H. B. 2702
(By Delegates H. White, Hrutkay and R. M. Thompson)
[Passed March 8, 2003; in effect ninety days from passage.]
A BILL to amend and reenact section five, article thirty-two,
chapter thirty-three of the code of
West Virginia, one
thousand nine hundred thirty-one, as amended, relating to the
elimination of fees levied on risk retention groups.
Be it enacted by the Legislature of West Virginia:
That section five, article thirty-two, 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 32. RISK RETENTION ACT.
§33-32-5. Tax on Premiums Collected.
(a) Each risk retention group shall pay to the commissioner,
annually on the first day of March, a tax at the rate of two
percent of the taxable premiums on policies or contracts of
insurance covering property or risks in this state and on risk and
property situated elsewhere upon which no premium tax is otherwise
paid during the previous year. Each risk retention group is also subject to the additional premium taxes levied by sections
fourteen-a and fourteen-d, article three of this chapter.
(b) The taxes provided for in this section constitute all
taxes collectible under the laws of this state from any risk
retention group, and no other premium tax or other taxes shall be
levied or collected from any risk retention group by the state or
any county, city or municipality within this state, except ad
valorem taxes. Each risk retention group shall be subject to the
same interests, additions, fines and penalties for nonpayment as
are generally applicable to insurers.
(c) To the extent that a risk retention group uses insurance
agents, each agent shall keep a complete and separate record of all
policies procured from each risk retention group. The record shall
be open to examination by the commissioner, as provided in section
nine, article two of this chapter. These records shall, for each
policy and each kind of insurance provided under the policy,
include the following:
(1) The limit of liability;
(2) The time period covered;
(3) The effective date;
(4) The name of the risk retention group which issued the
(5) The gross premium charged; and
(6) The amount of return premiums, if any.