W. Va. Code R. agency 115, tit. 115, ser. 115-01, app F
WEST VIRGINIA BOARD OF RISK AND INSURANCE MANAGEMENT
AS MANAGER AND TRUSTEE OF THE
WEST VIRGINIA MINE SUBSIDENCE FUND
REINSURANCE AGREEMENT
INSURANCE COMPANY:
NAIC#: GROUP#:
ASSURED: Various provided with Mine Subsidence Coverage on or in connection with policies issued or renewed on or after the date of this Reinsurance Agreement.
REINSURANCE DATE:
AMOUNT: 100% - but not to exceed $200,000 per loss plus allocated loss adjustment expense.
In consideration of the provisions and stipulations herein or added hereto, and of premiums ceded by the above named insurance company, the West Virginia Board of Risk and Insurance Management (hereinafter BRIM), as Manager and Trustee of the West Virginia Mine Subsidence Fund (hereinafter Fund) and not otherwise, does reinsure, for all West Virginia mine subsidence losses and allocated loss adjustment expense reasonably incurred, the above-named insurance company, for coverages provided pursuant to W.Va. Code § 33-30-1, et seq.
It is understood and agreed that BRIM shall reimburse the named insurance company from the Fund for all amounts paid policy holders for claims resulting from subsidence and shall pay from the Fund all costs of administration incurred by BRIM; however no such reimbursement will be made by BRIM from the Fund for claims paid by the named insurance company without the expressed consent and approval of BRIM. The named insurance company is not required to pay any claim for any loss insured under the Mine Subsidence Insurance Law, except to the extent that the amount available in the Fund is sufficient to reimburse the insurer for such claim under this section, and without moral obligation.
It is further understood and agreed that the above-named insurance company shall charge and obtain premiums from all its insureds who request mine subsidence insurance under the West Virginia Mine Subsidence Insurance Law in accordance with rates approved by the West Virginia Insurance Commissioner and shall deposit such premiums with BRIM as Manager and Trustee of the Fund, less 30 percent of such premiums, which amounts shall be retained by the above-named insurance company as a ceding commission. Such deposits shall be made in accordance with the directions of BRIM as promulgated from time to time.
It is further understood and agreed that any and all claims by the above-named insurance company for reinsurance hereunder shall be made in accordance with the directions of BRIM as promulgated from time to time.
This agreement shall remain in effect unless and until terminated by one of the following:
(1) It may be terminated, upon written notice thereof by the above-named insurance company, accompanied by written approval of the West Virginia Insurance Commissioner.
(2) It may be terminated, upon sixty days written notice, by BRIM pursuant to an opinion of the West Virginia Attorney General that any future amendments to the West Virginia Mine Subsidence Insurance Law require or make desirable such cancellation.
(3) It will terminate upon repeal of the West Virginia Mine Subsidence Insurance Law; provided, however, that the obligations hereunder will continue as to any coverages provided under the West Virginia Mine Subsidence Insurance Law.
Any prior Reinsurance Agreement shall be superseded as of the effective date of this Reinsurance Agreement.
WEST VIRGINIA BOARD OF RISK AND INSURANCE MANAGEMENT, AS MANAGER AND TRUSTEE OF THE WEST VIRGINIA MINE SUBSIDENCE FUND.
By:__________________________________ Date:________________________
Title: Executive Director, West Virginia Board of Risk and Insurance Management
(NAME OF INSURANCE COMPANY)
By:__________________________________ Date: _______________________
Title:
Note: Please verify proper spelling of Company Name, 'NAIC number and 'GROUP' number if applicable. Return one copy of signed agreement to the address provided on the Board's website at http://www.brim.wv.gov.
W. Va. Code R. agency 115, tit. 115, ser. 115-01, app F