(a) If so provided in its articles of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating or nonparticipating basis, and may determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination shall be reasonable, and shall not unfairly discriminate as between policyholders within the same such classification. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged.
(b) No dividend, otherwise earned, shall be made contingent upon the payment of renewal premium on any policy.
Structure West Virginia Code
Article 5. Organization and Procedures of Domestic Stock and Mutual Insurers
§33-5-2. Application of General Laws
§33-5-3. Articles of Incorporation
§33-5-4. Certificate of Incorporation
§33-5-5. Amendment of Articles of Incorporation
§33-5-6. Formation of Mutuals -- Applications for Insurance
§33-5-8. Formation of Mutuals -- Assets Required; Temporary Capital Stock
§33-5-12. Corporate Rights of Mutual Members
§33-5-13. Contingent Liability of Mutual Members
§33-5-14. Enforcement of Contingent Liability
§33-5-15. Mutual Nonassessable Policies
§33-5-16. Participating Policies
§33-5-17. Dividends to Stockholders
§33-5-18. Dividends to Mutual Members
§33-5-19. Illegal Dividends; Liability; Penalty
§33-5-20. Borrowing by Insurers
§33-5-21. Management and Exclusive Agency Contracts
§33-5-22. Impairment of Capital or Assets
§33-5-23. Mutualization of Stock Insurer
§33-5-24. Converting Mutual Insurer
§33-5-25. Mergers and Consolidations of Stock Insurers
§33-5-27. Redomestication of Stock and Mutual Insurers
§33-5-28. Mergers and Consolidations of Mutual Insurers