In September, Delaware Governor John Carney signed HB 303 into law, increasing the annual fraud fund assessment for each insurance company admitted or authorized to transact business in Delaware from $700 to $950. The Department of Insurance intends to direct the increased revenue towards its Fraud Prevention Bureau.
This increase begins with the 2018 annual fee, meaning that it will be applied to the annual premium tax and fees report due in March 2019.
For any questions or updates regarding the Delaware premium tax report, or any other reporting requirements, please contact Westmont Associates, Inc.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us.