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

Section 1 of the bill amends Delaware’s file-and-use statute for insurance rate filings to extend the timeline for filing and reviewing insurers’ rate filing by (1) requiring rate filings to be filed at least 60 days in advance of the proposed effective date, and (2) authorizing the Commissioner to extend the timeframe to review the filing and postpone the effective date of the filing pending completion of the extended review. Section 2 of the bill sets forth the process for when the Commissioner proposes to deny a rate filing and requires that a filing may not become effective until a final order is issued. Section 2 of the bill also corrects technical errors in the current law.