West Virginia Code 33-32-22 – Binding effect of orders issued in United States district court
An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state (or in all states or in any territory or possession of the United States) upon a finding that such a group is in a hazardous financial condition shall be enforceable in the courts of the state.
Terms Used In West Virginia Code 33-32-22
- Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
(1) To meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See West Virginia Code 33-32-2
- Insurance: means primary insurance, excess insurance,
reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See West Virginia Code 33-32-2
- Risk retention group: means any corporation or other
limited liability association formed under the laws of any state: (1) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See West Virginia Code 33-32-2
- State: means any state of the United States or the District of Columbia. See West Virginia Code 33-32-2