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 legislative rule in question was initially filed in the State Register on April 16, 2025, and subsequently modified to address the concerns of the Legislative Rule-Making Review Committee before being refiled on August 21, 2025.

The primary aim of this legislation is to formalize the authority of the Insurance Commissioner to implement the specified rule, which is identified as "credit for reinsurance, 114 CSR 40." This bill does not include any deletions from current law, as the section being amended is new and does not contain any existing legal language that is being removed.

Statutes affected:
Introduced Version: 64-7-1