DE| The Delaware Department of Insurance issued Bulletin No. 151 to clarify insurers’ obligations regarding the geographic allocation of premiums under 18 Del. C. § 705 and to outline updates from House Bill 371 (HB 371), effective January 1, 2025. Insurers must use Geographic Information System (GIS) software for premium reporting to ensure accurate allocation across Delaware’s counties and avoid reliance on zip codes alone, as this can lead to misclassification. Compliance with these updated reporting requirements is essential to avoid penalties and ensure proper fund distribution to fire companies statewide.
Key Points:
- GIS Reporting Requirement: Insurers must use GIS software for premium allocation within Delaware, distinguishing risks in Wilmington, New Castle County (outside Wilmington), Kent County, and Sussex County.
- Legislative Updates from HB 371: Changes include simplified reporting processes, adjusted deadlines for insurers and the Department, and revised payment distribution guidelines for fire companies.
- Compliance Enforcement: Insurers failing to meet reporting standards may face regulatory review and enforcement actions under applicable statutes.