The Insurance Commissioner's Office consists of six principal divisions:
As a matter of policy, the State of Delaware has determined that the responsible utilization and the growth of the captive insurance industry in the State of Delaware are in the best interests of this State.
Pursuant to this policy, the Bureau of Captive and Financial Insurance Products:
- Regulates captive insurance companies consistent with their nature and purpose;
- Provides flexibility and opportunity to captive insurance companies and to persons utilizing them; and
- Fosters economic development in this State through the growth of the captive insurance industry.
To ensure reliable insurance coverage at reasonable rates for Delaware consumers, the bureau:
- Reviews applications to do business in Delaware
- Monitors the financial operations of the 1,500 foreign and 150 domestic insurers licensed in Delaware
- Monitors the market conduct of insurers operating in Delaware
- Approves or contests their rate filing
- Rehabilitates or liquidates financially impaired insurers
- Provides information on how to make decisions that can lower the cost of insurance and increase the value the consumer receives.
- Assists consumers in resolving conflicts with insurance companies, health coverage providers, and agents.
- Provides arbitration hearings as a low-cost alternative to civil litigation to resolve disputed consumer claims.
- Investigates concerns regarding all types of insurance and utilizes consumer input to review market trends, statute and rule violations, and to develop changes to the insurance law.
To reduce the cost of insurance fraud to consumers, the Bureau:
- Investigates property and casualty, auto, life, health, workers compensation, provider and agent insurance fraud.
- Provides a focal point for the anti-fraud efforts of insurance company investigators, law enforcement agencies, and prosecutors to achieve a cooperative and coordinated approach to the detection, investigation, and prosecution of insurance fraud.
To ensure competency and ethical conduct by insurance agents, brokers, limited agents, adjusters, appraisers, and consultants, the Division:
- Develops and administers tests for entry into the field
- Maintains permanent records on the 33,000 insurance professionals
- Administers the Continuing Education Program
- Provides consumers information about licensing status of a producer
The Rates/Forms Division is responsible for reviewing and regulating insurance contracts and rate filings. As each filing is received, it is reviewed in order to determine compliance with applicable actuarial standards, statutory provisions, and regulations. Of most importance is assuring that the rates are not inadequate, excessive or unfairly discriminatory.
Each Health Rate Filing will be posted on the Department's website. Public comment regarding a specific filing may be sent to the DOI for a period of 7 days following the posting of the rate filing.
Information on companies in receivership.
Delaware Medicare Assistance Bureau (DMAB), formerly known as ELDERinfo, is Delaware's State Health Insurance Assistance Program (SHIP). DMAB provides information, counseling and assistance to people with Medicare on health insurance matters.
Promotes safety in the workplace and provides lower workers compensation insurance premiums for qualifying employers conducting business within the State of Delaware. With cooperation with the Delaware Compensating Rating Bureau, the Insurance Department determines eligibility of employers and establishes inspection procedures for a premium credit under the program.