AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO INSURANCE.

This Bill updates the Delaware Viatical Settlements Act by amending the license and bond requirements for a viatical settlement provider or viatical settlement broker. The Act allows an applicant seeking licensure as a viatical settlement provider to prove financial responsibility by (1) providing audited financial statements showing a minimum equity of more than 250 thousand dollars or (2) providing audited annual financial statements showing positive equity and a surety bond for 250 thousand dollars or a letter of credit amounting 250 thousand dollars. The applicant also may provide proof of financial responsibility if they are licensed in another state and have established proof of financial responsibility to said state.