18 Del. Admin. Code § 2103-2.0
Current through Register Vol. 28, No. 5, November 1, 2024
Section 2103-2.0 - Authority2.1 This Regulation is issued pursuant to the authority vested in the Commissioner and the Insurance Department under 18 Del.C. Ch. 4 and 29 Del.C. Ch. 101. Enactment of 18 Del.C. Ch. 4 followed a legislative finding that liability and other insurance had become prohibitively expensive or impossible to obtain at any price for Delaware counties, municipalities, private occupational groups and types of enterprise. 18 Del.C. Ch. 4Section 401(a) finds that when other insurance, including worker's compensation insurance, becomes prohibitively expensive or when premium rates bear an uneconomic price, public bodies and private persons are exposed to catastrophic loss to the extent that the ability of governmental units to render services and the ability of private persons to function is severely impaired, to the grave detriment of the safety, economic stability and utility of public bodies and private persons. The Commissioner hereby finds that current worker's compensation insurance rates are "prohibitively expensive" or bear an "uneconomic price" within the meaning of 18 Del.C. § 401(a).18 Del. Admin. Code § 2103-2.0