18 Del. Admin. Code § 404-10.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 404-10.0 - Documentation Requirements

10.1 An insurance company shall maintain documentation and records relating to each derivative transaction, such as:

10.1.1 The purpose or purposes of the transaction;

10.1.2 The assets or liabilities to which the transaction relates;

10.1.3 The specific derivative instrument used in the transaction;

10.1.4 For over-the-counter derivative instrument transactions, the name of the counterparty and the counterparty exposure; and

10.1.5 For derivative instruments traded on or through an exchange or derivative clearinghouse, the name of the exchange or derivative clearinghouse and the name of the relevant execution and clearing firms.

10.2 An insurer utilizing hedging transactions shall have a written methodology for determining whether derivative instruments used for hedging have been effective.

10.3 All guidelines and notices submitted by an insurer pursuant to Sections 5.4, 8.3 or 9.0 of this regulation that are in the possession of or control of the Department shall be confidential by law and privileged, shall not be subject to this State's Freedom of Information Act,29Del.C.§§ 10001, et. seq., shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.

18 Del. Admin. Code § 404-10.0

18 DE Reg. 393 (11/1/2014) (Final)