16 Del. Admin. Code § 5001-8.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 5001-8.0 - Document Retention and Audits

8.1 A reinsurance eligible issuer must maintain documents and records, whether paper, electronic, or in other media, sufficient to substantiate its requests for reinsurance payments made pursuant to this regulation for a minimum period of 10 years and must make those documents and records available to the program upon request by the Executive Director for purposes of verification, investigation, or audit, in accordance with applicable state and federal confidentiality laws.

8.2 The Executive Director may audit a reinsurance eligible issuer to assess its compliance with the requirements of this regulation. The reinsurance eligible issuer must ensure that its relevant contractors, subcontractors, or agents cooperate with any audit under this Section. If an audit results in a finding of material weakness or significant deficiency with respect to compliance with any requirement of this Section, the reinsurance eligible issuer must complete all of the following:

8.2.1 Within 30 calendar days of the issuance of the final audit report, provide a written corrective action plan to the program for approval;

8.2.2 Implement that plan; and

8.2.3 Provide to the program written documentation of the corrective actions once taken.

8.3 If, at the conclusion of the audit, the Executive Director determines that a reinsurance eligible issuer received excess reinsurance payments, at the request of the Executive Director, the reinsurance eligible issuer shall return the excess payments to the program in a manner to be determined by the Executive Director within 60 days of his or her request.

16 Del. Admin. Code § 5001-8.0

23 DE Reg. 455( 12/1/2019) (final)