(a) An "affiliate" of or person "affiliated" with a specific person is a person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the person specified.
(b) "Commissioner" means the insurance commissioner, his or her deputies or the insurance department, as appropriate.
(c) "Control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote or holds proxies representing ten percent or more of the voting securities of any other person or controls or appoints a majority of the board of directors, voting members or similar governing body of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection (l), section four of this article that control does not exist in fact. The commissioner may determine after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support the determination that control exists in fact notwithstanding the absence of a presumption to that effect.
(d) "Depository institution" means a bank or savings association as those terms are defined in section three of the federal deposit insurance act. The term "depository institution" does not include an insurance company.
(e) "Insurance holding company system" consists of two or more affiliated persons, one or more of which is an insurer.
(f) "Insurer" means any person or persons or corporation, partnership or company authorized by the laws of this state to transact the business of insurance in this state, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the commonwealth of Puerto Rico, the District of Columbia or a state or political subdivision of a state.
(g) "Person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, an unincorporated organization, a depository institution or any other legal entity or any combination of the foregoing acting in concert, but does not include any securities broker performing no more than the usual and customary broker's function and holding less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company.
(h) A "security holder" of a specified person is one who owns any security of such person, including common stock, preferred stock, debt obligations and any other security convertible into or evidencing the right to acquire any of the foregoing.
(i) A "subsidiary" of a specified person is an affiliate controlled by such person directly or indirectly through one or more intermediaries.
(j) "Voting security" includes any security convertible into or evidencing a right to acquire a voting security.
Note: WV Code updated with legislation passed through the 2012 1st Special Session