18 Del. C. § 418
This is the official text of 18 Del. C. § 418, part of Delaware’s Del. C — part of the compiled statutory law of Delaware, published by the state as "Del. C." Browse the sections below, each linked to its official government source.
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§ Â 418. Premium payment; reserves.
Official statutory text
(a) Each group shall establish to the satisfaction of the Commissioner a premium payment plan which shall include:
(1) An initial payment by each member of at least 25% of that member’s annual premium before the start of the group’s fund year; and
(2) Payment of the balance of each member’s annual premium in monthly or quarterly installments.
(b) Each group shall establish and maintain actuarially appropriate loss reserves which shall include reserves for:
(1) Known claims and expenses associated therewith; and
(2) Claims incurred but not reported and expenses associated therewith.
(c) Each group shall establish and maintain bad debt reserves based on the historical experience of the group or other groups.
(1) An initial payment by each member of at least 25% of that member’s annual premium before the start of the group’s fund year; and
(2) Payment of the balance of each member’s annual premium in monthly or quarterly installments.
(b) Each group shall establish and maintain actuarially appropriate loss reserves which shall include reserves for:
(1) Known claims and expenses associated therewith; and
(2) Claims incurred but not reported and expenses associated therewith.
(c) Each group shall establish and maintain bad debt reserves based on the historical experience of the group or other groups.
Status: in_force · Read it on the official government site
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