West Virginia § 33-31-4 Minimum capital and surplus; letter of credit

West Virginia Statutes

§ 33-31-4 — Minimum capital and surplus; letter of credit

West Virginia § 33-31-4

Ch. 33Â INSURANCE

Art. 31CAPTIVE INSURANCE

This text of West Virginia § 33-31-4 (Minimum capital and surplus; letter of credit) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 33-31-4 (2026).

Text

(a)No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of:

(1)In the case of a pure captive insurance company, not less than $100,000;

(2)In the case of an association captive insurance company, not less than 350,000;

(3)In the case of an industrial insured captive insurance company, not less than $250,000;

(4)In the case of a risk retention group, not less than $500,000; and

(5)In the case of a sponsored captive insurance company, not less than $250,000.

(b)No captive insurance company shall be issued a license unless it possesses and thereafter maintains unimpaired paid-in surplus of:

(1)In the case of a pure captive insurance company, not less than $150,000;

(2)In the case of an association ca

Free access — add to your briefcase to read the full text and ask questions with AI

(a) No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of:

(1) In the case of a pure captive insurance company, not less than $100,000;

(2) In the case of an association captive insurance company, not less than 350,000;

(3) In the case of an industrial insured captive insurance company, not less than $250,000;

(4) In the case of a risk retention group, not less than $500,000; and

(5) In the case of a sponsored captive insurance company, not less than $250,000.

(b) No captive insurance company shall be issued a license unless it possesses and thereafter maintains unimpaired paid-in surplus of:

(1) In the case of a pure captive insurance company, not less than $150,000;

(2) In the case of an association captive insurance company, not less than $350,000;

(3) In the case of an industrial insured captive insurance company, not less than $250,000;

(4) In the case of a risk retention group, not less than $500,000; and

(5) In the case of a sponsored captive insurance company, not less than $250,000.

(c) The commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business transacted.

(d) Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of West Virginia or a member bank of the federal reserve system and approved by the commissioner.