Small Business Reading Room


Friday, March 14, 2014

The Delaware Corporate Legislation Tracker - March 14, 2014

It's been quite for a while (I wonder if all of the snow and ice have had anything to do with that?), and now the Delaware General Assembly is back at it again!

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:




The following Legislation affecting Title 18 - Insurance Code was acted upon by the General Assembly on 3/13/2014:




HB 257
Title:  AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO INSURANCE HOLDING COMPANY SYSTEM REGISTRATION.

Synopsis:
This bill amends Title 18, Chapter 50, Insurance Holding Company System Registration. The language is substantially similar to the recently amended language within the NAIC Model Law – Insurance Holding Company System Regulatory Act. The primary changes in the bill are (1) that an annual enterprise risk filing requirement is added that will identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer; (2) a filing is added when any controlling person of a domestic insurer seeks to divest its controlling interest in the domestic insurer; (3) the Commissioner may choose to conduct consolidated hearings on a proposed acquisition of control; (4) a statement regarding the function of the insurer’s board of directors and officers; (5) agreements for cost sharing services and management within a holding company system shall include, in addition to provisions now required, such additional provisions as may be required by regulation issued by the Commissioner; (6) a change is made to the procedure of a disclaimer of affiliation filing; (7) clarifying language is added to the transactions which require prior approval; (8) a provision for supervisory colleges is added; and (9) there is expanded language on access to books and records, as well as confidential treatment. These additions promote better insurance regulation by increasing the amount of information available to state insurance regulators about the holding company system and the transactions within that system, both on a national and international level.

Bill History:


Mar 13, 2014 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House










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