Current through Register Vol. XLI, No. 50, December 13, 2024
Section 115-1-4 - Miscellaneous Provisions4.1. Administration of claims. - All mine subsidence claims shall be reported to the Board for assignment to qualified independent adjusting firms in accordance with claim procedures as outlined on Appendix D. The selected adjusting firm will send all reports simultaneously to the insurer and the Board with all settlement authority, coverage questions and related matters being resolved by the Board. The Board will reimburse the insurer for all sums expended in accordance with the provisions of the reinsurance agreement.4.2. Fund reporting. - Quarterly, each insurance company subject to this rule shall complete the West Virginia Mine Subsidence Fund Report. Refer to Appendix E for report format. The following information is required: 4.2.a. Policy count by county;4.2.b. The amount of gross premiums less cancellations during the quarter rounded to the nearest dollars;4.2.c. The net premiums due the state. The completed report, along with the net premiums due the state, if any, shall be returned to the Board within forty-five (45) days after the quarter ends. The Board has the authority to audit any reporting insurance company so as to verify the authenticity and accuracy of the mine subsidence policy information submitted by such company to the Board.