18 Del. Admin. Code § 1406-15.0

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

Section 1406-15.0 - Annual Report, Fees and Expenses

15.1 Each administrator licensed under Section 12.0 of this regulation shall file an annual report for the preceding calendar year with the Commissioner on or before July 1 of each year, or within such extension of time as the Commissioner for good cause may grant. The annual report shall include an audited financial statement performed by an independent certified public accountant. The report shall be in the form and contain such matters as the Commissioner prescribes and shall be verified by at least 2 officers of the administrator. An audited financial/annual report prepared on a consolidated basis shall include a columnar consolidating or combining worksheet that shall be filed with the report and include the following:

15.1.1 Amounts shown on the consolidated audited financial report shall be shown on the worksheet;

15.1.2 Amounts for each entity shall be stated separately; and

15.1.3 Explanations of consolidating and eliminating entries shall be included.

15.2 The annual report shall include the complete names and addresses of all insurers with which the administrator had agreements during the preceding fiscal year.

15.3 At the time of filing its annual report, the administrator shall pay a filing fee as set by Section 17.0 of this regulation.

15.4 The Commissioner shall review the most recently filed annual report of each administrator on or before September 1 of each year. Upon completion of its review, the Commissioner shall either:

15.4.1 Issue a certification to the administrator that the annual report shows that the administrator has a positive net worth as evidenced by audited financial statements and is currently licensed and in good standing, or noting any deficiencies found in that annual report and financial statements; or

15.4.2 Update any electronic database maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries, indicating that the annual report shows that the administrator has a positive net worth as evidenced by audited financial statements and is in compliance with existing law, or noting any deficiencies found in the annual report.

15.5 An administrator shall be subject to assessment for all fees, costs, experts and related expenditures with respect to any examination, arbitration or enforcement action undertaken by the Commissioner pursuant to Title 18.

18 Del. Admin. Code § 1406-15.0

27 DE Reg. 342 (11/1/2023) (final)