Delaware Code Title 18 Sec. 6707B – Source of funding and administration of such policy
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(a) Administration of this policy and funding will be through the Insurance Coverage Office. A separate budget line will be established in which the funds will be transferred from the State Treasurer to the Insurance Coverage Office, pursuant to § 705(f) of this title, who will be responsible for paying the premium for the policy. In any policy year, should the amounts transferred pursuant to § 705(f) of this title be insufficient to fund the premium for the policy, the Fund as defined in § 6501 of this title will make up the short fall.
Terms Used In Delaware Code Title 18 Sec. 6707B
- Policy: means a contract between the insurer and the insured which determines the claims which the insurer is legally required to pay based on the benefits outlined in § 6702B of this title. See Delaware Code Title 18 Sec. 6701B
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The Insurance Coverage Office will submit a copy of a quarterly stewardship report to the State Fire Commission and the Department of Insurance for their review.