West Virginia Rates and Rating Organizations (incl. Assigned Risks)

What this document is

West Virginia Rates and Rating Organizations (incl. Assigned Risks) - W. Va. Code Chapter 33, Article 20 is a state statute published by West Virginia Legislature (code.wvlegislature.gov). It is one of the West Virginia documents that insurance license exam questions are written from, including west virginia property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• W. Va. Code § 33-20-1 (Purpose and interpretation of article)

  “The purpose of this article is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate making and in other matters within the scope of this article.”

• W. Va. Code § 33-20-3(a) (Ratemaking; factors of due consideration)

  “Due consideration shall be given to past and prospective loss experience within and outside this state, to catastrophe hazards, if any, to a reasonable margin for underwriting profit and contingencies, to dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their...”

• W. Va. Code § 33-20-3(c)(2) (Ratemaking; territorial rate areas)

  “Provided, That such standards shall include the establishment of at least seven territorial rate areas within the state: Provided, however, That such territorial rate established by any insurer or group of insurers may differ from those of other insurers or group of insurers.”

• W. Va. Code § 33-20-4(e) (Rate filings; waiting period)

  “Subject to the exceptions specified in §33-20-4(f), §33-20-4(g) and §33-20-4(h) of this code, each filing shall be on file for a waiting period of 60 days before it becomes effective. Upon written application by an insurer or rating organization, the commissioner may authorize a filing which he or...”

• W. Va. Code § 33-20-4(h) (Rate filings; commercial lines property and casualty risks)

  “Except as provided in §33-20-4(a)(3) of this code, rates for commercial lines property and casualty risks must be filed with the commissioner and the filings need not be approved by the commissioner. The commissioner may request additional information to ensure compliance with applicable statutory...”

• W. Va. Code § 33-20-5(a) (Disapproval of filings)

  “If within the waiting period or any extension thereof as provided in subsection (e) of section four of this article, the commissioner finds that a filing does not meet the requirements of this article, he shall send to the insurer or rating organization which made such filing, written notice of...”

• W. Va. Code § 33-20-6(a) (Rating organizations; license term)

  “Licenses issued pursuant to this section shall remain in effect for three years unless sooner suspended or revoked by the commissioner.”

• W. Va. Code § 33-20-15 (Assigned risks; eligibility clause)

  “agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods”

• W. Va. Code § 33-20-15 (Assigned risks; rate-modification and approval clause)

  “such insurers may agree among themselves on the use of reasonable rate modifications for such insurance, such agreements and rate modifications to be subject to the approval of the commissioner.”

• W. Va. Code § 33-20-15 (Assigned risks)

  “With respect to casualty insurance to which this article applies, agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through...”

• W. Va. Code § 33-20-18 (Reduction of premium charges for persons fifty-five years of age or older)

  “Any rates, rating schedules or rating manuals for the liability, personal injury protection and collision coverages of a motor vehicle insurance policy submitted to or filed with the Insurance Commissioner shall provide for an appropriate reduction in premium charges as to such coverages when the...”

• W. Va. Code § 33-20-4(l) (Rate filings)

  “In instances when an insurer files a request for an increase of automobile liability insurance rates in the amount of 15 percent or more, the Insurance Commissioner shall provide notice of the increase with the Office of the Secretary of State to be filed in the State Register and shall provide...”

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