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.
West Virginia Legal Code