West Virginia Code 33-31A-6 – Qualification of sponsors
Current as of: 2023 | Check for updates
|
Other versions
A sponsor of a sponsored captive insurance company shall be an insurer licensed under the laws of any state, a reinsurer authorized or approved under the laws of any state or a captive insurance company formed or licensed under this article. A risk retention group shall not be either a sponsor or a participant of a sponsored captive insurance company.
Terms Used In West Virginia Code 33-31A-6
- Participant: means associations, corporations, limited liability companies, partnerships, trusts and other business entities and any affiliates thereof that are insured by a sponsored captive insurance company where the losses of the participant are limited through a participant contract to such participant'. See West Virginia Code 33-31A-2
- Sponsor: means any entity that meets the requirements of section six of this article and is approved by the commissioner to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company. 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
- 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