Title 18 — Insurance Code
83 chapters · 1,008 sections in this title.
18 Del. C. § 8401. Short title.
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§ 8401. Short title. This chapter may be cited as the “Risk Management and Own Risk and Solvency Assessment (ORSA) Act.”79 Del. Laws, c. 422, § 1;
18 Del. C. § 8402. Purpose and scope.
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§ 8402. Purpose and scope. The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the Insurance C…
18 Del. C. § 8403. Definitions.
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§ 8403. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Insurance group.” — For the purpose of conducting an ORSA, the term “insurance group” shall mean those insurers and affiliates included within an insurance holding company system as defined …
18 Del. C. § 8404. Risk management framework.
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§ 8404. Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the…
18 Del. C. § 8405. ORSA requirement.
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§ 8405. ORSA requirement. Subject to § 8407 of this title, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but …
18 Del. C. § 8406. ORSA summary report.
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§ 8406. ORSA summary report. (a) Upon the Insurance Commissioner’s request, and no more than once each year, an insurer shall submit to the Insurance Commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guid…
18 Del. C. § 8407. Exemption.
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§ 8407. Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insur…
18 Del. C. § 8408. Contents of ORSA summary report.
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§ 8408. Contents of ORSA summary report. (a) The ORSA summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon exa…
18 Del. C. § 8409. Confidentiality.
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§ 8409. Confidentiality. (a) Documents, materials or other information, including the ORSA summary report, in the possession of or control of the Department of Insurance that are obtained by, created by or disclosed to the Insurance Commissioner or any other person under this cha…
18 Del. C. § 8410. Sanctions.
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§ 8410. Sanctions. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter shall be subject to the enforcement and penalty provisions set forth in Chapter 3 of this title.79 Del. Laws, c. 422, § 1;
18 Del. C. § 8411. Severability clause.
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§ 8411. Severability clause. If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or …
18 Del. C. § 8412. Effective date.
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§ 8412. Effective date. The requirements of this chapter shall become effective on January 1, 2015. The first filing of the ORSA summary report shall be in 2015 pursuant to § 8406 of this title.79 Del. Laws, c. 422, § 1;