Delaware Code Title 18 Sec. 1915 – Open lines for export
(a) The Commissioner may by order declare eligible for export for a home state insured, generally and without compliance with the provisions of § 1912 of this title, any class or classes of insurance coverage or risk for which the Commissioner finds, after a hearing of which notice was given to each insurer authorized to transact such class or classes in this State, that there is not a reasonable or adequate market among authorized insurers either as to acceptance of the risk, contract terms, or premium rate. Any such order shall continue in effect during the existence of the conditions upon which predicated, but subject to earlier termination by the Commissioner.
Terms Used In Delaware Code Title 18 Sec. 1915
- broker: as used in this chapter and unless context otherwise requires, means a surplus lines broker duly licensed as such under this chapter. See Delaware Code Title 18 Sec. 1904
- Contract: A legal written agreement that becomes binding when signed.
- export: means to place insurance in a nonadmitted insurer under this surplus lines law. See Delaware Code Title 18 Sec. 1904
- home state: means , with respect to an insured
- premium tax: means , with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance. See Delaware Code Title 18 Sec. 1904
- state: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. See Delaware Code Title 18 Sec. 1904
(b) The broker shall file as directed by the Commissioner a memorandum as to each such coverage placed by him or her in a nonadmitted insurer for a home state insured, in such form and context as the Commissioner may reasonably require for the identification of the coverage and determination of the tax payable to the state relative thereto.
(c) The broker or a licensed Delaware producer of the authorized insurer may also place with authorized insurers any insurance coverage made eligible for export generally under subsection (a) of this section above, and without regard to rate or form filings which may otherwise be applicable as to the authorized insurer. As to coverage so placed in an authorized insurer, the premium tax thereon shall be reported and paid by the insurer as required generally under Chapter 7 of this title.
18 Del. C. 1953, § ?1906; 56 Del. Laws, c. 380, § ?1; 70 Del. Laws, c. 186, § ?1; 78 Del. Laws, c. 176, § ?2;