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Licensing requirements for Delaware insurance professionals and companies.
This page provides an overview of insurance licensing in Delaware for individuals and companies. You will find state requirements, application fees, filing instructions, and more. For assistance with licensing, please contact us to learn about our software and managed license services.
Companies that provide insurance producer services in Delaware must apply for a license prior to doing
business. Depending on the lines of authority offered by the entity and the types of services offered, multiple
firm licenses may be required.
Before applying, firms should ensure that the licensed individual to be appointed agent in charge has the
necessary licenses. Firms should also gather proof of incorporation, or foreign qualification for out-of-state
firms, in anticipation of application requirements.
A "Third Party Administrator" is defined as who directly or indirectly underwrites, collects charges or premiums from, or denies, modifies, adjusts or settles claims on residents of this state in connection with health and/or pharmacy benefits coverage offered or provided by an insurer.
The applicant must apply for and be issued a license in their home state prior to applying for a license in Delaware.
The board must complete a Resolution Authorizing Appointment of the firm's agent for service of process
If you are using a DBA or Trade Name, the alternative name must be registered with Office of the Prothonotary of each county in which business is transacted.
If you are going to do business in New Castle and/or Kent and/or Sussex Counties, then you MUST register with each respective Prothonotary's Office.
Before you Apply:
Applicants must provide all basic organizational documents of the applicant, including any articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, shareholder agreement, and other applicable documents and all amendments to such documents
Applicants must provide a copy of the bylaws, rules, regulations or similar documents regulating the internal affairs of the applicant
Individual responsible for the conduct and affairs of the applicant company must complete An NAIC Biographical Affidavit.
Must include all members of:
the board of directors
board of trustees
the executive committee or other governing board or committee
the principal officers in the case of a corporation or the partners or members in the case of a partnership, association or limited liability company
any shareholders or member holding directly or indirectly ten percent (10%) or more of the voting stock, voting securities or voting interest of the applicant
any other person who exercises control or influence over the affairs of the applican
Audited annual financial statements or reports for the two (2) most recent fiscal years that prove that the applicant has a positive net worth.
If the applicant has been in existence for less than two (2) fiscal years, the Uniform Application shall include financial statements or reports, certified by an officer of the applicant and prepared in accordance with GAAP, for any completed fiscal years, and for any month during the current fiscal year for which such financial statements or reports have been completed.
An audited financial annual report prepared on a consolidated basis shall include a columnar consolidating or combining worksheet that shall be filed with the report and include all of the following:
amounts shown on the consolidated audited financial report shall be shown on the worksheet amounts for each entity shall be stated separately
explanations of consolidating and eliminating entries must be included
The applicant must also include such other information as the Commissioner may require in order to review the current financial condition of the applicant
A statement describing the business plan including information on staffing levels and activities proposed in this state and nationwide.
The plan must provide details setting forth the applicant's capability for providing a sufficient number of experienced and qualified personnel in the areas of claims processing, record keeping, and underwriting
Additional information or clarification at the discretion of the Commissioner.
A list of all states in which the applicant holds a license, including the license number and issuing authority
The Commissioner may refuse to issue a certificate of authority or license if the Commissioner determines that the administrator, or any individual responsible for the conduct of affairs of the administrator is not competent, trustworthy, financially responsible or of good personal and business reputation, or has had an insurance or an administrator certificate of authority or license denied or revoked for cause by any jurisdiction, or if the Commissioner determines that it is appropriate
A certificate of authority or license issued under this section will remain valid, unless surrendered, suspended or revoked by the Commissioner, for so long as the administrator continues in business in this state and remains in compliance with this Regulation.
Submitting the following documents is not required for the application, however, the Commission requires that applicants and licensees keep copies of and produce on demand the following:
Copies of all contracts with insurers or other persons utilizing the services of the administrator.
A list of its accounts, records, and files for examination, and make its officers available to give information with respect to its affairs, as often as reasonably required by the Commissioner.
Provide a list of all owners, partners, officers and directors of the applicant with a 10% or greater interest in the organization
Name
Title
Social Security Number
Percentage of Ownership
Answer questions about the current and prior conduct of the applicant and its officers, directors, and employees
Required Attachments:
Surety Bond (if applicable)
All basic organizational documents and amendments
A copy of the organization's bylaws, rules, regulations or other applicable governing documents
NAIC Biographical Affidavits for all officers, directors, and key employees
Audited financial statements or alternative financial reports
A business plan statement
At the commissioner's request:
Copies of all contracts for services provided by the administrator
A list of its accounts, records, and files for examination
A list of all owners, partners, officers and directors of the applicant with a 10% or greater interest in the organization
Original Letter of Certification from the resident license/registration jurisdiction dated within 90 days of applications
Copies of your resident license/registration are not acceptable.
Bond Amount:
$100,000 or 10% of the aggregate total amount of self-funded coverage under church plans or governmental plans handled in the administrator's home state and all additional states in which the administrator is authorized to conduct business.
Mail to: Company Regulation (BERG) Delaware Department of Insurance 1351 West North Street, Suite 101 Dover, DE 19904
Agency Fee:
$100
Due:
Annually by July 1st. Renewals can be filed as early as 60 days prior to the due date.
Required Attachments:
Resident TPA's
A copy of the audited financial report verified by at least tow officers for the period ending as of the preceding calendar year
A letter of explanation must be included if submitting the renewal without the audited financial report
A list of the complete names and addresses of all insurers with which the administrator had agreements during the preceding fiscal year.
Officer verification forms to accompany the audited financials
Non-Resident
Certificate of Authority (TPA License) from home state
Delaware Utilization Review License
Not required
Utilization Review licensure is not required on the State level in Delaware.
There is no license for utilization review in Delaware, however, employers and insurers are required to follow state guidelines regarding the review process.
No adjuster's license shall be required for any adjuster sent into this State on behalf of an insurer for the investigation or adjustment of a particularly unusual or extraordinary loss, or series of losses, resulting from a catastrophe common to all such losses; provided that such adjuster shall furnish to the Commissioner written notice within 10 calendar days of any such catastrophic insurance adjustment work.
Filing fees depend on your individual situation. We do our best to calculate your filing fees
upfront and collect those fees today so we can get started. Your specialist will determine your
exact filing fees and invoice additional fees if required.
