W. Va. Code R. § 114-65-12

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

Section 114-65-12 - Distribution of Surplus Funds

12.1. Any surplus accumulated within a pool's fiscal year, as determined from the annual audited financial statement, may be declared refundable by the board. No distribution of the surplus funds shall be made earlier than twenty-four months following the end of the pool's fiscal year for which a surplus was declared. Such distribution shall not be made until certified by an actuary and the plan has been filed with and approved by the Commissioner.

12.2. Surplus accumulated within a pool's fiscal year shall be used exclusively for the benefit of those members belonging to the pool during that year. The accounting for each pool's fiscal year shall be separate for each year: Provided, That the Commissioner may require, and shall permit upon application of the pool, that 5.0%, or such greater amount as the board may elect, of a pool's surplus accumulated within a fiscal year be allocated to a restricted surplus account at the end of that year: Provided, however. That the restricted surplus is, subject to the approval of the Commissioner, to be used at the direction of the pool's board.