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Current as of January 01, 2020 | Updated by FindLaw Staff
(a) There is hereby created a special account in the State Treasury designated the Unfair Claims Settlement Practice Trust Fund, which shall be an interest-bearing account and may be invested in the manner permitted by section nine, article six, chapter twelve of this code, with the interest income or other refund earned thereon a proper credit to the fund. Funds paid into the account may also be derived from the following sources:
(1) Payments received pursuant to section nine, article two of this chapter; and
(2) Any appropriations by the Legislature which may be made for this purpose.
(b) The moneys from the principal in the fund shall be expended by the Commissioner to compensate claimants as provided in sections four-a and six of this article.
Cite this article: FindLaw.com - West Virginia Code Chapter 33. Insurance § 33-11-4b. Unfair Claims Settlement Practice Trust Fund - last updated January 01, 2020 | https://codes.findlaw.com/wv/chapter-33-insurance/wv-code-sect-33-11-4b.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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