Quick Facts
About 2,600 insurance related entities are licensed, registered, or eligible to do business in West Virginia. The West Virginia Insurance Commissioner is charged by state law with the duty of regulating these entities in order to protect the insurance-buying public. The Financial Conditions Division issues new and renewal licenses to insurance companies, and then regularly examines the domestic companies to monitor financial soundness, investigate the integrity of their marketplace practices, and compliance with West Virginia insurance laws.
Primary Duties and Responsibilities of the Financial Conditions Division Include:
- Issuing licenses to insurance companies seeking to be admitted to transact the business of insurance in West Virginia.
- Monitoring the financial solvency of licensed insurance companies to ensure that consumers have the insurance coverage that they expect when they need it.
- Conducting financial and market conduct examinations of domestic and foreign insurers to ensure compliance with West Virginia laws and financial solvency requirements.
- Administering the state insurance premium tax and insurance fee laws.
- Providing technical assistance on legislation and the promulgation of administrative regulations interpreting insurance laws.
- Overseeing the operations of the West Virginia Insurance Guaranty Association and West Virginia Life and Health Insurance Guaranty Association.
- Preparing the West Virginia Insurance Commissioner’s Annual Report.
As of December 31, 2012, more than 2,600 insurance related entities are licensed, registered, or eligible to do business in West Virginia, including:
|
COMPANY TYPE
|
TOTAL
|
|
Accredited Reinsurer
|
27
|
|
Approved Reinsurer
|
0
|
|
Captive
|
1
|
|
Charitable Gift Annuity
|
188
|
|
Discount Medical Plan Organization
|
28
|
|
Discount Prescription Drug Plan Organization
|
5
|
|
Farmers Mutual Fire
|
11
|
|
Fraternal
|
28
|
|
Health Care Corporation
|
0
|
|
HMDI
|
2
|
|
HMO
|
7
|
|
Joint Underwriter
|
4
|
|
Life
|
455
|
|
Managing General Agent
|
19
|
|
Prepaid Limited Health Service Organization
|
0
|
|
Professional Employer Organization
|
89
|
|
Property & Casualty
|
789
|
|
Purchasing Group
|
275
|
|
Rating Organization
|
8
|
|
Reciprocal
|
14
|
|
Reinsurance Intermediary
|
8
|
|
Reinsurer Life
|
1
|
|
Reinsurer Property & Casualty
|
7
|
|
Risk Pool
|
1
|
|
Risk Retention
|
87
|
|
Surplus Lines
|
172
|
|
Third Party Administrator (Home State)
|
57
|
|
Third Party Administrator (Non-Resident)
|
237
|
|
Third Party Administrator (Registered)
|
39
|
|
Title
|
16
|
|
Trusteed Reinsurer
|
11
|
|
Unlicensed Life
|
31
|
|
Unlicensed Property & Casualty
|
0
|
|
Unlicensed Reciprocal
|
0
|
|
Viatical Settlement Provider
|
7
|