Bill Text: DE HB473 | 2009-2010 | 145th General Assembly | Draft
Bill Title: An Act To Amend Title 18 Of The Delaware Code Requiring Property And Casualty Insurers To Annually Submit A Statement Of Actuarial Opinion.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2010-06-30 - Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT [HB473 Detail]
Download: Delaware-2009-HB473-Draft.html
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SPONSOR: |
Rep. B. Short & Sen. Blevins; |
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Sen. Ennis |
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HOUSE OF REPRESENTATIVES 145th GENERAL ASSEMBLY |
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HOUSE BILL NO. 473 |
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AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE REQUIRING PROPERTY AND CASUALTY INSURERS TO ANNUALLY SUBMIT A STATEMENT OF ACTUARIAL OPINION. |
Section 1.Amend Title 18 of the Delaware Code, Chapter 11, by adding a Subchapter V. to read as follows:
"Subchapter V.Property and Casualty Actuarial Opinion Law.
§1119.Title.
This Act shall be known as the ‘Property and Casualty Actuarial Opinion Law of 2010.'
§1120.Actuarial Opinion of Reserves and Supporting Documentation.
(a) This section shall become operative at the end of the first full calendar year following the year of enactment.
(b) Every property and
casualty insurance company doing business in
(c) Every property and
casualty insurance company domiciled in
(d) A company licensed
but not domiciled in
(e) An Actuarial Report and underlying work papers as required by the appropriate NAIC Property and Casualty Annual Statement Instructions shall be prepared to support each Actuarial Opinion.
(f) If the insurance company fails to provide a supporting Actuarial Report and/or work papers at the request of the Commissioner, or the Commissioner determines that the supporting Actuarial Report or work papers provided by the insurance company is otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting Actuarial Report or work papers.
(g) The Appointed Actuary shall not be liable for damages to any person (other than the insurance company and the Commissioner) for any act, error, omission, decision, or conduct with respect to the actuary's opinion, except in cases of fraud or willful misconduct on the part of the Appointed Actuary.
§1121. Confidentiality.
(a) The Statement of Actuarial Opinion shall be provided with the Annual Statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and shall be treated as a public document.
(b)(1) Documents, materials, or other information in the possession or control of the Department of Insurance that are considered an Actuarial Report, work papers, or Actuarial Opinion Summary provided in support of the opinion, and any other material provided by the company to the Commissioner in connection with the Actuarial Report, work papers, or Actuarial Opinion Summary, shall be confidential by law and privileged, and, in accordance with 29 Del. C. §10002(g)(2), shall be deemed to not be public records for purposes of the Delaware Freedom of Information Act, shall not be subject to subpoena, and shall not be subject to discovery or admissible into evidence in any private civil action.
(2) This provision shall not be construed to limit the Commissioner's authority to release the documents to the Actuarial Board for Counseling and Discipline (ABCD) so long as the material is required for the purpose of professional disciplinary proceedings and that the ABCD establishes procedures satisfactory to the Commissioner for preserving the confidentiality of the documents, nor shall this section be construed to limit the commissioner's authority to use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the Commissioner's official duties.
(c) Neither the Commissioner nor any person who received documents, materials, or other information while acting under the authority of the Commissioner shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to Subsection (b).
(d) In order to assist in the performance of the Commissioner's duties, the Commissioner:
(1) May share documents, materials, or other information, including the
confidential and privileged documents, materials, or information subject to Subsection (b) with other state, federal, and international regulatory agencies, with the National Association of Insurance Commissioners and its affiliates and subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information and has the legal authority to maintain confidentiality;
(2) May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or with the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and
(3)May enter into agreements governing sharing and use of information consistent with Subsections (b) to (d).
(e)No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in Subsection (d).".
SYNOPSIS
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This Act is
intended to require all property and casualty insurance companies doing
business in the State of |
