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Bill > HB4247
WV HB4247
WV HB4247Relating to authorizing the Insurance Commission to promulgate a legislative rule relating to credit for reinsurance.
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The purpose of this bill is to authorize the Insurance Commissioner to promulgate a legislative rule relating to credit for reinsurance.
AI Summary
This bill authorizes the West Virginia Insurance Commissioner to officially adopt a legislative rule concerning "credit for reinsurance," which is a mechanism allowing insurance companies to reduce their financial obligations by transferring some of their risk to another insurance company, known as a reinsurer. The rule, identified as 114 CSR 40, was initially filed on April 16, 2025, and subsequently modified and refiled on August 21, 2025, after addressing objections from the Legislative Rule-Making Review Committee, and is now being formally approved by the Legislature under the authority granted by section 33-2-10 of the code.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Standing Committee on Finance Meeting (09:00:00 2/23/2026 House Finance Committee Room) (on 02/23/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4247&year=2026&sessiontype=RS&btype=bill |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb4247%20intr.htm&yr=2026&sesstype=RS&i=4247 |
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