West Virginia § 33-7-7 Reserves for accident and sickness insurance

West Virginia Statutes

§ 33-7-7 — Reserves for accident and sickness insurance

West Virginia § 33-7-7

Ch. 33Â INSURANCE

Art. 7ASSETS AND LIABILITIES

This text of West Virginia § 33-7-7 (Reserves for accident and sickness insurance) 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 § 33-7-7 (2026).

Text

For all accident and sickness policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less than the reserve according to standards set forth in regulations issued by the commissioner and which,

(a)For credit accident and sickness policies, in no event shall be less than the unearned premium reserve for such policies calculated on the sum of the digits formula, commonly known as the "Rule of 78";

(b)For all other accident and sickness policies, in no event shall be less than the pro rata gross unearned premium reserve for such policies.

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For all accident and sickness policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less than the reserve according to standards set forth in regulations issued by the commissioner and which,

(a) For credit accident and sickness policies, in no event shall be less than the unearned premium reserve for such policies calculated on the sum of the digits formula, commonly known as the "Rule of 78";

(b) For all other accident and sickness policies, in no event shall be less than the pro rata gross unearned premium reserve for such policies.