Delaware Revised Captive Insurance Company Act

Delaware · Insurance Code · §§ 18-6901 to 18-6983 · 55 sections

Overview

As used in this subchapter, unless the context requires otherwise: (1) “Counterparty” means a person, other than a natural person, which may but need not be the parent or an affiliate of the special purpose financial captive insurance company, that enters into an SPFC contract with a special purpose financial captive insurance company. (2) “Insolvency” or “insolvent” means: a. A person’s inability to pay its obligations when they are due, unless those obligations are the subject of a bona fide dispute; or b. The liabilities of a person exceed the value of all of the assets of the person. In the case of a special purpose financial captive insurance company, liabilities and assets are determined under the method of accounting used by the special purpose financial captive insurance company in accordance with § 6962 of this title. (3) “Organizational document” means the certificate of incorporation, articles of organization, bylaws, limited liability company agreement or other documents pursuant to which a special purpose financial captive insurance company or a special purpose financial captive insurance company applicant, as the case may be, is formed. (4) “Permitted investment
Quoted from § 18-6952 — the act's own words.

Sections covered

Del. Code tit. 18, § 6901Finding; purpose
Del. Code tit. 18, § 6902Definitions
Del. Code tit. 18, § 6903License application; certificate of authority
Del. Code tit. 18, § 6904Company name
Del. Code tit. 18, § 6905Minimum capital and surplus; letter of credit
Del. Code tit. 18, § 6906Formation of captive insurance companies
Del. Code tit. 18, § 6907Annual reports
Del. Code tit. 18, § 6908Examinations and investigations
Del. Code tit. 18, § 6909Suspension or revocation of certificate of authority
Del. Code tit. 18, § 6910Legal investments; management of assets
Del. Code tit. 18, § 6911Reinsurance
Del. Code tit. 18, § 6912Rating organization membership
Del. Code tit. 18, § 6913Prohibited associations
Del. Code tit. 18, § 6914Tax on premiums collected
Del. Code tit. 18, § 6915Rules and regulations; in general
Del. Code tit. 18, § 6915AExemption from rules and regulations; special purpose captive insurance companies
Del. Code tit. 18, § 6916Applicable laws
Del. Code tit. 18, § 6917Captive insurance regulatory and supervision fund
Del. Code tit. 18, § 6918Delinquency
Del. Code tit. 18, § 6919Rules for controlled unaffiliated business
Del. Code tit. 18, § 6920Confidentiality
Del. Code tit. 18, § 6921Material changes in information; continued licensure
Del. Code tit. 18, § 6922Material transactions; prior notice
Del. Code tit. 18, § 6923Books and records
Del. Code tit. 18, § 6924Dormant captive insurance companies
Del. Code tit. 18, § 6931General
Del. Code tit. 18, § 6932Definitions
Del. Code tit. 18, § 6933Supplemental license application materials
Del. Code tit. 18, § 6934Protected cells
Del. Code tit. 18, § 6935Qualification of sponsors
Del. Code tit. 18, § 6936Participants in sponsored captive insurance companies
Del. Code tit. 18, § 6937Investments by sponsored captive insurance companies
Del. Code tit. 18, § 6938Delinquency of sponsored captive insurance companies
Del. Code tit. 18, § 6951Purpose
Del. Code tit. 18, § 6952Definitions
Del. Code tit. 18, § 6953Application of subchapter
Del. Code tit. 18, § 6954Application requirements
Del. Code tit. 18, § 6955Certificate of authority and order
Del. Code tit. 18, § 6956Securities of special purpose financial captive insurance companies
Del. Code tit. 18, § 6957Authorized contracts and activities
Del. Code tit. 18, § 6958Dividends and distributions
Del. Code tit. 18, § 6959Delinquency
Del. Code tit. 18, § 6960Discount on reserves; report on reserves
Del. Code tit. 18, § 6961Certain actions by the Commissioner
Del. Code tit. 18, § 6962Books and records
Del. Code tit. 18, § 6971Establishment of a branch captive
Del. Code tit. 18, § 6972Definitions
Del. Code tit. 18, § 6973Security required
Del. Code tit. 18, § 6974Annual reports
Del. Code tit. 18, § 6975Examination of branch captives
Del. Code tit. 18, § 6976Taxation of branch captives
Del. Code tit. 18, § 6980Federal Home Loan Bank membership
Del. Code tit. 18, § 6981Repeals; effective date; applicability
Del. Code tit. 18, § 6982Reserved power of this State to alter or repeal chapter
Del. Code tit. 18, § 6983Short title

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