# W. Va. Code § 33-34-5: Prohibited acts during period of supervision

> West Virginia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S5

## Section

- **Citation:** W. Va. Code § 33-34-5
- **Heading:** Prohibited acts during period of supervision
- **Jurisdiction:** West Virginia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** WV Code / Chapter 33 / Article 34 / Section 5

## Text

An insurer may not engage in the following actions during the period of supervision, without the prior approval of the commissioner or his or her special deputy supervisor:

(1) Dispose of, convey, or encumber any of its assets or its business in force;

(2) Withdraw any of its bank accounts;

(3) Lend any of its funds;

(4) Invest any of its funds;

(5) Transfer any of its property;

(6) Incur any debt, obligation or liability;

(7) Merge or consolidate with another company;

(8) Approve new premiums or renew any policies;

(9) Enter into any new reinsurance contract or treaty;

(10) Terminate, surrender, forfeit, convert or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;

(11) Release, pay or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate or contract;

(12) Make any material change in management; or

(13) Increase salaries and benefits of officers or directors or the preferential payment of bonuses, dividends, or other payments deemed preferential.

## Nearby sections

- [W. Va. Code § 33-34-1 §33-34-1. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S1.md)
- [W. Va. Code § 33-34-2 §33-34-2. Applicability.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S2.md)
- [W. Va. Code § 33-34-3 §33-34-3. Administrative supervision; order; review.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S3.md)
- [W. Va. Code § 33-34-3A §33-34-3a. Standards to determine hazardous condition; commissioner's authority.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S3A.md)
- [W. Va. Code § 33-34-4 §33-34-4. Confidentiality of certain proceedings and records.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S4.md)
- [W. Va. Code § 33-34-5 §33-34-5. Prohibited acts during period of supervision.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S5.md)
- [W. Va. Code § 33-34-6 §33-34-6. Administrative election of proceedings.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S6.md)
- [W. Va. Code § 33-34-7 §33-34-7. Rules.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S7.md)
- [W. Va. Code § 33-34-8 §33-34-8. Meetings between the commissioner and the special deputy supervisor.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S8.md)
- [W. Va. Code § 33-34-9 §33-34-9. Special deputy supervisor appointed and expenses.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S9.md)
- [W. Va. Code § 33-34-10 §33-34-10. Immunity.](https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S10.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_WV_C33_A34_S5. Check the current official text before relying on it. Not legal advice.