Homeowners’ Insurance Rate Information Required Annually (Regulation 704)

Trinidad Navarro Commissioner Delaware Department of Insurance DOMESTIC/FOREIGN INSURERS BULLETIN NO. 74 (Revised) TO: ALL INSURERS PROVIDING HOMEOWNERS INSURANCE COVERAGE IN DELAWARE RE: HOMEOWNERS' INSURANCE RATE INFORMATION REQUIRED ANNUALLY (REGULATION 704) - REPEAL OF REGULATION DATED: March 26, 2015 REVISED: April 13, 2017 REVISED: February 13_, 2019 At its inception in 2010, the Department's online rate estimate tool provided Delaware consumers with a means by which they could compare estimated homeowners, renters or condominium owners' insurance premiums, depending upon the zip code in which they live. It also helped facilitate contact between prospective consumers and insurance companies. Regulation 704 requires the Department to annually post the list of insurers who are required to estimate a likely premium for each of the 58 Delaware zip codes and the 24 hypothetical consumer profiles listed in the survey completion instructions and to submit those data to the Department by May 1 of each year. The purpose of the March 26, 2015 version of this Bulletin was to inform insurers who are subject to the requirements of Regulation 704 that they have an affirmative obligation to annually submit these data to the Department without being reminded by the Department. The purpose of the April 13, 2017 version of this Bulletin was to update the Department's contact information and data portal upload address. The purpose of the current version of this Bulletin is to inform insurers of the Department's intent to repeal Regulation 704 as obsolete and to cease the data call required under Regulation 704 as of the date of this Bulletin. The Department's proposed repeal of Regulation 704 appears in the March 1, 2019 edition of the Register of Regulations. This revised Bulletin shall be effective immediately and shall remain in effect unless withdrawn or superseded by subsequent law, regulation or bulletin. Questions should be emailed to consumer@delaware.gov. ..;;:? a£_ / /)va,iw Trinidad Navarro 7 Delaware Insurance Commissioner NOTE: This Bulletin is intended solely for informational purposes. It is not intended to set forth legal rights, duties, or privileges, nor is it intended to l).rovide /pgal advjce. Readers should consult Ot?pllcab/e statu . tes and rules and contact the Delaware 841 Silver La1ffeqrtH,eJ?9flrhuJ:6&) 'w9JMri?,i#a1 inJor'R'fii'tMhWmÚBÛ·delaware.gov (302) 674-7300:0over • (302) 739Ü5280 fax • (302) 577-5280Wilmington