Commissioner Stewart Announces the Transfer of $250,000 to the City of Wilmington as a Result of Delaware Captive Surplus
Economic opportunity, triple digit tax revenue growth, and the recognition of Delaware as an insurance industry leader are the ways to describe Insurance Commissioner Karen Weldin Stewart’s captive insurance program. Today, Commissioner Karen Weldin Stewart is proud to announce that under her leadership, The Delaware Department of Insurance has given $250,000 to the City of Wilmington due to the success of the Captive Bureau at the Delaware Department of Insurance.
Insurance Commissioner Stewart and the Delaware Department of Insurance report that $1,331,831.74 has been recovered for consumers in the first quarter of 2012. The Consumer Services Division has recovered $720,597.39 for Delaware policyholders and handled 2,055 formal complaints and inquiries which is an increase from 1,174 during the first quarter of 2011.
Commissioner Stewart Announces Delaware Will Receive Over $1 Million From MetLife Settlement Agreement
Multi-State Investigation Leads to Changes in How Company Handles Unclaimed Life Insurance Benefits – Commissioner Stewart stated today that, “This settlement was a victory for policyholders and we are glad that MetLife will honor their promise to individuals that paid premiums, and provide resolution to beneficiaries.” The Delaware Department of Insurance joined 27 other state insurance departments in a settlement agreement with Metropolitan Life Insurance Company, surpassing the number of participating jurisdictions required for the agreement to become effective. The agreement follows a multi-state investigation coordinated through the National Association of Insurance Commissioners (NAIC).
Right now, thousands of homeowners are cleaning up and filing insurance claims following an outbreak of devastating tornadoes across the U.S. However, according to a February 2012 survey from the National Association of Insurance Commissioners (NAIC), more than half of Americans don’t have a home inventory of their possessions, putting them at risk for inadequate home insurance coverage, should severe weather strike.
Delaware Insurance Commissioner Karen Weldin Stewart announces the appointments of two key positions in the Delaware Department of Insurance. Paul Reynolds, a native Delawarean who graduated from Salesianum School and attended the University of Delaware, comes to the Insurance Department after 35 years of service working for New Castle County Government. During his career, Reynolds held numerous administrative and managerial positions. In November of 2011, Mr. Reynolds was tapped by Commissioner Stewart to be the Chief of Staff for the Department.