[February 28, 2003]

Requesting the Joint Committee on Government Finance to conduct a study of the benefits of captive insurance companies and the most effective means of regulating these entities.

Whereas, There is concern in West Virginia relating to the availability and affordability of medical malpractice insurance and other lines of insurance coverage; and
Whereas, Captives are an alternative type of risk management which may afford significant financial and business advantages; and
Whereas, Captives can be a means of providing insurance coverage that might otherwise be unavailable; and
Whereas, The citizens and business of West Virginia have an interest in exploring alternative means of risk management; and,
Whereas, The effective and efficient regulation of captive insurance companies is important to the stability of West Virginia's economy and its consumers; and
Whereas, The Legislature finds that both citizens and businesses in West Virginia would benefit from a study of the impact of captive insurance companies and the most efficient means of regulating these entities; therefore, be it
Resolved by the Legislature of West Virginia:

That the Joint Committee on Government and Finance is hereby directed to conduct a study of the impact of captive insurance companies and the most efficient means of regulating these entities; and, be it
Further Resolved, That the Joint Committee on Government and Finance report its findings and recommendations resulting from the study to the regular session of Legislature, 2004, together with drafts of any proposed legislation necessary to effectuate such recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.