Bill > HB18

This bill amends Delaware's insurance licensing regulations by making several key changes. First, it modifies the Insurance Commissioner Regulatory Revolving Fund to allow the Department of Insurance to retain 15% of insurance professionals' licensing fees, which will be deposited into the fund. The bill increases the maximum unencumbered balance in this fund from $1.4 million (set in 2005) to $5 million, and mandates that any balance exceeding $5 million at the end of a fiscal year must be transferred to the General Fund. Additionally, the legislation updates various licensing fees across multiple insurance professional categories, including producers, brokers, adjusters, and specialized license types like viatical settlement providers and rental company limited lines producers. Most licensing fees are incrementally increased, typically by $25, with some specific variations such as raising apprentice license fees from $50 to $75 and changing certain renewal periods. The bill also standardizes fee structures for specific license types like rental company and portable electronics vendor limited lines licenses by referencing a centralized fee schedule. These changes aim to provide more stable funding for the Department of Insurance while adjusting licensing fees to reflect current administrative costs.

Business and Industry

https://legis.delaware.gov/BillDetail?LegislationId=141850