Compliance with Regulatory Filing Requirements During The Covid-19 (Coronavirus) Crisis

TRINIDAD NAVARRO COMMISSIONER STATE OF DELAWARE DEPARTMENT OF INSURANCE 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 DOMESTIC AND FOREIGN INSURERS BULLETIN NO. 118 TO: ALL INSURANCE COMPANIES AUTHORIZED TO TRANSACT BUSINESS IN DELAWARE RE: COMPLIANCE WITH REGULATORY FILING REQUIREMENTS DURING THE COVID-19 (CORONAVIRUS) CRISIS DATED: April 9, 2020 Beginning on Friday, March 13, 2020 at 8 a.m., Delaware has been under a State of Emergency to prevent the spread of coronavirus (COVID-19) in Delaware. The Delaware Department of Insurance (the Department) has already issued the following COVID-19-related guidance to carriers, all of which may be downloaded from the Bulletins link of the Legal dropdown menu on the Department’s website, insurance.delaware.gov: • Domestic and Foreign Insurers Bulletin No. 115 - Coverage for COVID-19 (Coronavirus); • Domestic and Foreign Insurers Bulletin No. 116/Producers and Adjusters Bulletin No. 32 – Additional Guidance Relating to COVID-19 (Coronavirus); and • Domestic and Foreign Insurers Bulletin No. 117/Producers and Adjusters Bulletin No. 33 - Compliance with Regulatory Requirements During The Covid-19 (Coronavirus) Crisis. The purpose of this Bulletin is to provide insurers with guidance regarding compliance with various regulatory filing deadlines during the COVID-19 public health emergency. This Bulletin is being provided in addition to, but not in place of, any prior guidance previously issued by Bulletin. Pursuant to this Bulletin, the Department is allowing insurers to request an extention of certain filing deadlines by an additional 30 to 60 days, depending on the type of filing. This flexibility is being provided in part in recognition that the Department and other state Departments of Insurance are likely to increase targeted information requests to gather COVID- 19-specific information as the crisis progresses, and insurer’s prompt attention to those information requests will be greatly appreciated. An insurer who believes that it will be unable to meet the financial filing deadlines required by law or by order must request a filing deadline extension from David Lonchar, Director of the Bureau of Company Examination, Rehabilitation & Guaranty, by sending an email to dave.lonchar@delaware.gov. The Department reserves the right to reject any filing deadline extension request based upon the financial condition and unique circumstances of the applicant company that the Department deems applicable to that company. Regardless of whether the Department grants an extension request, companies are still required to make all required electronic filings with the NAIC (e.g., quarterly financial statements, audited financial statements) in accordance with NAIC filing deadlines. A. Filings for which a 30-day filing deadline extension may be requested Name of Filing Existing Filing Deadline Extended Filing Deadline Combined Annual Statement Filing (Property) April 1, 2020 May 1, 2020 Combined Insurance Expense Exhibit (Property) April 1, 2020 May 1, 2020 Accountant’s Letter of Qualifications (Property, Life/Fraternal, Health) May 1, 2020 June 1, 2020 PBR Exemption filing due to state July 1, 2020 and to NAIC August 15, 2020 (Life/Fraternal) July 15, 2020 August 15, 2020 B. Filings for which a 60-day filing deadline extension may be requested Name of Filing Existing Filing Deadline Extended Filing Deadline Audited Financial Report (Property, Life/Fraternal, Health) June 1, 2020 August 1, 2020 Communication of Internal Control Related Matters Noted in Audit (Property, Life/Fraternal, Health August 1, 2020 October 1, 2020 Corporate Governance Annual Disclosure June 1, 2020 August 1, 2020 Form B Registration Statement & Related Form C June 1, 2020 August 1, 2020 Risk Assessment Report (Form F) June 1, 2020 August 1, 2020 C. Filing deadlines for the components of the 2019 annual filings that, if applicable, should be submitted only to an insurer’s state of domicile Name of Filing Original Filing Deadline Extended Filing Deadline Actuarial Memorandum Required by Actuarial Guideline XXXVIII 8D (Life/Fraternal) March 30, 2020 April 30, 2020 Management’s Report of Internal Control Over Financial Reporting (Property, Life/Fraternal, Health, Title) July 1, 2020 August 1, 2020 D. List of 2020 NAIC quarterly electronic filings that are currently due on May 15, 2020 and that may be extended for 30 days Name of Statement Insurance Lines Quarter Ending Quarterly Statement Filing Property, Life/Fraternal, Health As of March 31, 2020 Trusteed Surplus Statement Property, Life/Fraternal March 31, 2020 Supplement A to Schedule T (Medical Professional Liability Supplement) Property, Life/Fraternal March 31, 2020 Medicare Part D Coverage Supplement Property, Life/Fraternal, Health March 31, 2020 Reasonableness of Assumptions Certification Required by Actuarial Guideline XXXV Life/Fraternal March 31, 2020 Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXV Life/Fraternal March 31, 2020 Reasonableness of Assumptions Certification for Implied Guaranteed Rate Method Required by Actuarial Guideline XXXVI Life/Fraternal March 31, 2020 Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Average Market Value) Life/Fraternal March 31, 2020 Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Market Value) Life/Fraternal March 31, 2020 Director and Officer Insurance Coverage Supplement Property March 31, 2020 This Bulletin shall be effective immediately and shall remain in effect unless withdrawn or superseded by subsequent law, regulation or bulletin. ____________________________ Trinidad Navarro Delaware Insurance Commissioner