Bill Text: DE HB274 | 2019-2020 | 150th General Assembly | Draft
Bill Title: An Act To Amend Title 18 Of The Delaware Code Relating To Property Insurance Policies.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Introduced - Dead) 2020-01-22 - Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 13 On Its Merits [HB274 Detail]
Download: Delaware-2019-HB274-Draft.html
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SPONSOR: |
Rep. Bush & Sen. Paradee |
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Reps. Dorsey Walker, Matthews, Spiegelman |
HOUSE OF REPRESENTATIVES
150th GENERAL ASSEMBLY
HOUSE BILL NO. 274
AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO PROPERTY INSURANCE POLICIES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 4122, Title 18, of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:
§ 4122 Notification and reasons for declination or termination.
(b) No cancellation of a property insurance policy shall be effective unless notice thereof is mailed or delivered by the insurer to the named insured at least 30 days prior to the effective date of cancellation, except that, where cancellation is for nonpayment of premium, at least 15 days’ notice of cancellation shall be given. A notice of cancellation of property insurance coverage by an insurer shall be in writing, shall be delivered to the named insured or mailed to the named insured at the last known address of the named insured, shall state the effective date of the cancellation and shall be accompanied by a written explanation of the specific reasons for the cancellation. Proof of mailing of such cancellation notice shall be retained by the insurer for a period of not less than 1 year.
SYNOPSIS
This bill establishes the time frame within which a property insurer must give prior written notice to the insured of its intent to cancel a policy.
