WEST VIRGINIA LEGISLATURE

2020 REGULAR SESSION

Introduced

House Bill 4297

By Delegate Foster and Porterfield

[Introduced January 14, 2020; Referred

to the Committee on Banking and Insurance then the Judiciary]

A BILL to amend and reenact §64-7-1 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commission to promulgate a legislative rule relating to credit for reinsurance.

Be it enacted by the Legislature of West Virginia:

ARTICLE 7. Authorization for Department of revenue to promulgate legislative rules.

§64-7-1. Insurance Commission.

The legislative rule filed in the State Register on March 26, 2019, authorized under the authority of §33-4-15a(e) of this code, modified by the Insurance Commission to meet the objections of the Legislative Rule-Making Review Committee and refiled in the State Register on October 29, 2019, relating to the Insurance Commission (credit for reinsurance, 114 CSR 40), is authorized.

NOTE: The purpose of this bill is to authorize the Insurance Commission to promulgate a legislative rule relating to credit for reinsurance.

This section is new; therefore, strike-throughs and underscoring have been omitted.