(a) The commissioner may accept proceeds of court ordered forfeiture proceedings involving the prosecution of fraudulent insurance acts.
(b) Forfeiture proceeds shall be deposited into the special revenue account established in subsection (c) of this section, and the commissioner may make expenditures from the fund in order to effectuate the purposes of this article.
(c) The Insurance Fraud Prevention Fund is hereby created. The fund shall be administered by the commissioner and shall consist of all moneys made available from court ordered forfeiture proceedings involving the prosecution of fraudulent insurance acts, including all interest or other return earned from investment of the fund which may be invested in the manner permitted by 12-6C-9 of this code. Expenditures from the fund shall be for the purposes set forth in this article and are not authorized from collections but are to be made only in accordance with appropriation by the Legislature and in accordance with the provisions of 12-3-1, et seq. of this code and upon the fulfillment of the provisions set forth in 11B-2-1, et seq. of this code: Provided, That for the fiscal year ending June 30, 2021, expenditures are authorized from collections rather than pursuant to an explicit appropriation by the Legislature. Any balance, including accrued interest and other returns, remaining in the fund at the end of each fiscal year shall not revert to the General Revenue Fund but shall remain in the fund and be expended as provided by this section.
Structure West Virginia Code
Article 41. West Virginia Insurance Fraud Prevention Act
§33-41-1. Short Title; Legislative Findings and Purpose
§33-41-3. Fraud Warning Authorized; Statement Required of Nonadmitted Insurers
§33-41-4. Authority of the Commissioner; Use of Special Assistant Prosecutors
§33-41-6. Immunity From Liability
§33-41-8. Creation of Insurance Fraud Unit; Purpose; Duties; Personnel Qualifications
§33-41-8a. Fingerprinting and Background Check for Applicants for Employment With Fraud Unit
§33-41-8b. Fraud Investigators May Present Complaint Directly to Magistrate
§33-41-9. Other Law-Enforcement or Regulatory Authority
§33-41-11. Fraudulent Insurance Acts; Interference and Participation of Convicted Felons Prohibited
§33-41-11a. Insurer Antifraud Initiatives
§33-41-12. Civil and Criminal Penalties; Injunctive Relief; Employment Disqualification; Restitution