§33-34A-1 Definitions. - West Virginia Statutes

§33-34A-1. Definitions.

For the purposes of this article the following definitions shall apply:

(a) "Insurer" means and includes every person engaged as indemnitor, surety or contractor in the business of entering into contracts of insurance or of annuities as limited to any insurer who is doing an insurer business, or has transacted insurance in this state, and against whom claims arising from that transaction may exist now or in the future. This shall include, but not be limited to, any domestic insurer as defined in section six, article one of this chapter and any foreign insurer as defined in section seven, article one of this chapter, including any stock insurer, mutual insurer, reciprocal insurer, farmers' mutual fire insurance company, fraternal benefit society, hospital service corporation, medical service corporation, dental service corporation, health service corporation, health care corporation, health maintenance organization, captive insurance company or risk retention group.

(b) A "noninvestment grade bond" shall mean a bond that has been rated by the securities valuation office of the national association of insurance commissioners of having a designation of class four equals low quality, class five equals lower quality and class six equals in or near default.