(a) A risk retention group shall not be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, or claimants against its insureds, receive any benefit from any such fund for claims arising out of the operations of such risk retention group.
(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, such risks, wherever resident or located, shall not be covered by any insurance guaranty fund or similar mechanism in this state.
(c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the state guaranty fund subject to article twenty-six of this chapter.
Structure West Virginia Code
Article 32. Risk Retention Act
§33-32-1. Purpose and Short Title
§33-32-3. Charter and License Requirements for Domestic Groups
§33-32-4. Risk Retention Groups Not Chartered in This State
§33-32-5. Tax on Premiums Collected
§33-32-6. Compliance With Unfair Claims Settlement Practices Law
§33-32-7. Prohibitive, Deceptive, False, or Fraudulent Practices
§33-32-8. Examination Regarding Financial Condition
§33-32-9. Notice to Purchasers
§33-32-10. Prohibited Acts Regarding Solicitation or Sale
§33-32-11. Prohibition on Ownership by an Insurance Company
§33-32-12. Prohibited Coverage
§33-32-13. Delinquency Proceedings
§33-32-14. Compulsory Associations
§33-32-15. Countersignatures Not Required
§33-32-17. Notice and Registration Requirements of Purchasing Groups
§33-32-18. Restrictions on Insurance Purchased by Purchasing Groups
§33-32-21. Duty on Agents or Brokers to Obtain License
§33-32-22. Binding Effect of Orders Issued in United States District Court