HOUSE BILL NO. 131
AN ACT TO AMEND CHAPTER 42, TITLE 18 OF THE DELAWARE CODE TO DIRECT THE DELAWARE INSURANCE GUARANTY ASSOCIATION TO ASSESS ITS MEMBER INSURERS AND TO PAY OVER SUCH ASSESSMENTS TO THE INSURANCE COMMISSIONER REGULATORY REVOLVING FUND.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (THREE-FIFTHS OF ALL OF THE MEMBERS ELECTED TO EACH HOUSE THEREOF CONCURRING THEREIN):
Section I. Amend §4208. Chapter 42. Title 18 of the Delaware Code by adding to subsection (a) a new paragraph "(9)" to read u follows:
"(9) Annually assess each member insurer an amount not to exceed one-tenth of one percent of the member insurer's net direct written premiums written in Delaware. The Commissioner shall determine the amount of this annual assessment and shall so notify the Association not tater than July 31 of the calendar year in which the assessment L to be made. This annual assessment shall be included in. and shall not result In the member insurer's aggregate assessment under this chapter exceeding, the 2% assessment limitation provided In paragraph (3) of this section. The proceeds of the annual assessment provided by this paragraph (9) shall be paid over by the Association to the Insurance Commissioner's Regulatory Revolving Fund to partially subsidize the oversight activities of the Commissioner, thereby minimizing the need for the assessments provided for by Paragraph (3) of this section."
Approved April 12, 1985.