DE| The revised bulletin from the Delaware Department of Insurance, dated January 27, 2025 (previously issued May 3, 2024), addresses insurance carriers to outline the requirement for notifying the Department when intending to withdraw or discontinue any line of business or product in the state’s market. This measure aims to maintain transparency and prevent potential disruptions in the insurance marketplace. The bulletin emphasizes the need for carriers to submit a letter of intent via the System for Electronic Rate & Form Filing (SERFF) at least 90 days before issuing withdrawal notices, unless otherwise specified by law.
Key points include:
- Letters of intent should include specific details such as the reason for withdrawal, effective date, number of affected insureds, and geographical location.
- The notification requirement applies to various scenarios, including discontinuing an entire book of business, transitioning business to another insurer, or not offering renewals to a block of insurance business.
- The Department requests that carriers also email the notice to withdraw@delaware.gov, and any questions or clarifications should be directed to rate@delaware.gov.