West Virginia Code 33-20E-7 – Association’s powers and duties
(a) The association has, for purposes of this article and to the extent approved by the commissioner, the general powers and authority granted under the laws of this state to insurers licensed to transact insurance as defined in article one, chapter thirty-three of this code.
Terms Used In West Virginia Code 33-20E-7
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Health care provider: means a person, partnership, corporation, facility or institution licensed by, or certified in, this state or another state, to provide health care or professional health care services, including, but not limited to, a physician, osteopathic physician, hospital, dentist, registered or licensed practical nurse, optometrist, podiatrist, chiropractor, physical therapist, or psychologist. See West Virginia Code 33-20E-4
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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) The association may take any necessary action to make medical professional liability insurance available including, but not limited to:
(1) Assessing member insurers amounts necessary to pay the obligations of the association, administration expenses, the cost of examinations and other expenses authorized under this article.
(2) Establishing underwriting standards and criteria.
(3) Requiring an eligible health care provider to purchase an extended reporting endorsement, if available, from his or her previous primary medical professional liability carrier with respect to claims arising during previous policy periods.
(4) Entering into such contracts as are necessary or proper to carry out the provisions and purposes of this article, including contracts authorizing competent third parties with experience with joint underwriting associations or the medical professional liability line of insurance to administer the plan of operation, issue policies, oversee risk management, oversee investment management, set rates, underwrite risk or process claims or any combination thereof. Any such third-party contract must be approved by the commissioner. The provisions of article three, chapter five-a of this code, relating to purchasing procedures, do not apply to any contracts or agreements executed by or on behalf of the association under this subsection.
(5) Suing, including taking legal action necessary to recover any assessments for, on behalf of, or against member insurers.
(6) Investigating claims brought against the association and adjusting, compromising, defending, settling, and paying covered claims, to the extent of the association's obligation, and denying all other claims.
(7) Classifying risks as may be applicable and equitable.
(8) Establishing actuarially sound rates, rate classifications and rating adjustments, subject to approval by the commissioner.
(9) Purchasing reinsurance in an amount as it may from time to time consider appropriate.
(10) Issuing and marketing policies of insurance providing coverage required by this article in its own name.
(11) Investing, reinvesting and administering all funds and moneys held by the association.
(12) Establishing accounts and funds, including a reserve fund, to effectuate the purposes of this article.
(13) Developing, effectuating and promulgating any loss prevention programs aimed at the best interests of the association and the insured public.