Bill Text: DE HB162 | 2009-2010 | 145th General Assembly | Draft
Bill Title: An Act To Amend Title 7 Of The Delaware Code Relating To Vessel To Vessel Petroleum Transfers.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-04-22 - Stricken [HB162 Detail]
Download: Delaware-2009-HB162-Draft.html
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SPONSOR: |
Rep. B. Short & Sen. McDowell |
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HOUSE OF REPRESENTATIVES 146th GENERAL ASSEMBLY |
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HOUSE BILL NO. 162 |
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AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO DOMESTIC SURPLUS LINES INSURERS. |
Section 1.Amend Chapter 19, Title 18 of the Delaware Code by inserting the following:
"§ 1907A. Domestic Surplus Lines Insurer.
a. A Delaware domestic insurer possessing policyholder surplus of at least Fifteen Million Dollars ($15,000,000.00) may, pursuant to a resolution by its board of directors and with the written approval of the Commissioner, be designated as a domestic surplus lines insurer.
b. In this State, a Delaware domestic surplus lines insurer may only insure a Delaware risk when such coverage is procured pursuant to this chapter governing surplus lines insurance, and the premium shall be subject to surplus lines premium tax pursuant to Section 1917 of this Chapter.
c. A Delaware domestic surplus lines insurer may not issue a policy designed to satisfy the motor vehicle financial responsibility requirements of this State [Title 21, §2118(c)], the Workers' Compensation Act [Title 19, §2372(a)], or any other law of this State mandating insurance coverage by a licensed insurance company.
d. A Delaware domestic surplus lines insurer must agree to abide by all the requirements of this chapter and all other requirements of the Delaware Code applicable to Delaware domestic insurers, unless otherwise exempted.The provisions of Chapters 42 and 44 of this Title will not apply to a domestic surplus lines insurer.
Section 2.Amend Chapter 19, Title 18 of the Delaware Code by inserting the following:
"§ 1920.Rate and Form Filings for Domestic Surplus Lines Insurers.
The requirements for rate and form filings required by this Title shall not apply to surplus lines insurance.".
SYNOPSIS
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This Act makes two changes to Delaware's surplus lines insurance:First, this Act allows surplus lines insurers who are domesticated in Delaware to write surplus lines insurance in Delaware. Currently, such insurers are not allowed to write surplus lines insurance in Delaware.A domestic surplus lines insurer would have to prove adequate solvency and be approved by the Insurance Commissioner.Allowing Delaware domestic surplus lines insurers to write insurance in Delaware could attract new companies to domesticate in Delaware.Secondly, the Act will also expand the market of surplus lines insurance for Delaware residents, which is particularly beneficial to those with property in the coastal areas of the State.The second provision of the Act makes it clear that surplus lines insurers, including the domestic surplus lines insurer established herein, are exempt from rate and form filings.This would codify the current practice of exempting surplus lines insurers from rate and form filings. |
