At minimum, how often shall a company be examined by the Commissioner?

In West Virginia, insurance companies are required to be examined by the Insurance Commissioner at a minimum interval of five years. This frequency is established to ensure that the companies remain solvent and in compliance with state laws and regulations. Regular examinations allow the Commissioner to evaluate the financial health and operational practices of insurance companies, safeguarding consumers by ensuring that insurers can meet their obligations to policyholders.

The interval of five years strikes a balance between thorough oversight and the operational needs of the insurance companies. More frequent examinations could impose significant administrative burdens on both the regulators and the insurers, while less frequent examinations could risk allowing potential issues to go undetected for too long. Hence, the five-year requirement is designed to provide adequate oversight while also being practical for the entities involved.