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Overview Of Insurance In West Virginia
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, 2015, more than 2,600 insurance related entities are licensed, registered, or eligible to do business in West Virginia, including:

COMPANY TYPE

TOTAL

Accredited Reinsurer

26

Advisory Organization

1

Captive

0

Charitable Gift Annuity

215

Discount Medical Plan Organization

25

Discount Prescription Drug Plan Organization

7

Farmers Mutual Fire

11

Fraternal

29

Health Care Corporation

0

HMDI

3

HMO

11

Joint Underwriter

3

Life

440

Managing General Agent

26

Prepaid Limited Health Service Organization

0

Professional Employer Organization

130

Property & Casualty

799

Provider Sponsored Network

1

Purchasing Group

262

Rating Organization

10

Reciprocal

14

Reinsurance Intermediary

10

Reinsurer Life

1

Reinsurer Property & Casualty

7

Risk Pool

2

Risk Retention

78

Surplus Lines

167

Third Party Administrator (Home State)

52

Third Party Administrator (Non-Resident)

253

Third Party Administrator (Registered)

40

Title

16

Trusteed Reinsurer

16

Unlicensed Life

30

Unlicensed Property & Casualty

0

Unlicensed Reciprocal

0

Viatical Settlement Provider

8

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