W. Va. Inv. Mgmt. Bd. v. Variable Annuity Life Ins. (Signed Opinion)
Annotate this CasePetitioners, the West Virginia Investment Management Board (IMB) and the West Virginia Consolidated Public Retirement Board (Board), instituted a declaratory judgment action against the Variable Annuity Life Insurance Company (VALIC) requesting judicial resolution of Petitioners’ entitlement to a full surrender of two annuity contracts without delays in payment or surrender charges. The trial court granted VALIC’s motion for summary judgment, resolving Petitioners’ claims on grounds of standing, the absence of a justiciable controversy, and the lack of ambiguity concerning the language of a policy endorsement in dispute. The Supreme Court reversed, holding (1) the trial court erred in finding that no justiciable controversy existed between the parties and that Petitioners lacked standing in relation to the contracts; and (2) the policy endorsement language under review was of such doubtful meaning that reasonable minds might disagree as to its meaning.
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