Delaware Code Title 18 Sec. 4406 – Delaware Life and Health Insurance Guaranty Association — …
(a) There is created a nonprofit legal entity to be known as the Delaware Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance, managed care organization, or health maintenance organization business in this State. The Association shall perform its functions under the plan of operation established and approved under § 4410 of this title, and shall exercise its powers through a Board of Directors established under § 4407 of this title. For purposes of administration and assessment, the Association shall maintain 2 accounts:
(1) The life insurance and annuity account, which includes the following subaccounts:
a. Life insurance account;
b. Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) established under § 401, § ?403(b) or § 457 of the United States Internal Revenue Code [26 U.S.C. § 401, § 403(b) or § 457], but shall otherwise exclude unallocated annuities; and
c. Unallocated annuity account, which shall exclude contracts owned by a governmental retirement benefit plan (or its trustee) established under § 401, § 403(b) or § 457 of the United States Internal Revenue Code [26 U.S.C. § 401, § 403(b) or § 457].
(2) The health account.
Terms Used In Delaware Code Title 18 Sec. 4406
- Account: means either of the 2 accounts created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Association: means the Delaware Life and Health Insurance Guaranty Association created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
- Benefit plan: means a specific employee, union or association of natural persons benefit plan. See Delaware Code Title 18 Sec. 4405
- Commissioner: means the Commissioner of Insurance of this State. See Delaware Code Title 18 Sec. 4405
- State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory or protectorate. See Delaware Code Title 18 Sec. 4405
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
(b) The Association shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this State.
63 Del. Laws, c. 442, § ?1; 70 Del. Laws, c. 547, § ?2; 73 Del. Laws, c. 327, § ?3; 82 Del. Laws, c. 113, § 4;