Delaware Code Title 18 Sec. 4156 – Duties of insurer to provide regulatory notice of intent to transact …
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Authorized insurers intending to sell primary residential flood insurance products in Delaware must do all of the following:
(1) Notify the Department of its plans at least 30 days before making a form or rate filing relating to such flood insurance in Delaware.
(2) File a plan of operation and financial projections or material revisions to such plan.
Terms Used In Delaware Code Title 18 Sec. 4156
- Department: means the Delaware Department of Insurance. See Delaware Code Title 18 Sec. 4153
- Primary residential flood insurance: means an insurance policy covering losses from flood to residential property, other than commercial property, written in Delaware by any insurer authorized to do business that is not written to apply coverage in excess of the coverage provided under another flood insurance policy, whether issued by a private insurer or the National Flood Insurance Program. See Delaware Code Title 18 Sec. 4153