HB 4247
Relating to authorizing the Insurance Commission to promulgate a legislative rule relating to credit for reinsurance.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Insurance Commissioner to create a specific rule (114 CSR 40) regarding ‘credit for reinsurance.’ Reinsurance is a type of insurance that helps insurance companies manage risk. The rule will be developed after review by the Legislative Rule-Making Review Committee and published in the State Register.
Key provisions
- Authorizes the Insurance Commissioner to create a legislative rule.
- The rule addresses ‘credit for reinsurance.’
- The rule is subject to review and approval by the Legislative Rule-Making Review Committee.
- The rule is detailed in 114 CSR 40.
Who is affected
- Insurance Companies
- West Virginia Insurance Commissioner
- The Insurance Industry
Notable changes
- Establishes a process for the Insurance Commissioner to create a rule on reinsurance credit.
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Smith
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