reglab/housing_qa huggingface dataset:
18 DE Code § 1604. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1604. Required contract provisions; reinsurance intermediary-brokers.

§ 1604. Required contract provisions; reinsurance intermediary-brokers. Transactions between an RB and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that:  (1) The insurer may terminate the RB's authority at any time. (2) The RB will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the RB, and remit all funds due to the insurer within 30 days of receipt. (3) All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank which is a qualified United States financial institution as defined herein. (4) The RB will comply with § 1605 of this title. (5) The RB will comply with the written standards established by the insurer for the cession or retrocession of all risks. (6) The RB will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.68 Del. Laws, c. 69, §  1;
18 DE Code § 1605. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1605. Books and records; reinsurance intermediary-brokers.

§ 1605. Books and records; reinsurance intermediary-brokers. (a) For at least 10 years after expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing:  (1) The type of contract, limits, underwriting restrictions, classes or risks and territory; (2) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation; (3) Reporting and settlement requirements of balances; (4) Rate used to compute the reinsurance premium; (5) Names and addresses of assuming reinsurers; (6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RB; (7) Related correspondence and memoranda; (8) Proof of placement; (9) Details regarding retrocessions handled by the RB including the identity of retrocessionaires and percentage of each contract assumed or ceded; (10) Financial records, including but not limited to, premium and loss accounts; and (11) When the RB procures a reinsurance contract on behalf of a licensed ceding insurer:  a. Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or b. If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative. (b) The insurer will have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1606. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1606. Duties of insurers utilizing services of reinsurance intermediary-broker.

§ 1606. Duties of insurers utilizing services of reinsurance intermediary-broker. (a) An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf unless such person is licensed as required by § 1603(a) of this title. (b) An insurer may not employ an individual who is employed by an RB with which it transacts business, unless such RB is under common control with the insurer and subject to the Holding Company Act. (c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1608. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1608. Prohibited acts.

§ 1608. Prohibited acts. The RM shall not:  (1) Bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules. (2) Commit the reinsurer to participate in reinsurance syndicates. (3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed. (4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or 1 percent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year. (5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer. (6) Jointly employ an individual who is employed by the reinsurer. (7) Appoint a sub-RM.68 Del. Laws, c. 69, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 1609. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1609. Duties of reinsurers utilizing services of reinsurance intermediary-manager.

§ 1609. Duties of reinsurers utilizing services of reinsurance intermediary-manager. (a) A reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by § 1603(b) of this title. (b) The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the Commissioner. (c) If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification. (d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM. (e) Within 30 days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the Commissioner. (f) A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder or subproducer of its RM. This subsection shall not apply to relationships governed by the Holding Company Act or, if applicable, the Broker Controlled Insurer Act. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1610. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1610. Examination authority.

§ 1610. Examination authority. (a) A reinsurance intermediary shall be subject to examination by the Commissioner. The Commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the Commissioner. (b) An RM may be examined as if it were the reinsurer. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1611. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1611. Penalties and liabilities.

§ 1611. Penalties and liabilities. (a) A reinsurance intermediary, insurer or reinsurer found by the Commissioner after a hearing conducted in accordance with the Administrative Procedures Act [Chapter 101 of Title 29] to be in violation of any provision(s) of this chapter shall:  (1) For each separate violation, pay a penalty in an amount not exceeding $15,000; (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation. (b) The decision, determination or order of the Commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to the Administrative Procedures Act [Chapter 101 of Title 29]. (c) Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided in the Insurance Law. (d) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1612. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1612. Rules and regulations.

§ 1612. Rules and regulations. The Commissioner may adopt reasonable rules and regulations for the implementation and administration of this chapter. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1613. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16. Reinsurance Intermediary Act|§ 1613. Effective date.

§ 1613. Effective date. This chapter shall take effect on January 1, 1992. No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary on and after January 1, 1992, unless utilization is in compliance with this chapter. 68 Del. Laws, c. 69, §  1;
18 DE Code § 1650. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16A. Business Transacted With Producer Controlled Insurer Act|§ 1650. Definitions.

§ 1650. Definitions. (a) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC). (b) “Control” or “controlled” has the meaning ascribed in Chapter 50 of this title. (c) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer. (d) “Controlling producer” means a producer who, directly or indirectly, controls an insurer. (e) “Licensed insurer” or “insurer” means any person, firm, association or corporation duly licensed to transact a property/casualty insurance business in this State. The following, inter alia, are not licensed insurers for the purposes of this chapter:  (1) All risk retention groups as defined in the Superfund Amendments [and] Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) [29 U.S.C. § 655; 42 U.S.C. §§ 9601 note, 9611, 9671-9675], the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 & Supp. 1986) and Chapter 80 of this title; (2) All residual market pools and joint underwriting authorities or associations; and (3) All captive insurers (for the purposes of this chapter, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates). (f) “Producer” means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation. 68 Del. Laws, c. 334, §  1;
18 DE Code § 1651. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16A. Business Transacted With Producer Controlled Insurer Act|§ 1651. Applicability.

§ 1651. Applicability. This chapter shall apply to licensed insurers as defined in § 1650 of this title, whether domiciled in this State or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of the Insurance Holding Company Act, to the extent they are not superseded by this chapter, shall continue to apply to all parties within holding company systems subject to this chapter. 68 Del. Laws, c. 334, §  1;
18 DE Code § 1653. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16A. Business Transacted With Producer Controlled Insurer Act|§ 1653. Disclosure.

§ 1653. Disclosure. The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer; except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in the producer's records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured. 68 Del. Laws, c. 334, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 1654. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 16A. Business Transacted With Producer Controlled Insurer Act|§ 1654. Penalties.

§ 1654. Penalties. (a) (1) If the Commissioner believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the Commissioner may order the controlling producer to cease placing business with the controlled insurer; and (2) If it is found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the Commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief. (b) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to Chapter 59 of this title, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. (c) Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided for in the Insurance Law. (d) Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other 3rd parties. 68 Del. Laws, c. 334, §  1;
18 DE Code § 1701. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1701. Purpose and scope.

§ 1701. Purpose and scope. (a) This chapter governs the qualifications and procedures for the licensing of insurance producers, surplus lines brokers, fraternal representatives, adjusters, apprentice adjusters, property damage appraisers, apprentice property damage appraisers and temporary licensees. This chapter shall apply to all lines of insurance, including, but not limited to, life, health, variable annuity and variable life, property, casualty, surety, title, credit, personal lines, travel, transportation and marine, and to all types of insurers, whether operating on a mutual, stock, reciprocal, fraternal, group or other plan. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology, and reduces costs associated with issuing and renewing insurance licenses. (b) This chapter shall establish the qualifications for granting licenses to professional insurance personnel; establish the procedures to be followed in determining the initial and continuing qualifications for such personnel; and provide definitions of such personnel's authorities, duties, responsibilities and prohibitions in a manner that will provide guidance to such personnel and control over such personnel by the Commissioner of Insurance for the benefit and protection of the citizens of the State. (c) All transactions entered into by a surplus lines broker shall also be subject to Chapter 19 of this title. 18 Del. C. 1953, §  1701;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 577, §  1;  65 Del. Laws, c. 142, §  3;  70 Del. Laws, c. 424, §  1;  73 Del. Laws, c. 80, §  1;
18 DE Code § 1703. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1703. License required.

§ 1703. License required. A person shall not transact insurance in this State for any class or classes of insurance unless the person is licensed as an insurance producer, adjuster or appraiser for that line of authority in accordance with this chapter. 59 Del. Laws, c. 577, §  1;  61 Del. Laws, c. 64, §  1;  65 Del. Laws, c. 142, §§  5, 6;  70 Del. Laws, c. 186, §  1;  70 Del. Laws, c. 424, §  1;  73 Del. Laws, c. 80, §  1;  80 Del. Laws, c. 215, § 2;
18 DE Code § 1705. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1705. Application for examination.

§ 1705. Application for examination. (a) A resident individual applying for a license shall pass a written examination unless exempt pursuant to § 1709 of this title. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer, adjuster or appraiser, as applicable, general insurance knowledge, insurance ethics as established by the Commissioner, and the insurance laws and regulations of this State. (b) The Insurance Commissioner may make arrangements for administration and grading by an independent testing service as specified by contract. (c) An individual who fails to appear for the examination as scheduled or fails to pass the examination shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination. (d) Reexamination. — The failure of an applicant to pass an examination or the failure to appear for the examination or to take or complete the examination does not preclude the applicant from taking subsequent examinations. (e) All examination score reports are valid for a period of 12 months from the date of examination. 18 Del. C. 1953, §§  1714, 1716, 1717;  56 Del. Laws, c. 380, §  1;  58 Del. Laws, c. 279, §  10;  59 Del. Laws, c. 577, §  1;  64 Del. Laws, c. 230, §  1;  70 Del. Laws, c. 424, §  1;  71 Del. Laws, c. 381, §  3;  73 Del. Laws, c. 80, §  1;  80 Del. Laws, c. 215, § 4;
18 DE Code § 1709. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1709. Exemption from examination.

§ 1709. Exemption from examination. (a) An individual who applies for a license in this State who was previously licensed for the same lines of authority in another state shall not be required to complete any prelicensing education or examination. This exemption is only available if the person is currently licensed in that state or if the application is received within 90 days of the cancellation of the applicant's previous license and if the prior state issues a certification that, at the time of cancellation, the applicant was in good standing in that state or the state's Producer Database records maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries indicate that the individual is or was licensed in good standing for the line of authority requested. (b) A person licensed as an insurance producer, adjuster or appraiser in another state who moves to this State shall make application within 90 days of establishing legal residence to become a resident licensee pursuant to § 1706 of this title. No prelicensing education or examination shall be required of that person to obtain any line of authority previously held in the prior state except where the Insurance Commissioner determines otherwise by regulation. (c) An applicant for a license as a producer for title insurance who is an attorney licensed to practice law in this State shall not be required to complete any prelicensing education or examination. (d) An applicant for a license as a travel insurance licensee shall not be required to complete any prelicensing education or examination. (e) An applicant for a license as an automobile club licensee shall not be required to complete any prelicensing education or examination. (f) An applicant for a license as a self-service storage producer shall not be required to complete any prelicensing education or examination. 18 Del. C. 1953, §  1715;  56 Del. Laws, c. 380, §  1;  58 Del. Laws, c. 279, §  9;  59 Del. Laws, c. 577, §  1;  64 Del. Laws, c. 230, §  3;  65 Del. Laws, c. 142, §  16;  70 Del. Laws, c. 424, §  1;  70 Del. Laws, c. 533, §  3;  73 Del. Laws, c. 80, §  1;  75 Del. Laws, c. 49, §  3;  79 Del. Laws, c. 428, §  4;  80 Del. Laws, c. 215, § 8;  81 Del. Laws, c. 437, § 3;
18 DE Code § 1710. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1710. Assumed names.

§ 1710. Assumed names. A licensee doing business under any name other than the licensee's legal name is required to notify and receive the approval of the Insurance Commissioner prior to using the assumed name. Such notification shall include proof that the licensee has registered the assumed name with the appropriate state authority. 73 Del. Laws, c. 80, §  1;  80 Del. Laws, c. 215, § 9;
18 DE Code § 1711. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 17. Licensing of Professional Insurance Personnel|§ 1711. Temporary licensing.

§ 1711. Temporary licensing. (a) The Insurance Commissioner may issue a temporary license for a period not to exceed 180 days without requiring an examination if the Insurance Commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases:  (1) To the surviving spouse or court-appointed personal representative of a licensee who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the licensee or for the recovery or return of the licensee to the business or to provide for the training and licensing of new personnel to operate the licensee's business; (2) To a member or employee of a business entity licensed as an insurance producer, adjuster or appraiser, upon the death or disability of an individual designated in the business entity application or the license; (3) To the designee of a licensee entering active service in the armed forces of the United States of America; or (4) In any other circumstance where the Insurance Commissioner deems that the public interest will best be served by the issuance of this license. (b) The Insurance Commissioner may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The Insurance Commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer, adjuster, appraiser or insurer, as applicable, and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The Insurance Commissioner may by order revoke a temporary license if the interest of insureds or the public are endangered. A temporary license may not continue after the owner or the personal representative disposes of the business. 59 Del. Laws, c. 577, §  1;  64 Del. Laws, c. 121, §  1;  70 Del. Laws, c. 424, §  1;  73 Del. Laws, c. 80, §  1;  80 Del. Laws, c. 215, § 10;