(a) At least once in five years, and whenever the commissioner determines it to be prudent, the commissioner shall personally, or by some competent person appointed by the commissioner, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations and whether it has complied with the provisions of this article. The captive insurance company shall be subject to the provisions of section nine, article two of this chapter in regard to the expense and conduct of the examination.
(b) All examination reports, preliminary examination reports
or results, working papers, recorded information, documents and
copies thereof produced by, obtained by or disclosed to the
commissioner or any other person in the course of an examination
made under this section are confidential and are not subject to
subpoena and may not be made public by the commissioner or an
employee or agent of the commissioner without the written consent
of the company, except to the extent provided in this subsection.
Nothing in this subsection shall prevent the commissioner from
using such information in furtherance of the commissioner's
regulatory authority under this title. The commissioner may, in
the commissioner's discretion, grant access to such information to
public officers having jurisdiction over the regulation of
insurance in any other state or country, or to law-enforcement
officers of this state or any other state or agency of the federal government at any time, so long as such officers receiving the
information agree in writing to hold it in a manner consistent with
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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