WVC 33 - 22 - 12
§33-22-12. Limit of risk.
No such company shall insure any single risk comprising a
building and contents or other property so located as to be subject
to destruction by a single fire for a greater amount than one
thousand dollars until its insurance in force shall be as much as
five hundred thousand dollars, nor shall it then insure any such
risks for an amount greater than one fifth of one percent of the
net insurance in force under its policies or ten percent of its
surplus, whichever is greater, unless the risks insured by the
company in excess of the amounts above stipulated are
simultaneously covered by reinsurance.
Any company having received an extension of its license to
permit it to issue policies of insurance pursuant to subsection
(c), section eight of this article shall be subject to the
provisions of section sixteen, article four of this chapter.