WVC 33 - 8 A- 5
§33-8A-5. Deposit of securities by foreign insurance companies.
Notwithstanding any other provision of law, securities
eligible for deposit under the insurance law of this state relating
to deposit of securities by an insurance company as a condition of
commencing or continuing to do an insurance business in this state
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 under the insurance laws of
this state shall be under the control of the commissioner and shall
not be withdrawn by the insurance company without the approval of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 a member bank through which the insurance company has
deposited securities with a clearing corporation or 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 evidence 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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