CHAPTER 6
FORMERLY
HOUSE BILL NO. 132
AN ACT TO AMEND CHAPTER 44, TITLE 18 OF THE DELAWARE CODE TO DIRECT THE DELAWARE LIFE & HEALTH GUARANTY ASSOCIATION TO ASSESS ITS MEMBER INSURERS AND TO PAY OVER SUCH ASSESSMENTS TO THE INSURANCE COMMISSIONER REGULATORY REVOLVING FUND.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (THREE-FIFTHS OF ALL OF THE MEMBERS ELECTED TO EACH HOUSE THEREOF CONCURRING THEREIN):
Section 1. Amend Chapter 44, Title 18 of the Delaware Code by inserting in subsection (a) of Section 4409, following the words and phrase "the powers and duties of the Association,", and before the words and phrase "the Board of Directors shall assess", the words and phrase "and of minimizing the Association's liability by partially subsidizing the oversight activities of the Commissioner".
Section 2. Further amend Chapter 44, Title 18 of the Delaware Code by striking from the first line of subsection (b) of Section 4409 the numeral "3" and substituting in lieu thereof the word "four".
Section 3. Further amend Chapter 44, Title 18 of the Delaware Code by adding to subsection (b) of Section 4409 a new paragraph "(4)" to read as follow::
"(4) Class D assessments shall be made annually to partially subsidize the oversight activities of the Commissioner, thereby minimizing the need for Class B and Class C assessments."
Section 4. Further amend Chapter 44, Title 18 of the Delaware Code by adding to subsection (c) a new paragraph "(5)" to read as follows:
"(5) Clus D assessments shall be made against each member insurer annually in an amount not to exceed one tenth of one percent of the member insurer's premiums written in this State during the calendar year preceding the assessment. The Commissioner shall determine the amount of the Class D assessment and shall so notify the Association not later than July 31 of the calendar year in which the assessment Is to be made. The proceeds of this assessment shall be paid over by the Association to the Insurance Commissioner's Regulatory Revolving Fund."
Section 5. Further amend Chapter 44, Title 18 of the Delaware Code by inserting in subsection (e) of Section 4409, following the words and phrase "for each account", and before the words and phrase "shall not in any i calendar year", the words and phrase ", and including Class D assessments.
Approved April 12. 1985.