SENATE BILL NO. 127
AN ACT TO AMEND TITLE 18, DELAWARE CODE TO SPECIFICALLY REQUIRE ANNUAL STATEMENTS OF INSURERS TO CONFORM WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS ANNUAL STATEMENT REQUIREMENTS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 526(a), Chapter 5, Title 18 Delaware Code by deleting the second sentence and substituting the following in lieu thereof:
"The statement filing shall be the annual statement form approved by the National Association of Insurance Commissioners ("NAIC") prepared in accordance with NAIC annual statement requirements and NAIC accounting practices and procedures manual."
Section 2. Further Amend Section 526, Chapter 5, Title 18 Delaware Code by adding thereto new subsections to read as follows:
"(e) Each domestic, foreign and alien insurer who is authorized to transact insurance in this state shall annually on or before March 1 of each year, file with the National Association of Insurance Commissioners a copy of its annual statement blank, along with such additional filings as prescribed by the Commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners shall be in the same format and scope as that required by the Commissioner and shall include the signed jurat page and the actuarial certification. Any amendments and addendums to the annual statement filing subsequently filed with the Commissioner shall also be filed with the NAIC. Foreign insurers that are domiciled in a state which has a law substantially similar to this subsection shall be deemed in compliance with this Section.
(f) In the absence of actual malice, members of the NAIC, their duly authorized committees, sub-committees, and task forces, their
delegates, NAIC employees, and all others charged with the responsibility of collecting, reviewing and analyzing and disseminating the information developed from the filing of the annual statement convention blanks shall be acting as agents of the Commissioner under the authority of this Section and shall not be subject to civil liability for libel, slander, or any other cause of action by virtue of their collection review, and analysis or dissemination of the data and information collected from the filings required hereunder. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department by the National association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the Department."
Approved June 20, 1991