The legislature's own summary of the bill, or its official long title.
Section 1 of this Act allows the Department of Insurance to retain a portion of the licensing fees for insurance professionals in the Regulatory Revolving Fund. Section 1 of this bill also increases the maximum unencumbered balance that the Commissioner shall maintain in the Insurance Commissioner Regulatory Revolving Fund to $5,000,000. The previous balance was set by the General Assembly in 2005. Finally, Section…
Read the full title (193 words)
Section 1 of this Act allows the Department of Insurance to retain a portion of the licensing fees for insurance professionals in the Regulatory Revolving Fund. Section 1 of this bill also increases the maximum unencumbered balance that the Commissioner shall maintain in the Insurance Commissioner Regulatory Revolving Fund to $5,000,000. The previous balance was set by the General Assembly in 2005. Finally, Section 1 of this Act requires that any unencumbered balance in the Regulatory Revolving Fund in excess of $5,000,000 at the end of each fiscal year be transferred to the General Fund. Section 2 of this Act increases the licensing fees for insurance professionals by $25 and makes certain technical corrections. Sections 3 and 4 of this Act centralize licensing fees within one statutory provision (§ 701). These changes are necessary to reflect the growth of the Department operating budget and to cover further operating expenses realized as a result of additional statutory duties executed by the Insurance Department. The retention of these funds will ensure that the Department continues providing high-level services to the consumers of Delaware, maintains necessary staffing to satisfy NAIC accreditation standards, and avoids federal preemption.
Every action
7 steps, oldest first, as the legislature records them.
CommitteeIntroduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House · House Economic Development/Banking/Insurance & Commerce
CommitteeReported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 8 On Its Merits · House Economic Development/Banking/Insurance & Commerce
HousePassed By House. Votes: 39 YES 2 ABSENT
CommitteeAssigned to Banking, Business, Insurance & Technology Committee in Senate · Senate Banking, Business, Insurance & Technology
CommitteeReported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 6 On Its Merits · Senate Banking, Business, Insurance & Technology
SenatePassed By Senate. Votes: 20 YES 1 ABSENT
GovernorSigned by Governor
Roll calls
2 recorded votes: 2 on the floor, 0 in committee. Each shows how every member voted.
Passed By House. Votes: 39 YES 2 ABSENT (3/5 required) · Full House