Delaware Code Title 18 Sec. 6539 – Adjusting claims and paying losses
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The Insurance Coverage Office shall have the responsibility of adjusting all claims and paying all losses in risks covered by the Fund, and shall carry out its duties in conformity with appropriate regulations promulgated for that purpose by the Administrator, which regulations shall be in general conformity with the accepted practice in the commercial insurance industry in such matters, and shall be calculated to provide for prompt, efficient and equitable settlement procedures. The Insurance Coverage Office shall keep such records and files as shall be necessary and proper in its fulfillment of this obligation.
18 Del. C. 1953, § ?6536; 57 Del. Laws, c. 187, § ?2; 79 Del. Laws, c. 286, § ?18;
Terms Used In Delaware Code Title 18 Sec. 6539
- Administrator: means the Insurance Coverage Administrator, hereinafter established by § 6505 of this title. See Delaware Code Title 18 Sec. 6501
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fund: means the State Self-Insurance Fund as provided for by subchapter III of this chapter. See Delaware Code Title 18 Sec. 6501
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.