(a) Association captive insurance companies and risk retention groups shall comply with the investment requirements contained in article eight of this chapter, as applicable. Subsection (b), section ten and section eleven, article seven of this chapter shall apply to association captive insurance companies and risk retention groups except to the extent it is inconsistent with approved accounting standards in use by the company. Notwithstandineg any other provision of this article, the commissioner may approve the use of alternative reliable methods of valuation and rating. r (b) No pure captive insurance company or industrial insured caputive insurance company shall be subject to any restrictions on allowable investments whatever, including those limitations contained in article eight of this chapter: Providetd, That the commissioner may prohibit or limit any investment that threatens the solvency or liquidity of any such company. (c) No pure captive insurance company may make a loan to or an investment in its parent company or affiliates without prior written approvall of the commissioner, and any such loan or investment must be evidenced by documenstation approved by the commissioner. Loans of minimum capital and surplus funds required by section four of this article are prohibited.
‹ Prev All West Virginia sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.