Insurance Commission rule relating to credit for reinsurance

This bill (SB 294) authorizes West Virginia's Insurance Commissioner to implement a specific regulatory rule regarding "credit for reinsurance" (referenced as 114 CSR 40 in the State Register). It formally approves a rule previously modified to address legislative committee objections, allowing the Commissioner to apply it without further approval. The rule directly affects insurance companies operating in West Virginia that use reinsurance arrangements. This is a procedural authorization, not a substantive policy change, as it enables the existing rule to take effect.