Delaware § 7516 - Authority to promulgate regulations.
Full text of Delaware Delaware Code § 7516 — Authority to promulgate regulations., with citation guidance and answers to common questions.
§ 7516. Authority to promulgate regulations.
The Commissioner has the authority to:
(1) Promulgate regulations implementing this chapter.
(2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill.
(3) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers.
(4) Require a bond or other mechanism for financial accountability for viatical settlement providers.
(5) Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.
72 Del. Laws, c. 132, § 1; 81 Del. Laws, c. 172, § 1; 83 Del. Laws, c. 20, § 2;Frequently Asked Questions About Delaware § 7516
What does Delaware Code § 7516 cover?
Section 7516 ("Authority to promulgate regulations.") is part of the Delaware Code, the codified statutory law of Delaware. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Delaware § 7516?
A common citation format is "Delaware Code § 7516" (Delaware). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Delaware law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Delaware official source linked on this page or consult a licensed Delaware attorney.
How does Delaware § 7516 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Delaware can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Delaware.