West Virginia Code 33-20D-4 – Insurance commissioner to promulgate rules; establish amortization rates
(a) Pursuant to article three, chapter twenty-nine-a of this code, the Insurance Commissioner shall promulgate legislative rules establishing procedures necessary to effectuate the provisions of this article. The first set of rules shall be promulgated as emergency rules within forty-five days of the effective date of this article.
Terms Used In West Virginia Code 33-20D-4
- Amortization: Paying off a loan by regular installments.
- Tail insurance: means insurance which covers a professional insured once a claims made malpractice insurance policy is cancelled, not renewed or terminated and covers claims made after such cancellation or termination for acts occurring during the period the prior malpractice insurance was in effect. See West Virginia Code 33-20D-2
(b) The Insurance Commissioner shall promulgate rules and regulations providing for the amortization of premium payments for tail insurance, which rules shall include, but not be limited to:
(1) Amortization schedules for various periods, but not to exceed a period of thirty-six months;
(2) Reasonable annual amortization rates;
(3) Reasonable annual interest rates;
(4) Such other schedules and rates as the commissioner deems necessary to effect the provisions of this article.