148th GENERAL
ASSEMBLY
FEE IMPACT
STATEMENT
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sponsor: Representative B. Short DESCRIPTION: AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO
CAPTIVE INSURANCE.
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In accordance with 29
Del. C. §913, the following information is provided relating to changes to
captive insurance, including the adjustment of fees.
Description
of the Legislation
This bill makes changes to captive
insurance, including the adjustment of fees.
Affected
Entities
The affected entities of this bill consist
of insurance companies domiciled in the State of Delaware.
Fiscal
Impact Estimate
The fiscal impact of this bill will be an increase
in revenue. This bill would increase the
captive insurance application fee from $200.00 to $300.00, captive insurance
processing fee from $3,000.00 to $3,200.00 and the captive insurance annual
renewal fee from $300.00 to $400.00. The
Department of Insurance estimates that the fee increases will result in $185,800.00
additional revenue per year.
Intended
use of Revenue
The
additional revenue will be used for increased operational costs of the
department.
Office
of Controller General
January
26, 2015
JRG:JRG
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