West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-15 - Examiners And Examinations
Section 114-15-5 - Contracts for Services and Bond Requirements for Other Individuals

Universal Citation: 114 WV Code of State Rules 114-15-5

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

5.1. The commissioner may, as he or she considers necessary, retain any other individual or entity, as defined in subsection 2.17 of this rule, to conduct, supervise, or participate in any examination, analysis or review as provided in W. Va. Code § 33-2-9, or this rule.

5.2. Any contract between the commissioner and any other individual or entity, whose services are retained pursuant to this section, is specifically exempt from the competitive bidding requirements contained in W. Va. Code § 5A-3-1 et seq.

5.3. The commissioner may, as he or she considers necessary, require any other individual or entity, whose services are retained pursuant to this section, to furnish an appropriate bond prior to conducting, supervising, or participating in any examination, analysis or review as provided in W. Va. Code § 33-2-9 or this rule, as follows:

a. The bond shall be in an amount which in the commissioner's discretion is sufficient to complete the examination, analysis or review, but in no event shall be in an amount of less than ten thousand dollars ($10,000.00).

b. Should the commissioner require any other individual or entity, whose services are retained pursuant to this section, to provide a bond, it shall be issued by a company licensed to transact surety insurance in the state of West Virginia as provided in W. Va. Code § 33-19-1 and which has received at least an A rating by A.M. Best Company, Inc. in the year immediately preceding the date of the bond's issuance.

c. Proof of payment for and issuance of the bond shall be submitted to the commissioner prior to commencement of any examination, analysis or review by any other individual or entity whose services are retained pursuant to this section.

5.4. Any contract between the commissioner and any other individual or entity whose services are retained pursuant to this section shall provide that all workpapers generated as a result of such contract are property of the commissioner and that all copies of such workpapers, including but not limited to electronic media, documents and communications, shall be returned to the commissioner by the later of the date on which the report is adopted or the expiration of the appeal period: Provided, That the commissioner may, in his or her sole discretion, direct that the workpapers be destroyed in lieu of being returned.

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