§ 8402. Purpose and scope.
§ 8402. Purpose and scope. The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment (ORSA) and provide guidance and instructions for filing an ORSA summary report with the Insurance Commissioner of this State. The requirements of this chapter shall apply […]
§ 8403. Definitions.
§ 8403. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Insurance group.” — For the purpose of conducting an ORSA, the term “insurance group” shall mean those insurers and affiliates included within an insurance holding company system as defined in Chapter 50 of this title. (2) “Insurer.” — The term “insurer” […]
§ 8404. Risk management framework.
§ 8404. Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations […]
§ 8405. ORSA requirement.
§ 8405. ORSA requirement. Subject to § 8407 of this title, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there […]
§ 8406. ORSA summary report.
§ 8406. ORSA summary report. (a) Upon the Insurance Commissioner’s request, and no more than once each year, an insurer shall submit to the Insurance Commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer and/or the insurance group of […]
§ 8407. Exemption.
§ 8407. Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $500,000,000; and, (2) The insurance group […]
§ 8304. Use of credit information [For applicability of this section, see 81 Del. Laws, c. 108, § 3].
§ 8304. Use of credit information [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) An insurer authorized to do business in Delaware that uses credit information to underwrite or rate risks, shall not do any of the following: (1) Use an insurance score that is calculated using income, gender, […]
§ 8408. Contents of ORSA summary report.
§ 8408. Contents of ORSA summary report. (a) The ORSA summary report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Insurance Commissioner. (b) The review of the […]
§ 8305. Extraordinary life circumstances [For applicability of this section, see 81 Del. Laws, c. 108, § 3].
§ 8305. Extraordinary life circumstances [For applicability of this section, see 81 Del. Laws, c. 108, § 3]. (a) Notwithstanding any other law or regulation, an insurer that uses credit information shall, on written request from an applicant for insurance coverage or an insured, provide reasonable exceptions to the insurer’s rates, rating classifications, company or […]
§ 8409. Confidentiality.
§ 8409. Confidentiality. (a) Documents, materials or other information, including the ORSA summary report, in the possession of or control of the Department of Insurance that are obtained by, created by or disclosed to the Insurance Commissioner or any other person under this chapter, is recognized by this State as being proprietary and to contain […]