AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO REPORTING AND VALUATION REQUIREMENTS FOR INSURERS.

Section 1 of this bill adds additional financial reporting requirements for authorized insurers, which codifies current practices in accordance with the NAIC’s accounting practices and procedures manual and which was recommended by the NAIC as part of its most recent and ongoing accreditation review of the Department. Section 2 of this bill repeals Section 526A because the Department has determined that the circumstances that originally resulted in the enactment of Section 526A are no longer present in today’s market and, therefore, the additional reporting requirement is not necessary. Sections 3 and 4 of this bill make technical corrections recommended by the NAIC.