Subchapter II. Commercial Insurance - Delaware Statutes

TITLE 18

Insurance Code

Insurance

CHAPTER 65. INSURANCE FOR THE PROTECTION OF THE STATE

Subchapter II. Commercial Insurance

§ 6520. Placement of commercial insurance.

When the Committee shall determine and declare it to be advisable to insure against a certain risk or risks with commercially procured insurance, then, as to such risk or risks, the Coverage Office shall provide for the placement of such insurance as shall be necessary with duly accredited and qualified commercial insurers. The purchase of all new policies of commercial insurance and the renewal of all existing commercial policies shall be by open bid procedure under rules and regulations promulgated by the Insurance Commissioner calculated to permit the free forces of market competition to operate to the economic benefit of the state insurance coverage program.

18 Del. C. 1953, § 6520; 57 Del. Laws, c. 187, § 2.;

§ 6521. Payment of premiums on commercial insurance.

The Coverage Office shall demand and receive all bills for premiums to be paid, and shall present same to the Insurance Commissioner for approval and the approval of the other members of the Committee. After the Committee has approved said bills, the Commissioner shall present same for payment to the State Treasurer, who shall pay the same.

18 Del. C. 1953, § 6521; 57 Del. Laws, c. 187, § 2; 70 Del. Laws, c. 186, § 1.;

§ 6522. Administration and records.

The administration of the commercially insured part of the state insurance coverage program shall be the responsibility of the Coverage Office which shall keep in some safe and secure place all policies of insurance and all records pertaining thereto and such other records, reports, studies, analysis and correspondence as is necessary to effectuate the efficient and economic administration of the program.

18 Del. C. 1953, § 6522; 57 Del. Laws, c. 187, § 2.;