There is a newer version of the West Virginia Code
2009 West Virginia Code
CHAPTER 33. INSURANCE
ARTICLE 31. CAPTIVE INSURANCE.
§33-31-5 Dividends.
§33-31-5. Dividends.No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner.
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