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SB 354

AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO INSURANCE AND FINANCIAL INTERMEDIARIES

153rd General Assembly (2025-2026) Introduced by Darius Brown

SB 354 aims to update Delaware's insurance intermediary rules, tightening licensing, standards, and consumer protections for agents, brokers, and related entities.

Introduced and Assigned to Executive Committee in Senate
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WeVote Research Nonpartisan
Bill Summary · SB 354

Overview

SB 354 is a proposed amendment to Title 18 of the Delaware Code concerning insurance and financial intermediaries. The bill introduces changes intended to modify regulatory requirements, definitions, licensing, consumer protections, or other standards governing entities and individuals involved in the insurance and financial intermediary sectors. The current action history notes only that the bill was introduced and assigned to the Senate Executive Committee on June 30, 2026, with Darius Brown as a co-sponsor.

Key purpose and intent

  • Align or update statutory provisions related to insurance and financial intermediaries in Delaware.
  • Address regulatory, consumer protection, or market conduct aspects within the insurance distribution and intermediary framework.
  • Potentially clarify duties, qualifications, or operating standards for licensees and affiliated entities.

Major provisions and changes (summary guidance)

Note: The exact text of SB 354 is not provided here. Based on the bill’s title and standard legislative practice, expected areas of change may include:

  • Licensing and registration: Updates to requirements, duration, renewal processes, or fees for individuals and entities acting as insurance agents, brokers, consultants, or other intermediaries.
  • Definitions: Revisions or additions to key terms related to insurance intermediaries, financial products, or related services.
  • Conduct and standards: New or revised fiduciary, disclosure, ethics, or marketConduct obligations for intermediaries and insurers.
  • Consumer protections: Provisions aimed at improving transparency, complaint handling, or remedy mechanisms for consumers interacting with intermediaries.
  • Regulatory oversight: Changes to the powers, duties, or structure of the state Department of Insurance or other regulatory bodies in enforcing intermediary-related rules.
  • Penalties and enforcement: Modified penalties, fines, or sanctions for noncompliance, including timelines for corrective action.
  • Effective dates: Effective dates for new provisions and any phase-in periods.

Who would be affected

  • Insurance intermediaries (agents, brokers, consultants, and similar professionals) operating in Delaware.
  • Insurance carriers and agents affiliated with intermediaries.
  • Entities involved in selling, advising on, or facilitating insurance products or related financial services.
  • Consumers purchasing insurance or engaging with intermediaries within the Delaware market.
  • Regulatory bodies and state officials responsible for enforcement and compliance.

Procedural and timeline aspects

  • Introduction and assignment: SB 354 was introduced and assigned to the Senate Executive Committee on June 30, 2026.
  • Next steps (subject to bill progression): If approved by the Executive Committee, the bill would typically move to the full Senate, then to the House of Representatives for consideration, potentially with amendments, and finally to the governor for signature or veto. Each chamber may set its own hearings, amendments, and voting timelines.

Potential implications

  • If enacted, compliance requirements for intermediaries could become more stringent or clearer, affecting licensing processes and ongoing obligations.
  • Consumers may see enhanced disclosures, improved grievance procedures, or stronger protections in intermediary interactions.
  • Market participants may need to adjust compliance programs, training, and record-keeping to align with new standards.

For a precise understanding, a full text and fiscal note of SB 354 would be needed to identify all specific amendments, definitional changes, and numeric provisions. If you can provide the bill text or a link to the Delaware General Assembly’s record, I can produce a more detailed, point-by-point summary.

Compiled from official sources — confirm details with the bill’s official record.

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