Commissioner Stewart and Other State Regulators Visit Capitol Hill

Commissioner Karen Weldin Stewart and fellow members of the National Association of Insurance Commissioners (NAIC) met in Washington, D.C. last week to confer with members of Congress about ongoing insurance-related efforts.

More than 36 state insurance regulators gathered for the NAIC Washington Forum where they were briefed by the Department of Health and Human Services Secretary Kathleen Sebelius and Deputy Treasury Secretary Neal S. Wolin. Representative Judy Biggert(R-IL), chairperson of the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity, also presented to the NAIC members.

Commissioner Stewart met with staff from all three members of the Delaware Congressional delegation and spoke directly with U.S. Senator Tom Carper and U.S. Congressman John Carney. Topics discussed were:

  • Dodd–Frank reform provisions such as the Federal Insurance Office and the Financial Services Oversight Council.
  • The reauthorization of the National Flood Insurance Program.
  • State implementation efforts for health care reform.
  • Constituent outreach and education on Medicare and ElderInfo efforts.

Delaware is fortunate to have Congressional delegation members that care about how the decisions they make in Washington are impacting what is happening in Delaware,” said Commissioner Stewart. “As Insurance Commissioner, it is my job to ensure that policymakers are aware, consumers are protected, and a competitive insurance market continues to exist in our state. Last week’s visit assists the Department of Insurance in serving Delawareans in all three areas.”

Delaware is #1 Domicile for Insurance Risk Purchasing Groups

Risk Retention Reporter Cites Exponential Growth In Past Two Years

Dover – Delaware Insurance Commissioner Karen Weldin Stewart announced that 2011 reports show Delaware is now the top domicile for insurance risk purchasing groups. The Risk Retention Reporter (RRR), an esteemed insurance trade journal, reported in a recent issue that Delaware has become the leading domicile for Purchasing Groups (PGs). Delaware, with 145 registered PGs, took the top spot from longtime leader, Illinois.

A Purchasing Group is a business entity formed primarily to purchase liability insurance on a group basis for its members to cover their similar or related liability risks. A purchasing group is comprised of members whose businesses or activities have similar or related liability exposures due to common business, trade, product, services, premises or operations.

The RRR said in its article, “The numbers are based on information collected by the Risk Retention Reporter each month from a group of 14 ‘Pulse Points’ states and the numbers are based on active purchasing groups only.” The article continued, “.Since the last time the RRR reported on PG numbers, in June 2010, Delaware has gained an additional 19 groups surpassing Illinois’ dominant position. Delaware also has several more PGs in the works.”

Commissioner Stewart said, “Purchasing Groups fill a very real need by providing a means for small businesses with similar liability insurance risks to save premium dollars or to find difficult to place coverage by grouping together to obtain their policies on a group basis. My team and I are gratified that our efforts to make Delaware an attractive domicile for insurance companies, captive insurers and now even purchasing groups, have been so successful. I’m pleased to see that so many insurance business entities are finding out that Delaware is a great domicile state.”