Steve Kinion named to Captive Review Power 50

Dover, DE –  For the eighth year in a row, Delaware’s captive insurance director, Steve Kinion, has been named to Captive Review’s Power 50.  The Power 50 represents the fifty most powerful and influential individuals in today’s global captive insurance industry.  Over 3,000 insurance professionals worldwide cast their votes to select the Power 50.  Since 2014, Steve has been ranked in the top ten of the Power 50 lists and for 2018 he ranks as the 9th most influential person in global captive insurance.

Insurance Commissioner Trinidad Navarro offered congratulatory words, “Steve is a captive insurance expert and professional.  His continuous selection for the Power 50 reflects the strength of the Delaware captive insurance domicile.”

Steve Kinion said, “I am honored that my peers selected me to be on the Power 50 list.  While this selection is an individual recognition, this acknowledgment belongs to the members of Delaware’s captive staff.  Without their hard work, I would not have been selected.”

In terms of the number of captives domiciled, Delaware is the world’s fifth largest captive domicile and the nation’s third largest.  It is the second largest U.S. domicile when measured by captive insurance premium.  The fact that the Delaware Insurance Department is an ICCIE Trained organization reflects that its experienced captive insurance team has reviewed and licensed some the world’s most complex and innovative captive insurance transactions.

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The Delaware Department of Insurance protects Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.

 

Contact: Vince Ryan

Office: (302) 674-7303

Email: vince.ryan@state.de.us

                                                           

Delaware Department of Insurance

http://www.insurance.delaware.gov

Dover Office: 302-674-7300

Consumer Services Division: 1-800-282-8611

 


How to Report Storm Damage in Delaware

Dover, DE – Monday, April 15, 2019,  With the aftermath of Delaware’s first spring storm now starting, here are some things to help you with storm damage to your property.

  • Ensure everyone is safe and it is safe to enter the area
  • Contact your insurance company before you begin cleaning up or making repairs
  • Take pictures of any damage you see
  • After you’ve taken photographs, make repairs that will prevent further damage (cover broken windows, damaged walls, and leaking roofs), but DO NOT make permanent repairs

If you suffer property loss, your insurance company should inspect the property first and an agreement should be reached on the cost of permanent repairs. Save all receipts, including those from temporary repairs, for your insurance adjuster. With proper documentation and your full cooperation, you can avoid delays in processing your claims.

Delaware Insurance Commissioner Navarro said, “I’d like to emphasize the importance of taking the aforementioned actions when making a claim with your insurance company.  These are important steps that will greatly assist you if the need arises to make a claim. The storm last night that brought significant damage to parts of Sussex County and some other areas of our state is a reminder that these events can happen with little or no warning, and change lives forever.  ”

In the unfortunate event that you suffer property loss or damage, a Home Inventory makes the claims process much easier. Including the brand name, model and serial numbers, date of purchase, receipts, and photos in the inventory helps the insurance company make a quick and accurate assessment of your loss. An alternative to a written inventory is to photograph or video each room of your home and its respective content. The more detailed the photographs or video (open drawers, closets, sheds and garages), the more accurately your loss can be evaluated.

For posterity, email inventories, photographs, policies and emergency lists to yourself and/or a trusted friend or family member living outside of the storm’s threat. Keeping your insurance policy, inventory, and quick reference list together and stored in a waterproof, fireproof box, or safe, is a good idea. If you evacuate, remember to take this information with you.

Find a printable Home Inventory here:

https://insurance.delaware.gov/wp-content/uploads/sites/15/2018/09/Home-Inventory-Form-2018.pdf

 

If you have any problems processing your claims, do not hesitate to reach out to the Delaware Department of Insurance at 302-674-7300. Visit our website at insurance.delaware.gov.

 

Contact: Vince Ryan

Office: (302) 674-7303

Email: vince.ryan@delaware.gov

                                                         

Delaware Department of Insurance

http://www.insurance.delaware.gov

Dover Office: 302-674-7300

Consumer Services Division: 1-800-282-8611


Third-Party Data Security Breach Affects Approximately 650 Delawareans

Dover, DE –On October 11, 2018, BenefitMall, a third-party administrator for health insurance companies, experienced a data breach. Five companies in Delaware and approximately 650 of their consumers were impacted by this breach. If you have health insurance with Highmark BCBS, Aetna, Emblem Health, Humana, or UnitedHealth please monitor your postal mail carefully. Aetna is notifying those impacted by the breach via US mail and offering a free subscription to credit and identity monitoring services. Other companies may do the same.

“We encourage consumers affected by the breach to utilize the services offered. The Department of Insurance takes any breach of personal information very seriously. We will continue to do our part by conducting further investigations to fully understand what happened, how it happened and what data was affected. Our goal is to minimize the negative effects and prevent similar incidents from happening in the future,” said Insurance Commissioner Trinidad Navarro.

Cybersecurity in the insurance industry is an issue of the utmost importance to the Department of Insurance. This year we are working to pass legislation intended to fortify the security measures that protect consumer data and that will require insurance companies and affiliated third-party vendors to notify the Insurance Commissioner of any breach as soon as possible.

To protect yourself from a cybersecurity attack, install anti-malware protection on your computer and use complex passwords that cannot be easily guessed to protect your online accounts. Do not click suspicious links in emails or pop-ups. Finally, utilize the various tools offered by banks and credit card companies to help you monitor your finances and credit report.

If you have any questions about the data breach please reach out to your insurance carrier directly. If you need further assistance, contact the Department of Insurance at 302-674-7300.

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The Delaware Department of Insurance protects Delawareans through regulation and education while providing oversight of the insurance industry to best serve the public.

Contact: Vince Ryan
Office: (302) 674-7303
Email: vince.ryan@delaware.gov

Delaware Department of Insurance
www.insurance.delaware.gov
Dover Office: 302-674-7300
Consumer Services Division: 1-800-282-8611


Delaware Licenses 46 Captive Insurers in Challenging Environment

DOVER, DE—Insurance Commissioner Trinidad Navarro today announced the formation of 46 captive insurers in Delaware in 2018. Commissioner Navarro stated, “Captive insurance formations faced a number of challenges in 2018, due to recent changes in tax law. Despite the headwinds, Delaware’s having knowledgeable captive regulators continues to attract quality applicants. Delaware is the fifth largest captive domicile in the world, and 3rd largest in the U.S. It is only one of four captive insurance domiciles that is ICCIE (International Center for Captive Insurance Education) trained. Its captive insurers generate more than $12.5 billion of annual captive insurance premium.

We are committed to licensing captive insurers with sound business plans formed by reputable individuals. I thank my captive team for its hard work to make Delaware a leading captive domicile.” Commissioner Navarro attributes 2018’s success to the newly enacted conditional licensing legislation. Delaware is the first state in the nation allowing electronic filing of a conditional license. It permits the issuance of a conditional license to a captive insurance applicant on the same day as the application submission. Of the 46 licenses issued, in Delaware, 30 were conditional licenses. It allows speed to market for issuing a license, while at the same time maintaining regulatory integrity and safety. It is only available to certain captive managers who satisfy specific standards set by the Department of Insurance. If an approved captive manager needs a captive insurance license by a certain date, then they are encouraged to seek a conditional license.

Commissioner Navarro went on to say, “Besides recognizing the efforts of my captive director Steve Kinion and our captive team, I also thank the members of the Delaware General Assembly who unanimously voted for the conditional license legislation, Governor Carney for signing it, as well as the Delaware Captive Insurance Association for their support.”

Delaware is a leading captive domicile, ranking 3rd in the nation, and 5th in the world. It is only one of four captive insurance domiciles that is ICCIE (International Center for Captive Insurance Education) trained. Delaware domiciled captive insurers generate more than $12.5 billion of annual captive insurance premium. For more information about Delaware’s Captive Insurance program, please see captive.delaware.gov, or call our Captive office in Wilmington Delaware at 302-577-5280.
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Contact: Vince Ryan
Office: (302) 674-7303
Email: vince.ryan@delaware.gov

Delaware Department of Insurance

Dover Office: 302-674-7300
Consumer Services Division: 1-800-282-8611


Almost 25,000 Sign up for 2018 Coverage on Delaware’s Health Insurance Marketplace

NEW CASTLE (Dec. 22, 2017) – Despite significant challenges to enrollment, almost 25,000 Delawareans signed up for coverage for 2018 on Delaware’s Health Insurance Marketplace. The enrollment total was about 10 percent lower than the 27,584 who signed up last year.

On Thursday, the Centers for Medicare and Medicaid Services (CMS) released Delaware’s enrollment total of 24,860 for the six-week enrollment period that ended Dec. 15. This year’s enrollment period – the fifth year for open enrollment – was half as long as it was last year. Nationally, almost 9 million people signed up for coverage in the 39 states that use HealthCare.gov for the online enrollments.

“I am pleased that so many Delawareans saw the value and the need in having health insurance coverage despite the challenges they faced this year during open enrollment,” Governor John Carney said. “Health insurance provides that critical connection to quality health care. That connection is the first step toward building a healthier Delaware.”

Earlier this year, Aetna announced it would not sell plans on Delaware’s Health Insurance Marketplace for 2018 leaving Highmark Blue Cross Blue Shield of Delaware as the only insurer on the marketplace. That meant enrollees who had coverage through Aetna Health or Aetna Life for 2017 had to choose one of seven Highmark plans that were available for purchase in 2018 or they were automatically enrolled in a similar plan offered by Highmark. In October, just before the start of open enrollment on Nov. 1, Insurance Commissioner Trinidad Navarro announced that the Department of Insurance had approved an average rate increase of 25 percent for Highmark’s plans for 2018.

“I am grateful that we were able to get out the message to Delawareans that health insurance is important to have and that financial assistance was available to help them pay for it,” said Department of Health and Social Services (DHSS) Secretary Dr. Kara Odom Walker, a board-certified family physician. “Our federal navigators, enrollment assisters and insurance agents and brokers did an outstanding job of working with people to help them understand their options, including the availability of federal financial assistance.”

During 2017, more than 81 percent of Delaware enrollees received financial assistance, including tax credits, which help to reduce the cost of monthly premiums. The percentage of Delawareans who received financial assistance for 2018 is not yet available. Financial help was available to individuals with an annual household income up to $47,520 and up to $97,200 for a family of four. CMS plans to release a full enrollment report in March.

“Despite the challenge of a much shorter enrollment period and little funding for marketing, Delaware still enrolled thousands of people who may not otherwise have been able to get covered,” said U.S. Senator Tom Carper. “I will continue my work to strengthen the health insurance marketplace and bring down the cost of healthcare for all Delawareans.”

In addition to insurance agents and brokers, Westside Family Healthcare, Chatman LLC, Henrietta Johnson Medical Center in Wilmington and La Red Health Center in Georgetown provided one-on-one enrollment assistance. Those assisters now will help people who have questions about using their health insurance and they also can help people who qualify for a special enrollment. Individuals who experience a life-qualifying event such as the birth or adoption of a child, marriage or divorce, moving from one state to another, or losing coverage through employment are eligible to shop for and enroll for coverage on the health insurance marketplace outside of the open enrollment period. To learn more about special enrollments, go to HealthCare.gov. In addition to the health insurance marketplace, some residents might be eligible for coverage through Delaware’s expanded Medicaid program, which is open year-round. More than 10,000 Delawareans have received coverage under the Medicaid expansion. To be screened for or to apply for Medicaid benefits, go to Delaware ASSIST.

“Access to quality healthcare is the foundation for healthy communities,” said Delaware Insurance Commissioner Trinidad Navarro. “Notwithstanding the obstacles during the shortened open enrollment period, Delawareans made clear their willingness to participate in the Affordable Care Act. I commend the efforts of DHSS and the navigators who assisted consumers. I also thank the federal delegation for their efforts to try to extend the signup period.”

Under the Affordable Care Act, individuals who can afford health coverage, but who choose not to buy it are subject to paying a penalty when they file their federal tax return for the year they don’t have coverage. For 2017, the fee will be equal to the higher of these amounts: 2.5 percent of annual household income or $695 per adult, plus $347.50 for each child under 18. The maximum amount is $2,085 per household. In addition to the fee, consumers will be responsible for the total cost of any health care expenses they incur. Under the tax cut just passed by Congress and awaiting the signature of President Donald Trump, the individual mandate will be repealed beginning for the 2019 tax year.

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The Department of Health and Social Services is committed to improving the quality of the lives of Delaware’s citizens by promoting health and well-being, fostering self-sufficiency, and protecting vulnerable populations.