WVC 33 - 5 - 21
§33-5-21. Management and exclusive agency contracts.
(a) No domestic stock or mutual insurer shall make any
contract whereby any person or persons is granted or is to enjoy
in fact the management of the insurer to the substantial
exclusion of its board of directors, or to have the controlling
or preemptive right to produce substantially all insurance
business for the insurer, unless such contract is filed with the
commissioner for his approval. The contract shall be deemed
approved thirty days after filing unless disapproved by the
commissioner within such thirty-day period, subject to such
reasonable extension of time as the commissioner may require by
notice given within such thirty days. Any disapproval shall be
delivered to the insurer in writing, stating the grounds
(b) The commissioner shall disapprove any such contract if
he finds that it:
(1) Subjects the insurer to excessive charges; or
(2) Is to extend for an unreasonable length of time; or
(3) Does not contain fair and adequate standards of
(4) Contains other inequitable provisions or provisions
which impair the proper interests of stockholders, policyholders
or members of the insurer.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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