Delaware Code Title 18 Sec. 1933 – Withdrawal of eligibility as a surplus lines insurer
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(a) If at any time the Commissioner has reason to believe that a nonadmitted insurer currently eligible as a surplus lines insurer:
(1) Is in unsound financial condition or has acted in an untrustworthy manner; or
(2) No longer meets the requirements for eligibility set forth in § 1931 of this title; or
(3) Has wilfully violated the laws of this State; or
(4) Does not conduct a proper claims practice;
Terms Used In Delaware Code Title 18 Sec. 1933
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- surplus lines insurer: means a nonadmitted insurer eligible under the law of the home state to accept business from a surplus lines licensee; for purposes of this chapter "surplus lines insurer" shall also mean an insurer that is permitted to write surplus lines insurance under the laws of the state where such insurer is domiciled. See Delaware Code Title 18 Sec. 1904
the Commissioner may declare such insurer no longer an eligible surplus lines insurer, upon notice and hearing.
(b) The Commissioner shall promptly mail notice of any such declaration to the regulatory authority of the domiciliary jurisdiction of the insurer. The Commissioner shall also publish notice of all such declarations electronically.