charter and license requirements for domestic groups
33-32-4 Risk retention groups not chartered in this state
33-32-5 Tax on premiums collected
33-32-6 Compliance with unfair claims settlement practices law
33-32-7 Prohibitive, deceptive, false, or fraudulent practices
33-32-8 Examination regarding financial condition
33-32-9 Notice to purchasers
33-32-10 Prohibited acts regarding solicitation or sale
33-32-11 Prohibition on ownership by an insurance company
33-32-12 Prohibited coverage
33-32-13 Delinquency proceedings
33-32-14 Compulsory associations
33-32-15 Countersignatures not required
33-32-16 Purchasing groups; exemption from certain laws relating to the group purchase of insurance
33-32-17 Notice and registration requirements of purchasing groups
33-32-18 Restrictions on insurance purchased by purchasing groups
33-32-19 Administrative and procedural authority regarding risk retention groups and purchasing groups
33-32-20 Penalties
33-32-21 Duty on agents or brokers to obtain license
33-32-22 Binding effect of orders issued in United States district court
33-32-23 Rules
33-32-24 Operation prior to enactment
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Terms Used In West Virginia Code > Chapter 33 > Article 32 - Risk Retention Act

  • Commissioner: means the Insurance Commissioner of the State of West Virginia or the commissioner, director or superintendent of insurance in any other state. See West Virginia Code 33-32-2
  • Completed operations liability: means liability arising out of the installation, maintenance or repair of any product at a site which is now owned or controlled by:

    (1) Any person who performs that work. See West Virginia Code 33-32-2

  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.
  • feasibility study: means an analysis which presents the expected activities and results of a risk retention group including at a minimum:

    (1) Information sufficient to verify that its members are engaged in businesses or activities similar or related with respect to the liability to which such members are exposed by virtue of any related, similar or common business, trade, product services, premises or operations. See West Virginia Code 33-32-2

  • Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:

    (1) To meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See West Virginia Code 33-32-2

  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insurance: means primary insurance, excess insurance,

    reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See West Virginia Code 33-32-2

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Laws of the state: includes the Constitution of the State of West Virginia and the Constitution of the United States, and treaties and laws made in pursuance thereof. See West Virginia Code 2-2-10
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liability: means legal liability for damages (including costs of defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property or other damage or loss to such other persons resulting from or arising out of:

    (1) Any business (whether profit or nonprofit), trade, product, services (including professional services), premises or operations. See West Virginia Code 33-32-2

  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in subsection (f). See West Virginia Code 33-32-2
  • Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See West Virginia Code 33-32-2
  • Purchasing group: means any group which:

    (1) Has as one of its purposes the purchase of liability insurance on a group basis. See West Virginia Code 33-32-2

  • Risk retention group: means any corporation or other

    limited liability association formed under the laws of any state: (1) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See West Virginia Code 33-32-2

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means any state of the United States or the District of Columbia. See West Virginia Code 33-32-2