West Virginia § 33-5-7 Formation of mutuals -- Deposit of premiums; filing of trust agreement; issuance and effective date of policies

West Virginia Statutes

§ 33-5-7 — Formation of mutuals -- Deposit of premiums; filing of trust agreement; issuance and effective date of policies

West Virginia § 33-5-7

Ch. 33Â INSURANCE

Art. 5ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

This text of West Virginia § 33-5-7 (Formation of mutuals -- Deposit of premiums; filing of trust agreement; issuance and effective date of policies) 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 § 33-5-7 (2026).

Text

(a)All sums collected by a domestic mutual insurer as premiums and fees on qualifying applications for insurance therein shall be deposited in trust in a West Virginia bank or trust company under a written trust agreement consistent with this section and with paragraph (3) of subsection (c) of section six of this article. The corporation shall file an executed copy of such trust agreement with the commissioner.

(b)Upon issuance to the insurer of a license as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall forthwith issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effective as of the date of

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(a) All sums collected by a domestic mutual insurer as premiums and fees on qualifying applications for insurance therein shall be deposited in trust in a West Virginia bank or trust company under a written trust agreement consistent with this section and with paragraph (3) of subsection (c) of section six of this article. The corporation shall file an executed copy of such trust agreement with the commissioner.

(b) Upon issuance to the insurer of a license as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall forthwith issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effective as of the date of the license.