DE HB304 | 2015-2016 | 148th General Assembly
Status
Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Passed on June 28 2016 - 100% progression
Action: 2016-06-28 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Passed on June 28 2016 - 100% progression
Action: 2016-06-28 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]
Summary
This bill amends Title 18, Chapter 80, and is an accreditation requirement as of January 1, 2017. The amendments involve including a new subsection for Governance Standards for Risk Retention Groups which include the below-listed seven items. Existing risk retention groups shall be in compliance with the Governance Standards within a year of the bill’s effective date. New risk retention groups shall be in compliance with these standards at the time of licensure. The seven new standards are: 1) new requirements for the board of directors; 2) new requirements for material service provider contracts; 3) the board of directors shall adopt a written policy in the plan of operation; 4) an audit committee which included three independent board members; 5) the board of directors shall adopt and disclose governance standards; 6) the board of directors shall adopt and disclose a code of business conduct and ethics for directors, officers and employees; and 7) a prompt notification of any noncompliance with any of these governance standards tithe domestic regulator.
Title
An Act To Amend Title 18 Of The Delaware Code Relating To Insurance Risk Retention Groups.
Sponsors
| Sen. Charles Paradee [D] | Rep. Bryon Short [D] | Sen. Brian Bushweller [D] | Rep. Helene Keeley [D] |
| Rep. John Mitchell [D] | Sen. David Wilson [R] |
Roll Calls
2016-06-23 - Senate - Senate Third Reading (Y: 18 N: 0 NV: 0 Abs: 3) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-06-28 | House | Signed by Governor |
| 2016-06-23 | Senate | Passed by Senate. Votes: Passed 18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT |
| 2016-06-22 | Senate | Reported Out of Committee (INSURANCE & TELECOMMUNICATIONS) in Senate with 5 On Its Merits |
| 2016-06-16 | Senate | Assigned to Insurance & Telecommunications Committee in Senate |
| 2016-06-16 | House | Passed by House of Representatives. Votes: Passed 38 YES 0 NO 1 NOT VOTING 2 ABSENT 0 VACANT |
| 2016-04-20 | House | Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 8 On Its Merits |
| 2016-04-06 | House | Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House |
