West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-02 - Licensing And Conduct Of Insurance Producers And Agencies
Section 114-2-7 - Procedures Governing Persons Subject to 18 U.S.C. 1033

Universal Citation: 114 WV Code of State Rules 114-2-7

Current through Register Vol. XLI, No. 38, September 20, 2024

7.1. No person who has been convicted of a felony involving breach of trust or dishonesty or who has been convicted under 18 U.S.C. § 1033 may engage in the business of insurance in this state in any capacity without having first obtained a waiver from the Commissioner or from the insurance regulatory official of the person's home state in accordance with the provisions of 18 U.S.C. § 1033 (e)(2) and this rule.

7.2. No insurer, producer, or any other person or independent contractor involved in the business of insurance in this state may employ, appoint, contract with, or permit any prohibited person in any capacity to engage in the business of insurance without first determining that the prohibited person has obtained a waiver in accordance with 18 U.S.C. § 1033 (e)(2) and this rule.

7.3. All prohibited persons seeking to obtain a waiver in accordance with subsection 7.1 of this section shall complete and file with the Commissioner an application for waiver on the form prescribed by the Commissioner, together with the nonrefundable application fee of one hundred dollars ($100).

7.4. All fees collected under this section shall be deposited, transferred and paid out in accordance with W. Va. Code § 33-3-13.

7.5. West Virginia is the appropriate state from which an applicant must obtain a waiver where the applicant will be employed in the business of insurance in this state and:

7.5.a. The applicant would be required to obtain a resident producer's license to do business in this state; or

7.5.b. The applicant is or will be an officer, director or employee of a domestic insurer, reinsurer, producer, third-party administrator or independent contractor performing substantial insurance related activities for a domestic insurer or producer.

Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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