***NOTE*** - The following section, does not take effect until July 1, 2012. (See SB253 in the 2011 Regular Session). For current law, until July 1, 2012, refer to the code section in the Michie's West Virginia Code, book number 10A (Chapter 32 to 33).

§33-27-6a. Supervisory Colleges; power of commissioner; expenses; agreements.
     (a) Power of Commissioner. -- With respect to any insurer registered under section four of this article, and in accordance with subsection (c) of this section, the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following:

     (1) Initiating the establishment of a supervisory college;

     (2) Clarifying the membership and participation of other supervisors in the supervisory college;

     (3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;

     (4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and

     (5) Establishing a crisis management plan.

     (b) Supervisory College. -- In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section six of this article, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The commissioner may enter into agreements in accordance with subsection (c), section seven of this article providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college: Provided, That this section may not be construed as delegating to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.