SB 293
Insurance Commission rule relating to insurance holding company systems
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 293 authorizes the West Virginia Insurance Commission to create and enforce rules regarding insurance holding company systems. These rules are intended to provide greater oversight and regulation of how insurance companies that are part of larger groups operate. The bill specifically references a rule already filed by the Insurance Commission and ensures its authorization within state law. This action aims to strengthen consumer protection and financial stability within the insurance industry.
Key provisions
- Authorizes the Insurance Commission to promulgate rules.
- Focuses on insurance holding company systems.
- Relates to existing regulations under §33-27-14 of the Code of West Virginia.
- Modifies a previously filed rule after review by the Legislative Rule-Making Review Committee.
- Ensures the rule’s authorization within state law.
Who is affected
- Insurance Holding Companies
- West Virginia Insurance Industry
- Consumers of Insurance in West Virginia
- The Insurance Commission
Notable changes
- Formalizes the authorization for the Insurance Commission to create rules on insurance holding companies.
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