This bill amends and reenacts section 64-7-1 of the Code of West Virginia, 1931, to authorize the Insurance Commissioner to promulgate a legislative rule concerning credit for reinsurance. The specific rule in question was filed in the State Register on April 16, 2025, and subsequently modified to address objections from the Legislative Rule-Making Review Committee before being refiled on August 21, 2025.

The primary aim of this legislation is to provide the Insurance Commissioner with the authority to establish regulations that govern credit for reinsurance, thereby ensuring that the state's insurance practices align with updated standards and requirements. This section is newly introduced, and as such, there are no deletions or existing legal language being altered.

Statutes affected:
Introduced Version: 64-7-1