WVC 33 - 20 F- 4
§33-20F-4. Authorization for creation of company; requirements
(a) Subject to the provisions of this article, a Physicians'
Mutual Insurance Company may be created as a domestic, private,
nonstock corporation. The company must remain for the duration of
its existence a domestic mutual insurance company owned by its
policyholders and may not be converted into a stock corporation or
any other entity not owned by its policyholders.
(b) For the duration of its existence, the company is not and
may not be considered a department, unit, agency, or
instrumentality of the state for any purpose. All debts, claims,
obligations, and liabilities of the company, whenever incurred, are
the debts, claims, obligations, and liabilities of the company only
and not of the state or of any department, unit, agency,
instrumentality, officer or employee of the state.
(c) The moneys of the company are not and may not be
considered part of the General Revenue Fund of the state. The
debts, claims, obligations, and liabilities of the company are not
and may not be considered a debt of the state or a pledge of the
credit of the state.
(d) The company is not subject to provisions of article
nine-a, chapter six of this code or the provisions of article one,
chapter twenty-nine-b of this code.
(e) All premiums collected by the company are subject to the
premium taxes, additional premium taxes, additional fire and casualty insurance premium taxes and surcharges contained in
sections fourteen, fourteen-a, fourteen-d and thirty-three, article
three of this chapter.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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