Delaware Administrative Code
Title 18 - Insurance
900 - Consumer Rights
903 - Prompt Payment of Settled Claims
Section 903-6.0 - Penalties for Failure to Remit Prompt Payment of a Settled Claim
Universal Citation: 18 DE Admin Code 903-6.0
Current through Register Vol. 28, No. 3, September 1, 2024
6.1 If the Department determines that a person has failed to remit prompt payment of a settled claim as required by 18 Del.C. § 2304 (16)(f) and this regulation in bad faith and with such frequency as to indicate a general business practice, the Department may file an administrative action against the person in accordance with 18 Del.C. § 323 and the Administrative Procedures Act. If the Commissioner finds after a hearing that the person has violated 18 Del.C. § 2304 (16)(f) and this regulation, the Commissioner may:
6.1.1 Award interest to the claimant in an amount equal to the prime rate of interest plus 3% on the amount of the claim, which shall be calculated from the applicable date listed in subsection 5.1 of this regulation;
6.1.2 Fine the person according to the provisions outlined in 18 Del.C. §
329 and impose other such penalties as provided in 18 Del.C. §
520.
6.1.3 Fine any person involved with the claim or settlement according to the provisions outlined in 18 Del.C. §
2308 (a)(1).
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