Title 18 — Insurance Code
83 chapters · 1,008 sections in this title.
18 Del. C. § 8501. Short title.
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§ 8501. Short title. This chapter may be cited as the “Corporate Governance Annual Disclosure Act.” 81 Del. Laws, c. 119, § 1;
18 Del. C. § 8502. Purpose and scope.
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§ 8502. Purpose and scope. (a) The purpose of this chapter is to: (1) Provide the Commissioner a summary of an insurer or insurance group’s corporate governance structure, policies and practices to permit the Commissioner to gain and maintain an understanding of the insurer’s cor…
18 Del. C. § 8503. Definitions.
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§ 8503. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Commissioner.” — The term “Commissioner” shall mean the Insurance Commissioner of this State. (2) “Corporate governance annual disclosure” or “CGAD.” — The term “corporate governance annual …
18 Del. C. § 8504. Disclosure requirement.
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§ 8504. Disclosure requirement. (a) An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the Commissioner a Corporate Governance Annual Disclosure (CGAD) that contains the information described in § 8506…
18 Del. C. § 8505. Rules and regulations.
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§ 8505. Rules and regulations. The Commissioner may, upon notice and an opportunity for all interested parties to be heard, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this chapter.81 Del. Laws, c. 119, § 1;
18 Del. C. § 8506. Contents of corporate governance annual disclosure.
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§ 8506. Contents of corporate governance annual disclosure. (a) The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the Commissioner to gain an understanding of…
18 Del. C. § 8507. Confidentiality.
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§ 8507. Confidentiality. (a) Documents, materials or other information including the CGAD, in the possession or control of the Department that are obtained by, created by or disclosed to the Commissioner or any other person under this chapter, are recognized by this State as bein…
18 Del. C. § 8508. NAIC and third-party consultants.
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§ 8508. NAIC and third-party consultants. (a) The Commissioner may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist th…
18 Del. C. § 8509. Sanctions.
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§ 8509. Sanctions. Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be pa…
18 Del. C. § 8510. Severability clause.
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§ 8510. Severability clause. If any provision of this chapter other than § 8507 of this title, 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 w…
18 Del. C. § 8511. Effective date.
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§ 8511. Effective date. The requirements of this chapter shall become effective on January 1, 2018. The first filing of the CGAD shall be in 2018.81 Del. Laws, c. 119, § 1;