West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-35 - Insurance Holding Company Systems
Section 114-35-17 - Transactions Subject to Prior Notice - Notice Filing
Universal Citation: 114 WV Code of State Rules 114-35-17
Current through Register Vol. XLI, No. 38, September 20, 2024
17.1. An insurer required to give notice of a proposed transaction pursuant to W. Va. Code § 33-27-5 shall furnish the required information on Form D.
17.2. Agreements for cost-sharing services and management services shall at a minimum and as applicable:
17.2.a. Identify the person providing services and
the nature of such services;
17.2.b. Set
forth the methods to allocate costs;
17.2.c. Require timely settlement, not less
frequently than on a quarterly basis, and compliance with the requirements in the
Accounting Practices and Procedures Manual;
17.2.d. Prohibit advancement of funds by the
insurer to the affiliate except to pay for services defined in the
agreement;
17.2.e. State that the
insurer will maintain oversight for functions provided to the insurer by the
affiliate and that the insurer will monitor services annually for quality
assurance;
17.2.f. Define books and
records of the insurer to include all books and records developed or maintained
under or related to the agreement;
17.2.g. Specify that all books and records of the
insurer are and remain the property of the insurer and are subject to control of the
insurer;
17.2.h. State that all funds
and invested assets of the insurer are the exclusive property of the insurer, held
for the benefit of the insurer and are subject to the control of the
insurer;
17.2.i. Include standards for
termination of the agreement with and without cause;
17.2.j. Include provisions for indemnification of
the insurer in the event of gross negligence or willful misconduct on the part of
the affiliate providing the services;
17.2.k. Specify that, if the insurer is placed in
receivership or seized by the Commissioner under W. Va. Code §
33-10-1et
seq:
17.2.k.1. All of the rights of the
insurer under the agreement extend to the receiver or Commissioner; and
17.2.k.2. All books and records will immediately
be made available to the receiver or the Commissioner, and shall be turned over to
the receiver or Commissioner immediately upon the receiver or the Commissioner's
request;
17.2.l. Specify that
the affiliate has no automatic right to terminate the agreement if the insurer is
placed in receivership pursuant to W. Va. Code §
33-10-1et
seq.; and
17.2.m. Specify that
the affiliate will continue to maintain any systems, programs, or other
infrastructure notwithstanding a seizure by the Commissioner under W. Va. Code
§
33-10-1et
seq. and will make them available to the receiver, for so long as the
affiliate continues to receive timely payment for services rendered.
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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