West Virginia Investment Management Board v. Variable Annuity Life Insurance

LOUGHRY, Justice:

The petitioners, the West Virginia Investment Management Board ("IMB”) and the West Virginia Consolidated Public Retirement Board (“Board”), appeal from two orders 1 entered by the Circuit Court of Kana-wha County that separately grant summary judgment to the respondent, The Variable Annuity Life Insurance Company (“VAL-IC”), against the IMB and the Board. The petitioners initiated the underlying action to obtain a declaratory judgment regarding their entitlement to a full surrender of two annuity contracts without delays in payment or surrender charges. Bifurcating the…