(a) There is hereby created a special account in the state Treasury designated the Unfair Claims Settlement Practice Trust Fund, which shall be an interest-bearing account and may be invested in the manner permitted by section nine, article six, chapter twelve of this code, with the interest income or other refund earned thereon a proper credit to the fund. Funds paid into the account may also be derived from the following sources:
(1) Payments received pursuant to section nine, article two of this chapter; and
(2) Any appropriations by the Legislature which may be made for this purpose.
(b) The moneys from the principal in the fund shall be expended by the Commissioner to compensate claimants as provided in sections four-a and six of this article.
Structure West Virginia Code
Article 11. Unfair Trade Practices
§33-11-1. Declaration of Purpose
§33-11-3. Unfair Methods of Competition and Unfair or Deceptive Acts or Practices Prohibited
§33-11-4. Unfair Methods of Competition and Unfair or Deceptive Acts or Practices Defined
§33-11-4a. Complaints by Third-Party Claimants; Elimination of Private Cause of Action
§33-11-4b. Unfair Claims Settlement Practice Trust Fund
§33-11-5. Favored Agent or Insurer; Coercion of Debtors
§33-11-5a. Replacement of Life Insurance
§33-11-6. Violations, Cease and Desist and Penalty Orders and Modifications Thereof
§33-11-7. Undefined Acts or Practices
§33-11-8. Penalty for Violation of Cease and Desist Orders