SB 294
Insurance Commission rule relating to credit for reinsurance
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 294 authorizes the West Virginia Insurance Commissioner to create a rule regarding ‘credit for reinsurance.’ This rule, currently outlined in 114 CSR 40, aims to modify existing regulations related to how reinsurance is handled within the state’s insurance system. The bill specifically references a previously approved rule that was revised to meet the requirements of the Legislative Rule-Making Review Committee.
Key provisions
- Authorizes the Insurance Commissioner to promulgate a rule on credit for reinsurance.
- Refers to existing rule 114 CSR 40.
- The rule was previously modified to comply with the Legislative Rule-Making Review Committee.
- Addresses regulations within the state’s insurance system.
Who is affected
- Insurance companies
- West Virginia Insurance Commissioner
- Reinsurance providers
Notable changes
- The bill focuses on a specific rule (114 CSR 40) related to reinsurance.
- It acknowledges a previous revision of the rule by the Insurance Commissioner.
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