by John Darer CLU ChFC MSSC CeFT RSP CLTC
The Delaware legislature signed into law H.B. 202, in 2010, to provide increased consumer protection in the event of carrier insolvencies, with implications concerning structured settlement annuity plans to both payees and beneficiaries; and long term care.
According to a write up in the current issue of National Underwriter, Delaware has at least 165 residents who have faced potential loss of coverage because of pending insurer liquidation proceedings, a statement attributed therein, to Delaware Insurance Commissioner Karen Weldin Stewart. It is not believed that any of these are structured settlement recipients.
According to Delaware Insurance Section 4419 "Advertising" No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio station or television station, or in any other way, any advertisement, announcement or statement which uses the existence of the Insurance Guaranty Association of this State for the purpose of sales, solicitation or inducement to purchase any form of insurance covered by this chapter. Provided, however, that this section shall not apply to the Delaware Life and Health Insurance Guaranty Association or any other entity which does not sell or solicit insurance.
IMPORTANT NOTICE: This post is not intended for use in the sales, solicitation or inducement to purchase any form of insurance covered by Delaware Insurance Section 4419 . Nor may it be used by anyone for such purpose.
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