West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-72 - Personal Private Passenger Automobile Liability Insurance And Property Insurance Withdrawal Plan Procedures
Section 114-72-5 - Withdrawal Plan Submission and Approval Procedures
Current through Register Vol. XLI, No. 38, September 20, 2024
5.1. An insurer must submit its withdrawal plan to the commissioner at least forty-five (45) days prior to the date the insurer anticipates initiating any type of withdrawal activity.
5.2. If the withdrawal plan relates to personal private passenger automobile policies, the withdrawal plan shall be deemed approved if the commissioner has not held a hearing within forty-five (45) days after a complete withdrawal plan is filed, or if approval has not been denied within forty-five (45) days after the hearing. If the withdrawal plan relates to policies of property insurance, other than policies of inland marine insurance, the commissioner's approval of the plan is not required in order for the insurer to effect its withdrawal, however the plan must be on file with the commissioner for at least forty-five (45) days before the insurer may initiate withdrawal activities.
5.3. No plan shall be considered "filed" until such date as the withdrawing insurer has provided to the commissioner all information and material necessary to constitute a complete withdrawal plan, as required under this rule.
5.4. A withdrawal plan relating to personal private passenger automobile liability or physical damage insurance will not be approved unless the insurer establishes to the satisfaction of the commissioner that allowing it to withdraw would be in the best interest of the insurer, its policyholders and the citizens of this state. To assist in making this determination, the commissioner may consider any or all of the following:
