West Virginia Code 33-31A-9 – Delinquency
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In the case of a delinquency of a sponsored captive insurance company, the provisions of section seventeen, article thirty-one of this chapter shall apply, provided:
Terms Used In West Virginia Code 33-31A-9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Protected cell: means a separate account established by a sponsored captive insurance company formed or licensed under the provisions of this chapter in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of such participants as set forth in such participant contracts. See West Virginia Code 33-31A-2
- Sponsored captive insurance company: means any captive insurance company:
(A) In which the minimum capital and surplus required by applicable law is provided by one or more sponsors. See West Virginia Code 33-31A-2
(1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to such protected cell; and
(2) Its capital and surplus shall at all times be available to pay any expenses of or claims against the sponsored captive insurance company.