West Virginia Code 33-20E-15 – Deposit of funds; investments; premium tax liability; state not responsible for liabilities or expenses of association
Current as of: 2023 | Check for updates
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(a) The board shall deposit all sums transferred from the state board into an account of the association as specified in the final plan of operation.
Terms Used In West Virginia Code 33-20E-15
- Association: means the joint underwriting association created by this article. See West Virginia Code 33-20E-4
- Board: means the board of directors established pursuant to section six of this article. See West Virginia Code 33-20E-4
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- State board: means the state Board of Risk and Insurance Management. See West Virginia Code 33-20E-4
(b) The board may invest sums from the association's account. Any interest earned on investments or any profit generated by collection of premiums or other means shall be returned to the association's account for the purpose of implementing this article.
(c) The association is liable for premium taxes to the same extent and in the same manner as a licensed insurer engaged in transacting insurance in this state.
(d) The state is not responsible for any costs, expenses, liabilities, judgments, or other obligations of the association.