West Virginia Code 33-41-5 – Mandatory reporting of insurance fraud or criminal offenses otherwise related to the business of insurance
Terms Used In West Virginia Code 33-41-5
- Business of insurance: means the writing of insurance, including the writing of workers' compensation insurance under the provisions of §. See West Virginia Code 33-41-2
- Commissioner: means the Insurance Commissioner of West Virginia or his or her designee. See West Virginia Code 33-41-2
- Fraudulent insurance act: means an act or omission committed by a person who knowingly and with intent to defraud misrepresents or conceals any material information concerning one or more of the following:
- Insurance: means a contract or arrangement in which a person undertakes to:
(1) Pay or indemnify another person as to loss from certain contingencies called "risks" including through reinsurance. See West Virginia Code 33-41-2
- Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, trustees, an unincorporated organization, or any similar business entity, or any combination of the foregoing. See West Virginia Code 33-41-2
(a) A person engaged in the business of insurance having knowledge or a reasonable belief that a fraudulent insurance act or another crime related to the business of insurance is being, will be, or has been committed shall provide to the commissioner the information required by, and in a manner prescribed by, the commissioner.
(b) Any other person having knowledge or a reasonable belief that a fraudulent insurance act or another crime related to the business of insurance is being, will be, or has been committed may provide to the commissioner the information requested by, and in a manner prescribed by, the commissioner.
(c) The commissioner may prescribe a reporting form to facilitate reporting of possible fraudulent insurance acts or other offenses related to the business of insurance for use by persons other than those persons referred to in subsection (a) of this section.
(d) Notwithstanding any other provision of this code, a person engaged in the business of insurance shall furnish and disclose any information, including documents, materials, or other information in its possession concerning a fraudulent insurance act or a suspected fraudulent insurance act to the commissioner. Disclosures provided pursuant to this section are subject to the confidentiality provisions set forth in § 33-41-7 of this code.