Delaware Auto Insurers Must Take Responsibility For Ensuring Timely Submission Of Annual Rate Information, Effective Immediately
Oct 17, 2014
Effectively immediately, Delaware auto insurers must take responsibility for ensuring their submission of annual rate information has been accomplished in a timely manner.
In Auto Bulletin No. 22 published on October 15, 2014, the Delaware Department of Insurance (“Department”) emphasized that it will no longer issue annual reminders to do so. Rather, carriers will be responsible for checking the Department’s Web site to ensure the process has been completed.
The annual completion and upload deadline for rate templates and updated company contact information remains January 31 for the year immediately prior. Rate template data for 2014 should be uploaded by January 31, 2015.
New rate templates will be available by January 1 of each year.
Of note, any rates submitted in previous years do not “roll over” into the new submission year.
Automobile insurance companies with more than 0.01 percent of private automobile market share in Delaware are required to complete an automobile insurance rate template, as stipulated by Regulation 610. Companies with 1 percent market share or more of private passenger auto policies in Delaware for the previous calendar year (based on National Association of Insurance Commissioners data) will be required to provide rates for all the profiles. Companies with .01 to .99 percent of private auto market share must only complete a limited slate of profiles.
The Bulletin, instructions and a list of companies required to complete the templates are attached. This information will also be posted on the Department’s Web site at http://www.delawareinsurance.gov/survey/default.shtml.
Information submitted on the rate templates is used by Delaware Insurance Commissioner Karen Weldin Stewart’s Online Rate Estimator project to provide Delaware consumers with a mechanism to compare auto insurance prices, as well as to facilitate an initial contact between insurers and potential customers.
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