A BILL to amend and reenact article twelve-c, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to nonadmitted insurers and the regulation of surplus lines insurance; defining terms for implementation of the NAIC nonadmitted insurers model act; establishing consistency among states; providing specific provisions from the model; liberalizing reciprocity for licensing nonresident surplus lines licensees; providing grounds upon which the commission may deny a nonadmitted insurer access to the state; providing for the regulation of surplus lines; enforcement; violations; penalties; service of process; and eliminating certain conflicting excess line related provisions.
Trust Fund Requirement
|1||15% of U.S. surplus lines liabilities, excluding aviation, wet marine and transportation insurance, with a maximum of $30,000,000.|
|2||30% of U.S. surplus lines liabilities, excluding aviation, wet marine and transportation insurance, with a maximum of $60,000,000.|
. Suspension, revocation or nonrenewal of surplus lines licensee's license.§33-12C-9
§33-12C-10. Actions against eligible surplus lines insurers transacting surplus lines business.
§33-12C-12. Evidence of the insurance and subsequent changes to the insurance.
Surplus lines licensees may accept business from other producers.