(a) Any person engaged in any act which constitutes the unauthorized transaction of insurance as set forth in this article may, after notice and hearing pursuant to section thirteen, article two of this chapter, be fined by the commissioner a sum not to exceed $20,000 for each unauthorized act or transaction of unauthorized insurance.
(b) Any person engaged in any act which constitutes the unauthorized transaction of insurance as set forth in this article may be assessed restitution by the Insurance Commissioner in an amount sufficient to reimburse any and all insureds for the unpaid claims, if, after notice and hearing pursuant to section thirteen, article two of this chapter, the commissioner finds that the unauthorized insurer has failed to pay claims of its insureds in accordance with the terms of the contracts.
Structure West Virginia Code
Article 44. Unauthorized Insurers Act
§33-44-2. Purpose of Enactment of Provisions Regarding Unauthorized Insurers
§33-44-4. Unlawful Transaction of Insurance
§33-44-5. Service of Process on Unauthorized Insurers
§33-44-7. Administrative Relief
§33-44-10. Defense of Action or Proceeding by Unauthorized Insurer; Bond Requirements
§33-44-11. Person Providing Specified Coverage; Proof of Regulation by a Federal Government Agency
§33-44-12. Collection, Maintenance and Distribution of Restitution to Insureds