The Delaware Department of Insurance published a bulletin reminding insurers authorized to conduct business in the state to notify the Department if they intend to withdraw a business line or product from the market.

The Department is concerned about carriers quietly exiting lines of business and aims to minimize potential disruptions in the marketplace. An informational letter of intent is requested in scenarios where:

  • The carrier intends to discontinue an entire book of business at the end of the policy term
  • The carrier intends to transition all business from its company to an affiliated or non-affiliated insurer
  • The carrier doesn't intend to renew a block of business
Letters of intent must be submitted via SERFF at least 90 days before the carrier issues the mandated notices for withdrawal for a specific line. The letters of intent should include: