Terms Used In West Virginia Code > Chapter 33 > Article 38 - Reinsurance Intermediary Act

• Actuary: means a person who is a member in good standing of the American academy of actuaries. See West Virginia Code 33-38-2
• Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-38-2
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means any person, firm, association or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary. 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.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• 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
• 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.
• qualified United States financial institution: means an institution that:

  (1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof. 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
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process: The service of writs or summonses to the appropriate party.
• 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: 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
• To be in violation: means that the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this article. See West Virginia Code 33-38-2