(a) If the companys board of directors determines that the affairs of the company may be administered suitably and efficiently, the company may enter into a contract with a licensed insurer, licensed health service plan, insurance service organization, third-party administrator, insurance brokerage firm or other firm or company with suitable qualifications and experience to administer some or all of the affairs of the company, subject to the continuing direction of the board of directors as required by the articles of incorporation and bylaws of the company, and the contract. All such contracts shall be awarded by competitive bidding.
(b) The company shall file a true copy of the contract with the commissioner.
Structure West Virginia Code
Article 61. Mining Mutual Insurance Company
§33-61-2. Findings and Purpose
§33-61-4. Authorization for Creation of Company; Requirements and Limitations
§33-61-5. Governance and Organization
§33-61-6. Management and Administration of the Company
§33-61-7. Application for License; Authority of Commissioner
§33-61-8. Initial Capital and Surplus
§33-61-9. Types of Coverage Authorized; Discretionary Participation