W. Va. Code R. § 114-30-6

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-30-6 - Premium Due Dates; Acceleration of Premium Due upon Payment Default

6.1. The first quarterly payment due for "tail" insurance pursuant to this rule shall be payable contemporaneously with the issuance of the "tail" insurance policy. Subsequent payments shall be due and payable quarterly thereafter.

6.2. In the event of the insured's default in making a premium payment when due, the insurer shall notify the insured by certified mail that the entire balance is due and payable in full within 30 days of receipt of said notice. If the entire balance is not timely paid in full, the "tail" insurance coverage limits shall be determined in accordance with the plan filed by the carrier and approved by the commissioner.