5 Del. C. § 2315: Notice and information requirements for a change of key individuals [For application of this section, see 85 Del. Laws, c. 338, § 3].

(a) A licensee adding or replacing any key individual shall do all of the following:

(1) Provide notice in a manner prescribed by the Commissioner within 15 days after the effective date of the key individual’s appointment.

(2) Provide information as required by the Commissioner within 45 days of the effective date.

(b) Within 90 days of the date on which the notice provided pursuant to this section was determined to be complete, the Commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual is not in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of the licensee.

(c) A notice of disapproval must include a statement of the basis for the disapproval and must be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval in accordance with Chapter 101 of Title 29 after receipt of the notice of disapproval.

(d) A key individual is deemed approved if the Commissioner does not issue a notice of disapproval within 90 days after the Commissioner determines the notice is complete.

(e) If a licensee is subject to a multistate licensing process that includes a key individual notice review, the Commissioner may accept the investigation results and determination of another state. The Commissioner may rely on such findings provided the investigating state has sufficient staffing, expertise, and adheres to regulatory standards consistent with this chapter.