CHAPTER 335
FORMERLY
HOUSE BILL NO. 503
AN ACT TO AMEND TITLE 18 , DELAWARE CODE, CHAPTER 80 RELATING TO THE DELAWARE INSURANCE RISK RETENTION ACT.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Title 18, Delaware Code, Chapter 80, Section 8002(7) by
deleting this subsection in its entirety and substituting the following in lieu thereof:
"(7) 'Personal risk liability' means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in subparagraph (6) of this Section."
Section 2. Further amend Chapter 80, Title 18, Delaware Code, Section 8002 by deleting §8002(10)b in its entirety and substituting the following in lieu thereof:
"b. Purchases such insurance only for its group members and only to cover their similar or related liability exposure, as described in subparagraph (c)."
Section 3. Further amend Chapter 80, Title 18, Delaware Code, Section
8004(2), by deleting subparagraph d. in its entirety and substituting the following in lieu thereof:
"d. Such information as may be required to verify its continuing qualification as a risk retention group under subsection 8002(11)."
Section 4. Further amend Chapter 80, Title 18, Delaware Code, Section
8005, subsection a. by deleting this subsection in its entirety and substituting the following in lieu thereof:
"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 its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group."
Approved July 8, 1992.