The Delaware Department of Insurance has recently released Bulletin No. 141 regarding the timeline for filing and reviewing insurers’ rate filings. The key highlights are as follows:
- Extends the timeline for filing and reviewing insurers’ rate filing by requiring rate filings to be filed at least 60 days in advance of the proposed effective date.
- Authorizes the Commissioner to extend the timeframe to review the filing and postpone the effective date of the filing pending completion of the extended review.
- Sets forth the process for when the Commissioner proposes to deny a rate filing and require that a filing may not become effective until a final order is issued.
Please note the bulletin became effective upon signing on 8/31/2023. Please further note that this bulletin does not apply to workers’ compensation; Chapter 26 of Title 18, entitled “Workers’ Compensation Rating”, applies specifically to workers’ compensation rate filings.
For any questions related to the above referenced bulletin in Delaware, please contact Westmont Associates!