Delaware Consumer Credit Insurance Model Act

This act regulates credit life insurance and credit accident and health insurance sold in connection with consumer credit transactions, defining the coverages and transactions that fall within its reach. It governs how policies and certificates are issued, limits the types, amount, and term of coverage a debtor may be sold, controls how premiums are charged and refunded, requires specified disclosures to the debtor, and subjects the forms used to regulatory approval and to minimum plain-language readability standards. It also addresses the handling of claims, preserves the debtor's ability to use existing coverage or select the insurer, and provides for enforcement and penalties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.