Increase in Annual Fraud Fund Assessment

TRINIDAD NAVARRO COMMISSIONER STATE OF DELAWARE DEPARTMENT OF INSURANCE # DOMESTIC AND FOREIGN INSURERS BULLETIN NO. 102 (REVISED) TO: ALL INSURANCE CARRIERS AUTHORIZED TO TRANSACT BUSINESS IN DELAWARE RE: INCREASE IN ANNUAL FRAUD ASSESSMENT DATED: September 11, 2018 REVISED: July 27, 2023 The purpose of this bulletin is to inform domestic and foreign insurance companies that the Governor has signed HB 146 into law. HB 146 increases the annual assessment for each insurance company admitted or authorized to transact business in Delaware from $900 to $1,050. The last time this fee was increased was for the annual assessment due in March 2019. The revenue generated from the increased fees will be used to support the administration and operating costs within the Department of Insurance's Fraud Prevention Bureau. Current and future insurance companies admitted or authorized to transact business in the State of Delaware are required to pay this fee. The Department of Insurance estimates there are currently 1,473 affected insurance companies. The fee increase applies to future fee years, beginning with the 2023 annual fee, which will be a line item on the annual premium tax and fees report due in March 2024. Questions, comments, or requests for clarification about this Bulletin should be emailed to DOI_Tax@delaware.gov. This Bulletin shall be effective immediately and shall remain in effect unless withdrawn or superseded by subsequent law, regulation or bulletin. Trinidad Navarro Trinidad Navarro 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 provide legal advice. Readers should consult applicable statutes and rules and contact the Delaware Department of Insurance if additional information is needed. ♦INSURANCE.DELAWARE.GOV♦ 1351 W. NORTH ST., SUITE 101, DOVER, DELAWARE 19904-2465 (302) 674-7300 DOVER♦ (302) 259-7554 GEORGETOWN♦ (302) 577-5280 WILMINGTON