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Committee approves update to insurance holding company rules to align with NAIC model
Summary
The committee agreed to a committee substitute for Senate Bill 800, updating West Virginia's insurance holding company system regulation to reflect recent National Association of Insurance Commissioners (NAIC) Model Law revisions and voted to report the substitute to the full Senate with a recommendation that it pass.
The Senate Banking and Insurance Committee agreed by voice vote to a committee substitute for Senate Bill 800, an insurance-commissioner-sponsored bill that updates six sections of the insurance code implementing the NAIC Insurance Holding Company System Regulatory Act (Model #440) revisions adopted in 2021.
Counsel said the changes adopt model-led requirements for group capital calculations, filing requirements and…
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