H. B. 4523
(By Delegates Beane, Mahan, Cann, Mezzatesta,
Facemyer, Faircloth and L. White)
[Passed March 7, 2000; in effect ninety days from passage.]
AN ACT to amend and reenact section three, article seven, chapter
thirty-three of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to assets not
considered in determining the financial condition of
insurers; excluding as an asset receivables due from
Be it enacted by the Legislature of West Virginia:
That section three, article seven, chapter thirty-three of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 7. ASSETS AND LIABILITIES.
§33-7-3. Assets not allowed.
In addition to assets impliedly excluded by the provisions
of section one of this article, the following expressly shall not
be allowed as assets in any determination of the financial condition of an insurer:
(a) Goodwill, trade names and other like intangible assets.
(b) Advances to officers (other than policy loans) whether
secured or not, and advances to employees, agents, and other
persons on personal security only.
(c) Stock of the insurer, owned by it, or any equity therein
or loans secured thereby, or any proportionate interest in the
stock acquired or held through the ownership by the insurer of an
interest in another firm, corporation or business unit.
(d) Furniture, fixtures, furnishings, safes, vehicles,
libraries, stationery, literature and supplies, and except, in
the case of any insurer, personal property the insurer is
permitted to hold pursuant to article eight of this chapter, or
which is acquired through foreclosure of chattel mortgages
acquired pursuant to article eight of this chapter, or which is
reasonably necessary for the maintenance and operation of real
estate lawfully acquired and held by the insurer other than real
estate used by it for home office, branch office and similar
(e) The amount, if any, by which the aggregate book value of
investments as carried in the ledger assets of the insurer
exceeds the aggregate value thereof as determined under this
(f) Receivables due from affiliates, unless the receivables are already in transit and under the control of the insurer.