DOVER, DE – Influential trade publication Captive Review magazine has named Insurance Commissioner Karen Weldin Stewart to its first Enterprise Risk Captive Pioneers list, recognizing 20 of the “key influencers” in the United States’ smaller captive industry.

Captive Review said “Commissioner Stewart has been the driving force behind Delaware’s rapidly growing captive industry and has taken a strong interest in the facilitation of captives for small and medium-sized businesses.” These captive entities, known as Enterprise Risk Captives (ERCs), have played a significant role in Delaware’s captive growth. In July 2009, when Commissioner formed the Bureau of Captive and Financial Insurance Products, Delaware only had 38 captive insurers. In a little more than five years, Delaware became one of world’s preeminent captive insurance domiciles, in large part by providing ERCs a captive insurance domicile that has knowledgeable regulators and laws that encourage the formation of captive insurers.

“I’m honored to be included on this list of small captive insurance industry trailblazers,” said Commissioner Stewart. “When I first became Commissioner, I was determined to grow our captive program. Of course, my hard-working captive division staff has really gotten down in the trenches and worked with our ERCs to make sure they make use of all the advantages Delaware’s favorable business climate provides. And my captive director Steve Kinion especially has become a respected champion for small market captives.”

Captive insurance companies are owned by the entities they insure, and are formed by businesses who wish to manage more efficiently the cost and administration of their own risk. Delaware updated its laws regarding the formation of captives in 2005, and consequently became a preferred domicile for the growing number of captive insurance companies being created by companies worldwide.  Today Delaware is the world’s sixth largest and the third largest U.S. captive domicile.  Delaware’s sophisticated corporate laws, financial infrastructure and respected judiciary make it the preeminent jurisdiction for business. These benefits are extended to captive insurance companies through Delaware’s Bureau of Captive and Financial Insurance

For more information, please visit captive.delawareinsurance.gov

The Captive Review article is here: captivereview.com/news/revealed-the-2015-captive-review-erc-pioneers

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Insurance Commissioner Stewart Says It’s Not Too Late to
Protect Your Family and Property from Hurricane Damage

Act Now to Make Filing a Claim Easier After a Storm

Dover, DE – As Hurricane Joaquin approaches the U. S. East Coast, now is the time for Delaware residents and homeowners who could be in the path of the storm to make preparations for damages. There is still time to take several simple steps that could make filing an insurance claim after a storm easier. Delaware Insurance Commissioner Karen Weldin Stewart and the National Association of Insurance Commissioners (NAIC) offer these tips to help protect your family and your possessions.

It’s Not Too Late to Create a Home Inventory

To make the claims process easier, it’s imperative to have a complete list of the belongings in your home. An inventory should include all of the vital information about your belongings (brand name, price, date of purchase, model, serial number and receipts) and should be accompanied by photos of the items. The NAIC has a free smartphone app that can walk you through creating just such a database. The iPhone version is available here, the Android version here. A simple-to-use home inventory checklist is also available on the NAIC Insure U website. If you don’t have time to create a comprehensive list of the items in your home, then quickly videotape and/or photograph every room. The more detail you include, the easier it will be for your insurance company to evaluate your loss. When making your list, make sure to open drawers and closets, and don’t forget to take stock of what’s in your garage and storage buildings.

Once you have made your inventory, or taken photographs of your home, e-mail the information to family or friends living out of the hurricane threat or your insurance agent.

Collect Your Insurance Information

Store copies of your insurance policies with your home inventory. Make sure to have a copy of your policy declarations page listing all of your coverages, as well as your insurance cards.

It’s also important to have 24-hour contact details for your insurance agent and insurance company. Make a list that includes your policy numbers, your insurance company and insurance agent’s phone numbers, website addresses and mailing addresses. Also, check to see if the company or your agent has set up an emergency information hotline. It is a good idea to store this information, and your home inventory, in a waterproof, fireproof box or safe. If you evacuate your home, don’t forget to take this information with you.

Before a storm hits, review your insurance policies. Make sure you know what is and is not covered. If you have questions, contact your insurance agent or company.

NOTE! Flood damage is not covered by a standard homeowners or renter’s insurance policy. If you have a separate flood insurance policy, remember to include a copy of the policy and the contact details for the insurance company on your list.

Prepare for the Worst

There are steps you can take to help mitigate some of the damage caused by a hurricane or tropical storm. If your home is equipped with storm shutters, make sure you can quickly put them in place. Clear your yard of debris that could become projectiles in high winds and trim dead or overhanging branches from trees surrounding your home. It’s also a good time to make a quick review of your home to make sure the roof sheathing is properly secured, that end gables are securely fastened to the roof, and that doors and garage doors are latched properly.

For personal safety, identify the nearest storm shelter and have an evacuation plan for your family. Also, make sure you have hurricane survival supplies including: bottled water, a first aid kit, flashlights, a battery-operated radio, at least three days of non-perishable food items, blankets, clothing, prescription drugs, eyeglasses, personal hygiene supplies and enough cash for at least three days.

If you are forced to evacuate your home, turn off all utilities and disconnect appliances to reduce the chance of additional damage and electrical shock when utilities are restored.

For more information about how to prepare your family and home for the threat of tropical storms or hurricanes, visit the American Red Cross’ website or download their Hurricane Safety Checklist.

After the Storm

The days following a natural disaster can be confusing and stressful, but it is important that you focus on filing your insurance claim(s) as quickly as possible to help protect your financial future.

The first step to getting your home restored is to contact your insurance company and/or agent with your policy number and other relevant information. Be aware that your policy might require that you make this notification within a certain time frame.

Take photographs/video of the damage before clean-up or repairs. After you’ve documented the damage, make repairs necessary to prevent further damage to your property (cover broken windows, leaking roofs and damaged walls). DO NOT have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs. Be prepared to provide the claims adjuster with records of any improvements you made prior to the damage. Save all receipts, including those from the temporary repairs.

If your home is damaged to the extent that you cannot live there, ask your insurance company or insurance agent if you have coverage for additional living expenses.

Cooperate fully with the insurance company. Ask what documents, forms and data you will need to file the claim. Keep a diary of all conversations you have with the insurance company and your insurance agent, including names, times and dates of the calls or visits and contact details.

Be certain to give your insurance company all the information they need. Incorrect or incomplete information may cause a delay in processing your claim.

If the first offer made by the insurance company does not meet your expectations, be prepared to negotiate. If there is a disagreement about the claim, ask the company for the specific language in the policy in question and determine why you and the company interpret your policy differently. If you believe you are being treated unfairly, contact your state insurance department.

Protect Yourself from Home Repair Fraud

Home repair fraud increases exponentially following a major storm. Protect your investment by getting more than one bid from contractors and requesting at least three references. Ask for proof of necessary licenses, building permits, insurance and bonding. Record the contractor’s license plate number and driver’s license number, and then check for any complaints with the Better Business Bureau. Finally, be wary of contractors who demand up-front payment for repairs. If the contractor needs money to buy supplies, go with the contractor and pay the supplier directly.

More Information

For information about storm preparedness visit the Department of Insurance’s webpage dedicated to the topic: http://www.delawareinsurance.gov/departments/consumer/StormPrepare.shtml . If you have questions about your insurance coverage the Consumer Services division can be reached at 1-800-282-8611.

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www.delawareinsurance.gov

(DOVER, DE) – Insurance Commissioner Karen Weldin Stewart today released Delaware’s Qualified Health Plan rates for Plan Year 2016.  The Commissioner, after review, submitted her approved rates to the Centers for Medicare & Medicaid Services (CMS) in August. CMS has final authority on the rates. CMS concurred with the Commissioner’s recommendations and announced their approval on September 21, 2015.

It is the Commissioner’s duty to evaluate the reasonableness of rates to ensure rates are not excessive, inadequate or unfairly discriminatory.

The Commissioner recommended approval of a 22.4% rate increase in the individual market for Highmark Blue Cross Blue Shield of Delaware, a reduction of 3.0% from Highmark’s June request of 25.4%.  Highmark had made a second request in late August for an additional 8% increase, for an overall rate hike of more than 33% which the Commissioner rejected out of hand.

Aetna Life Insurance Company’s request for a 16% increase in the individual market was also approved. In the small group market, Highmark’s request for a 12.7% increase was granted, as was Aetna’s request for a 6.1% decrease.

“My actuaries took a hard look at Highmark’s submitted rate request, and we were able to reduce it by 3.0%,” said Commissioner Stewart. “But Blue Cross franchisees across the country are making requests for increases of 25% or more, claiming the Affordable Care Act has unleashed pent-up demand by persons who have not seen a doctor for years.  Regulators have been approving significant rate increases throughout the country.”

BCBS plans have requested rate hikes greater than 30% in Oklahoma, Tennessee and Minnesota.  Last month Blue Cross Blue Shield New Mexico pulled out of that state’s healthcare exchange when denied a 51.6% increase.

Commissioner Stewart said, “I’m continuing to meet with other insurance companies to persuade them to join Delaware’s Health Insurance Marketplace and increase competition. Insurers have been discouraged by our state’s high health care costs.” According to a 2013 Wall Street Journal report[1] on health care spending nationwide, Delaware ranks third-highest in prescription drug costs, fourth in the cost of physician and clinical services, and ninth in the cost of hospital care.

The Department of Insurance held public information sessions in each county in June to receive comment on the proposed rate increases. Written comments can be found at the department’s website. The department expects to post all of the rates on their website by October 15, 2015. For details visit the Health Insurance Rate Filings page, http://www.delawareinsurance.gov/departments/rates/ratefilings.shtml

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[1] JOURNAL REPORTS: HEALTH CARE Health-Care Costs: A State-by-State Comparison

By LOUISE RADNOFSKY, Updated April 8, 2013 4:00 p.m. ET, http://www.wsj.com/articles/SB10001424127887323884304578328173966380066

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For Immediate Release

For more information: Frank Pyle @ 302-674-7353

 www.delawareinsurance.gov | Main Office: 302-674-7300

Commissioner Stewart Also Reports $94.6 Million Collected in Premium Taxes in Fiscal 2014

​Dover, DE – The Delaware Department of Insurance recovered more than $2.1 million for policyholders in calendar year 2014, and helped business owners save nearly $9.3 million in workers’ compensation insurance costs. DOI also collected over $94.6 million dollars through fees, fines and insurance premium taxes during fiscal year 2014, distributing most of those dollars to fire companies and ambulance services, the police pension fund, and the state’s general fund.

These numbers are highlights of the presentation made to the General Assembly’s Joint Finance Committee last month by Insurance Commissioner Karen Weldin Stewart and her staff.  “I would especially like to thank the staff members here at the DOI who assist consumers with their insurance-related inquiries all year long. Their expertise helps resolve numerous questions and concerns from policyholders, often helping to correct smaller problems before they become bigger complications. The Department’s staff and employees work throughout the year to fulfill our mission of protecting Delawareans by educating consumers about their rights and responsibilities.”

DOI’s annual appearance at Legislative Hall differs from most state agencies’ presentations to the JFC. Instead of relying on the state legislature for financial support, the Insurance Department covers its own operating costs with a portion of revenue obtained through insurance premium taxes and other fees and fines. Pursuant to state law, DOI then makes contributions through the State Treasurer’s office to various state and local accounts. During fiscal 2014, the Department provided $35.1 million of the tax revenue to Delaware’s volunteer fire companies, the City of Wilmington fireman’s pension fund, ambulance service providers throughout the State, and the police pension fund. More than $3.6 million was transferred to the workers’ compensation assistance fund, and $1 million went to the reserve fund for victims of insurance fraud.  The remaining $54.9 million was deposited into the general fund, for use as the State deems appropriate.

In addition to premium taxes, the Department generates revenue by advocating for consumers during disputes with insurance companies. DOI’s Consumer Services Division recovered $1,259,634.92 for individual Delaware consumers last year while handling 5,610 formal complaints and inquiries. Moreover, the Department facilitated arbitration hearings requested by, or on behalf of, consumers which led to awards totaling $843,035.00.

The Department of Insurance also succeeded in saving money for Delaware businesses through its Workplace Safety Program, which allows employers to earn discounts of up to 19 percent on their workers’ compensation insurance premiums by meeting certain safety requirements and undergoing voluntary inspections. The 1,496 businesses enrolled in the program in 2014 saved $9,296,878.00, according to Delaware Compensation Ratings Bureau estimates. The DOI continues to work with employers and insurers to promote the benefits of the program.

The Department of Insurance is also home to the Delaware Medicare Assistance Bureau (DMAB), formerly known as ELDERinfo. DMAB staff assists Medicare recipients with questions related to Medicare, Medigap (Medicare supplement) insurance, Medicare Part D (prescription medication plans), Medicare Advantage plans, and other financial assistance programs. In 2014, DMAB serviced over 6,535 beneficiaries through telephone calls, face-to-face meetings, and e-mail. DMAB’s partnership with the Division of Medicaid & Medical Assistance helped saved beneficiaries $609,000.00 in 2014.

If you need help with insurance matters, call the Department at (302) 674-7300, or (800) 282-8611 for Consumer Services. For more information on the Workplace Safety Program, call 302-674-7377. Visit our website www.delawareinsurance.gov  for more resources and links.

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Delaware Department of Insurance: “Protecting Delawareans through regulation
and education while providing oversight of the insurance industry to best serve the public.”

For Immediate Release

Contact:  Jerry Grant

(302) 674-7303

Dover, DE–Delaware Insurance Commissioner Karen Weldin Stewart announced today that the recent Obama administration decision to allow for the two-year extension of health plans that are not compliant with the Affordable Care Act (ACA) does not apply to the state of Delaware, as per state law.

Commissioner Stewart stated, “Delaware law, as currently written, does not allow for the extension of non-compliant health plans after January 1, 2014. Furthermore, allowing the two-year extension of previously cancelled and non-compliant plans has the potential to raise premiums for everyone and could disrupt the market in Delaware.”

House Bill 162 with House Amendment 1 was passed in 2013 by the 147th General Assembly to bring the Delaware code into compliance with the ACA. The law applies to all individual and group health insurance contracts, as applicable, issued or renewed on or after January 1, 2014.

On November 14, 2013 the Obama administration provided insurers the option, if permitted by their state, to renew their current policies, for one year, for current enrollees without adopting all of the 2014 market rule changes. On November 25, 2013, Commissioner Stewart announced that an agreement had been reached with carriers to offer early renewals for cancelled or non-compliant policies that were to end on, or before, March 31, 2014.

Consumers that were affected by that agreement had until December 31, 2013 to renew their policy. Consequently, any individuals that renewed their policy for one year by December 31, 2013 will not be affected by this new announcement.

Commissioner Stewart further stated, “I would like to take this opportunity to remind consumers who do not have health insurance coverage that the open-enrollment period to sign up for a new plan will close on March 31, 2014. Individuals who do not have health insurance after this date may be subject to a tax by the IRS next year. Many individuals may qualify for subsidized plans through the Delaware’s Health Insurance Marketplace, Choose Health Delaware. Plans are also offered outside the marketplace but they are not eligible for federal subsidies to help offset the cost, if you qualify for assistance.”

Please note that the Delaware Department of Insurance does not run the state’s Health Insurance Marketplace, Choose Health Delaware. Individuals with questions about subsidies and plans offered through the marketplace should visit www.choosehealthde.com or call 1-800-318-2596.

For more information about health insurance please visit the Delaware Department of Insurance website at www.delawareinsurance.gov.

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Delaware Department of Insurance: “Protecting Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.”