Title 18, Insurance Code

§ 8001. Purpose. The purpose of this chapter is to regulate the formation and/or operation of risk retention groups and purchasing groups in this State formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (“RRA 1986”) [15 U.S.C. § 3901 et seq.], t…

§ 8002. Definitions. As used in this chapter: (1) “Commissioner” means the Insurance Commissioner of Delaware or the commissioner, director or superintendent of insurance in any other state; (2) “Completed operations liability” means liability arising out of the installation, mai…

§ 8003. Risk retention groups chartered in this State. (a) A risk retention group shall, pursuant to this chapter, be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, must comply with all of the l…

§ 8004. Risk retention groups not chartered in this State. Risk retention groups chartered and licensed in states other than this State and seeking to do business as a risk retention group in this State shall comply with the laws of this State as follows: (1) Notice of operations…

§ 8005. Compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this State, nor shall any risk retention group, or its insureds or claimants against i…

§ 8006. Countersignatures not required. A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned as otherwise provided in Chapter 17 of this title.68 Del. Laws, c. 57, § 1;

§ 8007. Purchasing groups — Exemption from certain laws. A purchasing group and its insurer or insurers shall be subject to all applicable laws of this State, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purc…

§ 8008. Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this State shall, prior to doing business, furnish notice to the Commissioner which shall: (1) Identify the state in which the group is domiciled; (2) Identif…

§ 8009. Restrictions on insurance purchased by purchasing groups. (a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purch…

§ 8010. Purchasing group taxation. Premium taxes and taxes on premiums paid for coverage of risks resident or located in this State by a purchasing group or any members of the purchasing groups shall be: (1) Imposed at the same rate and subject to the same interest, fines and pen…

§ 8011. Administrative and procedural authority regarding risk retention groups and purchasing groups. The Commissioner is authorized to make use of any of the powers established under the Insurance Code of this State to enforce the laws of this State not specifically preempted b…

§ 8012. Duty of agents or brokers to obtain license. (a) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this State from a risk retention group unless such person, firm, association or corpo…

§ 8013. Binding effect of orders issued in United States District Court. An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state (or in all states or in any territory or possession…

§ 8014. Rules and regulations. The Commissioner may establish and from time to time amend such rules relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.68 Del. Laws, c. 57, § 1;

§ 8301. Purpose [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. The purpose of this chapter is to regulate the use of credit information for personal insurance, so that consumers are afforded certain protections with respect to the use of such information.81 D…

§ 8302. Scope [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. This chapter applies to all policies of automobile, motorcycle, boat and personal watercraft, recreational vehicle, homeowners, mobile-homeowners, manufactured homeowners insurance, and noncommercia…

§ 8303. Definitions [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. As used in this chapter: (1) “Adverse action” means a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage o…

§ 8304. Use of credit information [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) An insurer authorized to do business in Delaware that uses credit information to underwrite or rate risks, shall not do any of the following: (1) Use an insurance score that …

§ 8305. Extraordinary life circumstances [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) Notwithstanding any other law or regulation, an insurer that uses credit information shall, on written request from an applicant for insurance coverage or an insured, …

§ 8306. Dispute resolution and error correction [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. If it is determined through the dispute resolution process set forth in the federal Fair Credit Reporting Act, 15 U.S.C. § 1681i(a)(5), that the credit information …

§ 8307. Notification [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) If an insurer writing personal insurance uses credit information in underwriting or rating a consumer, the insurer or its agent shall disclose, either on the insurance application or at t…

§ 8308. Adverse action [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. If an insurer takes an adverse action based upon credit information, the insurer must meet all of the following notice requirements: (1) Provide notification to the consumer that an adverse…

§ 8309. Filing [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) Insurers that use insurance scores to underwrite and rate risks must file their scoring models with the Commissioner. A third party may file scoring models on behalf of insurers. A filing that …

§ 8310. Indemnification; causes of action and defenses [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. An insurer shall indemnify, defend, and hold agents harmless from and against all liability, fees, and costs arising out of or relating to the actions, error…

§ 8311. Sale of policy term information by consumer reporting agency [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) No consumer reporting agency shall provide or sell data or lists that include any information that in whole or in part was submitted in con…

§ 8312. Severability [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. If any section, paragraph, sentence, clause, phrase, or any part of this chapter is declared invalid due to an interpretation of or a future change in the federal Fair Credit Reporting Act [1…

§ 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;

§ 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…

§ 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 …

§ 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…

§ 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 …

§ 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…

§ 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…

§ 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…

§ 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…

§ 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;

§ 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 …

§ 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;

§ 8501. Short title. This chapter may be cited as the “Corporate Governance Annual Disclosure Act.” 81 Del. Laws, c. 119, § 1;

§ 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…

§ 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 …

§ 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…

§ 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;

§ 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…

§ 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…

§ 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…