Delaware Administrative Code
Title 18 - Insurance
900 - Consumer Rights
903 - Prompt Payment of Settled Claims
Section 903-5.0 - Prompt Payment
Current through Register Vol. 28, No. 3, September 1, 2024
5.1 Under 18 Del.C. § 2304 (16)(f), persons are required in good faith to effectuate prompt, fair, and equitable settlements of claims in which liability has become reasonably clear. A person shall make prompt payment of a claim that has settled. For purposes of this regulation, prompt payment is defined as remittance of the check or electronic payment within 30 days from any one of the following dates:
5.2 Payment shall be made in accordance with the following:
* Fees charged by the claimant's bank to accept a wire transfer;
* Fees for multiple ATM withdrawals charged by the claimant's bank under the terms of the claimant's account; or
* Fees charged by the financial institution used by the claimant to access monies (such as ATM fees charged by banks other than the bank in which the claimant has an account); and