West Virginia § 33-34-5 Prohibited acts during period of supervision

West Virginia Statutes

§ 33-34-5 — Prohibited acts during period of supervision

West Virginia·Ch. 33 Â INSURANCE·Art. 34 ADMINISTRATIVE SUPERVISION

An insurer may not engage in the following actions during the period of supervision, without the prior approval of the commissioner or his or her special deputy supervisor:

(1)Dispose of, convey, or encumber any of its assets or its business in force;

(2)Withdraw any of its bank accounts;

(3)Lend any of its funds;

(4)Invest any of its funds;

(5)Transfer any of its property;

(6)Incur any debt, obligation or liability;

(7)Merge or consolidate with another company;

(8)Approve new premiums or renew any policies;

(9)Enter into any new reinsurance contract or treaty;

(10)Terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;

(11)Release, pay or refund premium deposits, accrued cash or loan values

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An insurer may not engage in the following actions during the period of supervision, without the prior approval of the commissioner or his or her special deputy supervisor:

(1) Dispose of, convey, or encumber any of its assets or its business in force;

(2) Withdraw any of its bank accounts;

(3) Lend any of its funds;

(4) Invest any of its funds;

(5) Transfer any of its property;

(6) Incur any debt, obligation or liability;

(7) Merge or consolidate with another company;

(8) Approve new premiums or renew any policies;

(9) Enter into any new reinsurance contract or treaty;

(10) Terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;

(11) Release, pay or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate or contract;

(12) Make any material change in management; or

(13) Increase salaries and benefits of officers or directors or the preferential payment of bonuses, dividends, or other payments deemed preferential.

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