West Virginia Offices of the Insurance Commissioner 2009 Annual ...

Market Conduct Unit
Four (4) “Agreed Orders Adopting Reports of Market Conduct Examination, Directing Corrective
Action and Assessing Penalties” were entered by the Insurance Commissioner in 2009 as a result of
market conduct examinations conducted in accordance with W. Va. Code §33-2-9. West Virginia
policyholders received $15,894,848.48 in restitution. Penalties totaling $41,500.00 were assessed as a
result of violations discovered during these market conduct examinations.
The OIC entered into one (1) collaborative action with other states in 2009 on issues of concern with
multistate insurers.
The unit conducted forty-seven (47) level one and thirty-five (35) level two analyses on licensed
companies concerning compliance with the West Virginia Code and the West Virginia Code of State
Rules.
The OIC received pertinent data on three hundred and fifty-one (351) companies which filed market
conduct annual statements per National Association of Insurance Commissioners’ (“NAIC”)
guidelines.
The Market Conduct Unit completed nine (9) comprehensive compliance audits on employers which
are self-insured for workers’ compensation; no penalties were assessed.
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