WVC 33 - 31 - 5
No captive insurance company may pay a dividend out of, or
other distribution with respect to, capital or surplus without the
prior approval of the commissioner. Approval of an ongoing plan
for the payment of dividends or other distributions shall be
conditioned upon the retention, at the time of each payment, of
capital or surplus in excess of amounts specified by, or determined
in accordance with formulas approved by, the commissioner.