Delaware General Assembly

Signed 7/1/01

The General Assembly has ended, the current status is the final status.

SB 146

5/10/01

Cook

AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO LICENSING OF INSURANCE AGENTS, BROKERS, AND OTHER LICENSEES OF THE INSURANCE DEPARTMENT.

This Bill replaces the current Insurance Department Statute for agent, broker and other licensees of the Department and creates a system of reciprocity for producer licensing and creates uniform standards for key areas of producer licensing. It complies with Public Law 106-102 (the Gramm-Leach-Bliley Act) which mandates that a majority of the states 1) enact uniform laws and regulations governing the licensure of individuals and entities authorized to sell and solicit the purchase of insurance within the state or 2) enact reciprocity laws and regulations governing the licensure of nonresident individuals and entities authorized to sell and solicit insurance within those states. If states do not enact such uniform laws and regulations or enact a system of reciprocal licensing by November 12, 2002, the National Association of Registered Agents and Brokers will be established to provide a mechanism through which uniform licensing, appointment, continuing education and other insurance producer sales qualification requirements and conditions can be adopted and applied on a multistate basis and Delaware will lose regulatory oversight. This Bill when adopted will preserve the authority of Delaware to license insurance producers. It creates a system of reciprocity for producer licensing and creates a more uniform and efficient system of producer licensing.

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Takes effect upon being signed into law

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