West Virginia Code 33-20E-5 – Joint underwriting association
(a) There is hereby created a nonprofit unincorporated legal entity to be known as the West Virginia medical professional liability insurance joint underwriting association composed of member insurers. Every insurer authorized to write and engaged in writing, within this state, casualty insurance, on a direct basis, is and shall remain a member insurer, as a condition of its authority to transact insurance in this state.
Terms Used In West Virginia Code 33-20E-5
- Association: means the joint underwriting association created by this article. See West Virginia Code 33-20E-4
- Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-20E-4
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Member insurer: means every insurer authorized to write and engaged in writing, within this state, casualty insurance, as defined in section ten, article one of this chapter. See West Virginia Code 33-20E-4
- Net direct written premiums: means , for purposes of this article, direct gross premiums written in this state on casualty insurance policies, less return premiums thereon, but does not include premiums on contracts between insurers or reinsurers. See West Virginia Code 33-20E-4
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) Each member insurer shall participate in the association in the proportion that its net direct written premiums during the preceding calendar year, as reported in the annual statements and other reports filed by the member with the commissioner, bear to the aggregate net direct premiums written in this state by all members of the association.
(c) The association shall perform its functions under a plan of operation approved by the commissioner under section nine of this article.