DE SB109

Amends Chapter 19 of Title 18 of the Delaware Code to implement the federal Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), which establishes exclusive regulatory and taxing authority in the insured's home state for surplus lines insurance.

Establishes that Delaware home state insureds' nonadmitted insurance is subject solely to Delaware statutory and regulatory requirements, with a 2% premium tax on all gross premiums regardless of whether policies are single-state or multi-state.

Creates licensing requirements for surplus lines brokers in Delaware, including participation in the NAIC national insurance producer database, and allows delayed licensing within 45 days for certain multi-state policies where Delaware is the home state.

Defines eligibility standards for nonadmitted insurers to write surplus lines coverage, including minimum capital and surplus requirements, and authorizes the Insurance Commissioner to establish a new company type called "Delaware domestic surplus lines insurers" with at least $15 million in policyholder surplus.

Authorizes the Insurance Commissioner to enter into interstate compacts or cooperative agreements for collection and allocation of premium taxes among states and establishes a committee to study the fiscal impact of such agreements before July 2011.