HOUSE BILL NO 497
AS AMENDED BY HOUSE AMENDMENT NOS. 1 AND 2
AN ACT TO AMEND CHAPTER 4, VOLUME 65, LAWS OF DELAWARE, (ALSO BEING HOUSE BILL NO 99) RELATING TO THE TRANSFER OF $70,000 TO FUND AN ACTUARIAL ANALYSIS FOR "POOLING" OF INSUREDS IN DELAWARE TO ANALYZE WHETHER MUNICIPALITIES, COUNTIES, AND VARIOUS COMMERCIAL INSUREDS CAN REDUCE THEIR COSTS AND ASSURE CONTINUED AVAILABILITY OF LIABILITY INSURANCE, AND TO CREATE SUCH A "POOL".
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. The Title provisions of Chapter 4, Volume 65, Laws of Delaware (also being House Bill No. 99 of the 133rd Genera/ Assembly) is hereby amended by adding thereto the following:
", and for such start- up funds to thereafter be used to fund an actuarial analysis for "pooling" of insureds in Delaware to analyze whether municipalities, counties, and various commercial insureds can reduce their costs and assure continued availability of liability insurance, and to fund the creation of such a pool."
Section 2. Amend Section 2 of Chapter 4, Volume 65, Laws of Delaware by striking the last sentence commencing with the words Such sum ($70,000)" and ending with the words "June 30, 1986" as they appear therein and substituting in lieu thereof the following:
"such transfer is a continuing appropriation into the fiscal year ending June 30, 1987. On or before June 1, 1986 such sum ($70,000) shall be transferred by the Office of the Insurance Commissioner Into a special line of the General Fund Operating Budget Unit, Insurance Commissioner's Office (12 03-001) to be used for the purposes set forth in Section 3 below."
Section 3. Amend Chapter 4, Volume 65, Laws of Delaware, by adding thereto two new sections to be designated as Sections 3 and 4 to read as follows:
"Section 3. After transference by the Office of the Insurance Commissioner the funds shall be used to fund a study of the feasibility of creating a pool of insureds in Delaware to reduce costs and assure availability of liability insurance, and to fund the creation of such a pool if feasible.
Section 4. Funds not expended for these purposes shall revert to the General Fund of the State on June 30, 1987. The Insurance Commissioner shall rcport to the General Assembly on the results of this study and shall make recommendations as to whether or not to implement such a plan."
Approved May 9, 1986.