DE SB203

Creates new Chapter 84 under Delaware Title 18 to establish risk management and Own Risk and Solvency Assessment (ORSA) requirements for insurers domiciled in Delaware

Requires all insurers (with exemptions) to maintain a risk management framework and conduct an annual ORSA to identify, assess, and monitor material risks associated with their business operations

Exempts insurers with annual direct written and unaffiliated assumed premium below $500,000,000 and whose insurance group has annual premium below $1,000,000,000

Mandates submission of ORSA Summary Reports to the Insurance Commissioner upon request, with reports designated as confidential and proprietary trade secrets not subject to public disclosure, Freedom of Information Act requests, or discovery in private lawsuits

Allows the Insurance Commissioner to share ORSA-related information with other state and federal regulators, the NAIC, and third-party consultants under written confidentiality agreements; establishes penalties under Chapter 3 of Title 18 for non-compliance