Trey Paradee
Primary
This Act updates the Delaware Life and Health Insurance Guaranty Association Act (Delaware Act) to conform Delaware law to revisions made to the National Association of Insurance Commissioners’ (NAIC) Life and Health Insurance Guaranty Association Model Act (Model Act). The Model Act provides a framework for protecting policy or contract owners, insureds, beneficiaries, annuitants, payees, and assignees against losses due to the insolvency or impairment of an insurer. This Act revises the methodology for assessments relating to long-term care insurance written by an impaired or insolvent insurer and includes managed care organizations and health maintenance organizations within the scope of the Delaware Act to more fairly distribute the cost of long-term care insurance insolvencies among insurers writing life, health, annuity, managed care organization, and health maintenance organization products and to ensure sufficient assessment capacity for all insolvencies. Finally, this Act makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
Signed by Governor
Passed By House. Votes: 41 YES
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 9 On Its Merits
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Passed By Senate. Votes: 21 YES
Amendment SA 1 to SB 132 - Passed By Senate. Votes: 20 YES 1 ABSENT
Reported Out of Committee (Banking, Business & Insurance) in Senate with 3 On Its Merits
Assigned to Banking, Business & Insurance Committee in Senate
Introduced and Assigned to Banking, Business & Insurance Committee in Senate
| Bill Text Versions | Format |
|---|---|
| SA 1 to SB 132 | PDF HTML |
| Bill Text | HTML PDF |
| Document | Format |
|---|---|
| No related documents. |
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