AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO LICENSING FEES AND DEPARTMENT OF INSURANCE FUNDING.

Delaware insurance regulator keeps more funding

Delaware directs 15% of specified insurance professional licensing fees into the Insurance Commissioner Regulatory Revolving Fund. This covers fees under §701 paragraphs (23)–(31), (35)–(37), (41), and (42). The fund also receives supervisory assessments, examination fees, and insurers’ rate and form filing fees. These receipts go into the State Treasury to fund the Commissioner’s Office, as authorized by the General Assembly. The year-end limit on money not committed to expenses rises from $1.4 million to $5 million. Any excess goes to the State General Fund, replacing the prior requirement to lower assessments or fees the next year. Other fees and taxes collected by the Commissioner go to the General Fund unless another law directs otherwise.