Statutes, codes, and regulations
Delaware Administrative Code
Title 18 - InsuranceHealth Insurance Specific Provisions
Long-Term Care Insurance
Section 1404-15.0 - Reporting Requirements

18 Del. Admin. Code § 1404-15.0

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Current through Register Vol. 28, No. 5, November 1, 2024
Section 1404-15.0 - Reporting Requirements
15.1 Every insurer shall maintain records for each Delaware-licensed producer of that producer's amount of replacement sales as a percentage of the producer's total annual sales and the amount of lapses of long-term care insurance policies sold by the producer as a percent of the producer's total annual sales.
15.2 Each insurer shall report annually by June 30 the 10% of its Delaware-licensed producers with the greatest percentages of lapses and replacements as measured by subsection 15.1 of this regulation.
15.3 Reported replacement and lapse rates do not alone constitute a violation of insurance laws or necessarily imply wrongdoing. The reports are for the purpose of reviewing more closely producer activities regarding the sale of long-term care insurance.
15.4 Every entity providing long-term care insurance in this state shall file annually as an attachment to its annual statement an exhibit that discloses the total number of long-term care insurance policies, by form number, in force in this state and the total number of policies, by form number, that have lapsed over the previous 5 years. Companies must provide in-force policy and lapsed policy information in the following manner:

POLICY FORM # ______
SOLD LAPSED LAPSED LAPSED LAPSED LAPSED TOTAL
1985 1985 1986 1987 1988 1989
100 6 21 11 32 14 84
1986 1986 1987 1988 1989
100 6 11 21 32 70
1987 1987 1988 1989
100 6 21 28 50
1988 1988 1989
100 6 14 20
1989 1989
100 6 6

15.5 Every insurer shall report, annually by June 30 the number of replacement policies sold as a percentage of its total annual sales and as a percentage of its total number of policies in force as of the preceding calendar year.
15.6 For purposes of Section 15.0 of this regulation, "policy" shall mean only long-term care insurance and "report" shall mean on a statewide basis.

18 Del. Admin. Code § 1404-15.0

14 DE Reg. 316 (10/01/10)
25 DE Reg. 714 (1/1/2022)
26 DE Reg. 767 (3/1/2023) (Final)