On Oct. 29, DEL LEG passed bill on fire tax distributions, reporting.
DEL LEG passed bill HB 371 on tax distributions and reporting for fire departments.
Amends DEL INS 18-7-705 on reporting of premiums and payments to fire companies.
Document dated Oct. 29, 2024, was added on Dec. 2, 2024 due to editorial backfill.
Bill Provisions
Changes how Insurance Commissioner, State Treasurer provide for distributions from taxes collected to be made to fire companies or departments in State of Delaware.
Simplifies reporting process, provide new method for calculating the funds distributed to fire departments in City of Wilmington, New Castle County, Kent and Sussex County.
Requires insurers to file reports annually by Mar. 1, using new geographic allocations.
Extends Department’s deadline to report to State Treasurer from Apr. 1 to May 15.
Reduces number of payments to fire companies per year from 2 to 1, provides more time to ensure accuracy of insurer-reported financial data, establishes guidelines.
Makes changes to reporting requirements related to payments made by State Treasurer to State Insurance Coverage Office, allows payments to be made by Jul. 15.
Amend Delaware Volunteer Firefighter’s Association (DVFA) annual report requirement.
Also technical corrections to conform existing law to standards of drafting manual.
Legislative History
On Apr. 11, 2024, bill was introduced in House; on May 16, 2024, bill passed House.
On May 16, 2024, bill was introduced in Senate; on Jun. 27, 2024, bill passed Senate.
On Oct. 29, 2024, bill was signed into law by the governor, was assigned Ch. 512.
Effectiveness
The bill provisions become effective on Jan. 1, 2025.
Regulators
DEL LEG
Entity Types
CNSM; Ins
Reference
Ch. 512, Bill HB371, 10/29/2024; Citation: DEL INS 18-7-705;
