Terms Used In West Virginia Code > Chapter 33 > Article 31 - Captive Insurance

• Affiliated company: means any company in the same corporate system as a parent, an industrial insured or a member organization by virtue of common ownership, control, operation or management. See West Virginia Code 33-31-1
• Alien captive insurance company: means any insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of a country other than the United States which imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting the business of insurance in such jurisdiction. See West Virginia Code 33-31-1
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means any legal association of individuals, corporations, limited liability companies, partnerships, associations or other entities that has been in continuous existence for at least one year, the member organizations of which, or which does itself, whether or not in conjunction with some or all of the member organizations:

  (A) Own, control or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer. See West Virginia Code 33-31-1

• Association captive insurance company: means any company that insures risks of the member organizations of the association, and their affiliated companies. See West Virginia Code 33-31-1
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Branch business: means any insurance business transacted by a branch captive insurance company in this state. See West Virginia Code 33-31-1
• Branch captive insurance company: means any alien captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. See West Virginia Code 33-31-1
• Branch operations: means any business operations of a branch captive insurance company in this state. See West Virginia Code 33-31-1
• Captive insurance company: means any pure captive insurance company, association captive insurance company, sponsored captive insurance company, industrial insured captive insurance company or risk retention group formed or licensed under the provisions of this article. See West Virginia Code 33-31-1
• Controlled unaffiliated business: means any company:

  (A) That is not in the corporate system of a parent and affiliated companies. See West Virginia Code 33-31-1

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Industrial insured: means an insured:

  (A) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer. See West Virginia Code 33-31-1

• Industrial insured captive insurance company: means any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See West Virginia Code 33-31-1
• Industrial insured group: means any group of industrial insureds that collectively:

  (A) Own, control or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer. See West Virginia Code 33-31-1

• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Laws of the state: includes the Constitution of the State of West Virginia and the Constitution of the United States, and treaties and laws made in pursuance thereof. See West Virginia Code 2-2-10
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member organization: means any individual, corporation, limited liability company, partnership, association or other entity that belongs to an association. See West Virginia Code 33-31-1
• Mutual corporation: means a corporation organized without stockholders and includes a nonprofit corporation with members. See West Virginia Code 33-31-1
• oath: shall be deemed to include an affirmation and the word "swear" or "sworn" to be complied with if the person referred to make solemn affirmation. See West Virginia Code 2-2-7
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Parent: means a corporation, limited liability company, partnership, other entity, or individual that directly or indirectly owns, controls or holds with power to vote more than fifty percent of the outstanding voting:

  (A) Securities of a pure captive insurance company organized as a stock corporation. See West Virginia Code 33-31-1

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Pure captive insurance company: means any company that insures risks of its parent and affiliated companies or controlled unaffiliated business. See West Virginia Code 33-31-1
• Quorum: The number of legislators that must be present to do business.
• Risk retention group: means a captive insurance company organized under the laws of this state pursuant to the Liability Risk Retention Act of 1986, 15 U. See West Virginia Code 33-31-1
• Service of process: The service of writs or summonses to the appropriate party.
• 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
• Subpoena: A command to a witness to appear and give testimony.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}