On May 21, DEL LEG passed bill on property insurance contracts.
DEL LEG passed SB 200 amending DEL INS 18-4122, to relating to property insurance contracts re notifications, how sent, and DEL INS 18-4130 limits claim look-backs.
Provisions
Generally requires that, except for nonpayment, notices must be sent by certified or Intelligent Mail and a copy retained by the insurer for not less than one year.
Extends look-back on non-weather-related claims from two years to five years for purposes of cancelling the policy under which the claims have been submitted.
Legislative History
On Jan. 4, 2024, bill introduced in Senate; on Mar. 12, 2024, bill passed Senate.
On May 13, 2024, bill introduced in House; on May 16, 2024, amended bill passed.
On May 21, 2024, bill passed by Senate; pending governor delivery and review.
Effectiveness
Upon approval, act takes effect Oct. 1, 2024, or upon enactment, whichever is later.
Jun. 2024 DEL LEG Governor Approval
On Jun. 20, 2024, DEL LEG reported governor signed bill, effective on Oct. 1, 2024.
Regulators
DEL LEG
Entity Types
CNSM; Ins
Reference
Bill, 6/20/2024; Bill SB200, 5/21/2024; Citation: *DEL INS* 18-4122, 18-4130;
