Friday, April 06, 2012
The Delaware Corporate Legislation Tracker
The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters. Stay on top of changes to the DGCL & the Delaware Code with the Delaware Corporate Legislation Tracker!
posted by Russell Rozanski at 2:14 PM 0 Comments
The following Legislation affecting Title 29 State Government was acted upon by the General Assembly on 4/03/2012:
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE REGISTRATION OF LOBBYISTS.
The Act generally requires lobbyists to disclose the bill, resolution, or regulation on which they are lobbying by making an electronic filing with the Public Integrity Commission within five business days of contact with a relevant public official. For budget appropriations bills and bond and capital improvements bills, the Act requires identification of the subject in the bill being lobbied.
The Act further requires that the Public Integrity Commission, in coordination with Legislative Council and with the assistance of the Government Information Center, make such reports available on the internet in a manner in which they can be easily reviewed by bill, resolution, regulation, lobbyist or employer, and that regular updates be distributed to members of the General Assembly.
Finally, the Act requires lobbyists to file registration forms registration and financial disclosure forms electronically. It also shortens the time frame for reporting updated lobbyist information to five business days, which will be consistent with the reporting period under the Act and reflects the ease of filing the updates electronically.
Apr 03, 2012 - Assigned to Executive Committee in Senate
The following Legislation affecting Title 18 Insurance Code was acted upon by the General Assembly on 4/04/2012:
Title: AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE AND RISK RETENTION GROUPS.
This Bill is pursuant to the NAIC Insurance Holding Company Systems Regulatory Act and the NAIC Model Risk Retention Act. This Bill results in Delaware domiciled risk retention groups (RRGs) complying with uniform standards established for all RRGs and will ensure compliance with the Part A accreditation standards for RRGs, which became required on January 1, 2011. It makes RRGs subject to similar policyholder protections applied to traditional coverage. Failure to adopt this Bill will cause Delaware to lose its accreditation. This Bill also limits an RRG from concentrating its coverage of risk on a single risk or policyholder. Consequently, this limitation prevents a material financial loss in the event the single risk has adverse insurance experience by mandating a spreading of the risk by making RRGs subject to Chapter 18, Title 18. The Bill’s changes are pursuant to the NAIC Insurance Holding Company Systems Regulatory Act and the NAIC Model Risk Retention Act. It will result in Delaware domiciled RRGs complying with uniform standards established for all RRGs and will ensure compliance with the Part A accreditation standards for RRGs, which became required on January 1, 2011. It further makes RRGs comport with the rules governing managing general agents, which typically not only have the authority to solicit and sell insurance coverage, but they can also have expanded authority to settle claims, negotiate reinsurance, issue policies, or handle regulatory compliance, by making RRGs subject to Subchapter III of Chapter 9, Title 18. It mandates that RRGs comply with the credit for reinsurance statute which results in RRGs properly using reinsurance as a means to transfer risk, by making RRGs subject to Chapter 16, Title 18. The Bill also mandates that reinsurance brokers who assist RRGs in placing reinsurance are licensed as reinsurance intermediaries.
Apr 04, 2012 - Assigned to Insurance Committee in Senate
The following Legislation affecting Title 6 Commerce and Trade was acted upon by the General Assembly on 4/05/2012:
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO ANTITRUST ACTIONS.
This Act strengthens the Office of the Attorney General’s ability to work collectively with the federal agencies and other state attorneys general in multi-state investigations by extending the statute of limitations for bringing antitrust actions from 3 to 4 years. The statute of limitations for federal antitrust actions is four years and for most other state antitrust actions, four or more years. The legislation also incorporates the provision under federal law that suspends the statute of limitations for antitrust actions when the federal government has instituted an antitrust action.
Apr 05, 2012 - Passed by House of Representatives.
Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
Apr 04, 2012 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 10 On Its Merits
May 10, 2011 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House