AN ACT TO ESTABLISH THE INSURANCE STUDY AND REVISION COMMITTEE AND MAKING AN APPROPRIATION THERETO FOR A COMPREHENSIVE REVIEW AND STUDY OF THE INSURANCE LAW OF THE STATE FOR THE PREPARATION OF A REPORT CONTAINING RECOMMENDED REVISIONS OF SUCH LAW FOR SUBMISSION TO THE GENERAL ASSEMBLY.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. There is hereby established The Insurance Study and Revision Committee comprised of the Insurance Commissioner, the Chairman of the Senate Banking and Insurance Committee, the Chairman of the House Insurance and Banking Committee and four other members appointed by the Governor. No more than a majority of the members of The Insurance Study and Revision Committee shall belong to the same major political party and the remainder shall belong to the other major political party.
Section 2. There is hereby appropriated to The Insurance Study and Revision Committee the sum of $25,000 to be used for a comprehensive review and study of the Insurance Law of the State of Delaware, and for the preparation of a report containing recommended revisions of such law for submission to the General Assembly not later than September 30, 1966.
Section 3. The Insurance Study and Revision Committee is authorized to spend the money appropriated by Section 2 of this act for consultants and assistance in such manner as will, in its discretion, most expeditiously accomplish the purposes of this act and will include a report of its expenditure of such funds to the Governor and the General Assembly in the report required by Section 2 hereof.
Section 4. This act is a supplementary appropriation act and the money hereby appropriated shall be paid by the State Treasurer out of any moneys in the General Fund of the State of Delaware not otherwise appropriated. The money hereby appropriated shall remain available to The Insurance Study and Revision Committee until the purposes of this act have been accomplished or until June 30, 1967 and any of said money remaining unexpended upon the completion of the project or on June 30, 1967, shall revert to the General Fund of the State.
Approved February 24, 1966.