WVC 33 -
CHAPTER 33. INSURANCE.
WVC 33 - 9 -
ARTICLE 9. ADMINISTRATION OF DEPOSITS.
WVC 33 - 9 - 1
§33-9-1. Deposits of insurers.
The state treasurer of West Virginia shall accept and hold
in trust, when made through the commissioner, deposits of
securities or funds by insurers as follows:
(a) Deposits required for a license to transact insurance in
(b) Deposits of domestic, foreign, or alien insurers when
made pursuant to the laws of other states, provinces, and
countries as prerequisite for authority to transact insurance in
such state, province, or country.
(c) Deposits in such additional amounts as are permitted to
be made by section six of this article.
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§33-9-2. Purpose of deposits.
Such deposits shall be held for purposes as follows:
(a) When the deposit is required for authority to transact
insurance in West Virginia the deposit shall be held for the
protection of all the insurer's policyholders and creditors
within the United States.
(b) When the deposit is required pursuant to the laws of
another state, province, or country, the deposit shall be held
for such purposes as is required by such laws, and as specified
by the commissioner at the time the deposit is made.
(c) When the deposit is required pursuant to the retaliatory
provisions, section sixteen of article three of this chapter, the
deposit shall be held for purposes as specified in the
commissioner's order requiring the deposit.
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§33-9-3. Assets eligible for deposit.
(a) All deposits required for a license to transact insurance
in West Virginia shall consist of cash or any combination of the
government obligations described in paragraph (A) or (B),
subdivision (1), subsection (a), section eleven, article eight of
this chapter or paragraph (A), (B) or (C), subdivision (3) of said
(b) All deposits required pursuant to the laws of another
state, province or country, or pursuant to the retaliatory
provision, section sixteen, article three of this chapter, shall
consist of those assets that are required or permitted by the laws,
or as required pursuant to the retaliatory provision.
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§33-9-4. Trust companies as depositories; state responsible for
safekeeping and return of deposits.
(a) Upon request of the insurer, the state treasurer may
designate any solvent trust company or other solvent financial
institution having trust powers domiciled in this state as the
treasurer's depository to receive and hold any such deposit. Any
such deposit so held shall be at the expense of the insurer.
(b) The state of West Virginia shall be responsible for the
safekeeping and return of all funds and securities deposited
pursuant to this chapter with the state treasurer or in any
depository so designated by him.
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§33-9-5. Rights of solvent insurer.
So long as the insurer remains solvent and complies with
this chapter it may:
(a) Demand, receive, sue for and recover the income from the
securities or cash deposited,
(b) Exchange and substitute for the deposited cash or
securities, or any part thereof, cash or eligible securities of
equivalent or greater value, and
(c) Inspect, at reasonable times, any such deposit.
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§33-9-6. Excess deposits.
An insurer may so deposit cash or eligible securities in an
amount exceeding its deposit required or otherwise permitted
under this chapter, such excess deposit to be held for the
protection of such insurer's policyholders and creditors. During
the solvency of the insurer any such excess deposit or part
thereof shall be released to the insurer upon its request. During
the insolvency of the insurer such excess deposit shall be
released only as provided in section seven of this article.
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§33-9-7. Release of deposits -- Generally.
Any deposit made in this state under this chapter shall be
released and returned:
(a) To the insurer upon extinguishment by authorized
reinsurance or otherwise of substantially all liability of the
insurer for the security of which the deposit is held;
(b) To the insurer to the extent such deposit is in excess
of the amount required; or
(c) Upon proper order of a court of competent jurisdiction
to the receiver, conservator, rehabilitator or liquidator of the
insurer, or to any other properly designated official or
officials who succeed to the management and control of the
WVC 33 - 9 - 8
§33-9-8. Release of deposits -- Order of commissioner required.
No such release of deposited funds shall be made except upon
application to and written order of the commissioner. The
commissioner shall have no personal liability for any such
release of any such deposit or part thereof so made by him in
WVC 33 - 9 - 9
§33-9-9. Deposit not subject to levy; exception.
No judgment creditor or other claimant of an insurer shall
levy upon any deposit held pursuant to this chapter, or upon any
part thereof; except, that such levy may be permitted if so
specified in the commissioner's order requiring the deposit
pursuant to the retaliatory provision, section sixteen of article
three of this chapter.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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