WVC 33 - 8 A- 4
§33-8A-4. Deposit of securities by domestic insurance companies.
Notwithstanding any other provision of law, the securities
qualified for deposit under this section may be deposited with a
clearing corporation or held in the federal reserve book-entry
system. Securities deposited with a clearing corporation or held
in the federal reserve book-entry system and used to meet the
deposit requirements set forth in this section shall be under the
control of the commissioner and may not be withdrawn by the
insurance company without the approval of the commissioner. An
insurance company holding securities in this manner shall provide
to the commissioner evidence issued by its custodian or member bank
through which the insurance company has deposited the securities in
a clearing corporation or through which the securities are held in
the federal reserve book-entry system, respectively, in order to
establish that the securities are actually recorded in an account
in the name of the custodian or other direct participant or member
bank and that the records of the custodian, other participant or
member bank reflect that the securities are held subject to the
order of the commissioner.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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