Delaware Code Title 18 Sec. 6910 – Legal investments; management of assets
(a) Association captive insurance companies, special purpose captive insurance companies, series captive insurance companies, and risk retention groups shall comply with:
(1) The investment requirements contained in Chapter 13 of this title, as applicable; or
(2) Such investment requirements as may be approved by the Commissioner upon application by any such captive insurance company.
Terms Used In Delaware Code Title 18 Sec. 6910
- Agency captive insurance company: shall mean an insurance company described in paragraphs (2)a. See Delaware Code Title 18 Sec. 6902
- Association: means any legal association of persons that has been in continuous existence for at least 1 year or such lesser period of time approved by the Commissioner, the association members of which, or which does itself, whether or not in conjunction with some or all of the association members:
- Branch captive insurance company: means any foreign captive insurance company or alien captive insurance company that has been issued a certificate of authority by the Commissioner to transact the business of insurance in this State through a business unit with a principal place of business in this State, and has not otherwise been issued a certificate of authority by the Commissioner to transact insurance under this chapter. See Delaware Code Title 18 Sec. 6902
- Capital and surplus: means the amount by which the value of all of the assets of the captive insurance company exceeds all of the liabilities of the captive insurance company, as determined under the method of accounting utilized by the captive insurance company in accordance with the applicable provisions of this chapter. See Delaware Code Title 18 Sec. 6902
- Captive insurance company: means any pure captive insurance company, association captive insurance company, agency captive insurance company, sponsored captive insurance company, industrial insured captive insurance company, special purpose captive insurance company, special purpose financial captive insurance company, series captive insurance company, or risk retention group, whether domestic, foreign or alien, or branch captive insurance company, licensed under the provisions of this chapter. See Delaware Code Title 18 Sec. 6902
- Commissioner: means the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 6902
- Industrial insured: means an insured:
- Insurance: has the meaning given such term in § 102 of this title. See Delaware Code Title 18 Sec. 6902
- Pure captive insurance company: means a captive insurance company that insures risks of 1 or more of the following:
- Series: means a series established under § 17-218(b), § 18-215(b), or § 18-218 of Title 6, § 3804(a) of Title 12, or corresponding law of another state. See Delaware Code Title 18 Sec. 6902
- Special purpose financial captive insurance company: means a captive insurance company that is granted a certificate of authority under subchapter III of this chapter of this title. See Delaware Code Title 18 Sec. 6902
(b) No pure captive insurance company, industrial insured captive insurance company, agency captive insurance company, special purpose financial captive insurance company or branch captive insurance company shall be subject to any restrictions on allowable investments whatsoever, including those limitations contained in this title; provided, however, that the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of any such captive insurance company.
(c) Loans of minimum capital and surplus funds required by § 6905 of this title are prohibited. Notwithstanding the foregoing, the minimum capital and surplus funds may be received by the issuance by the captive insurance company of a surplus note as approved by the Commissioner.
(d) Subject to subsections (a) and (b) of this section and § 6937 of this title, as applicable, a captive insurance company may own securities of or other interests in another captive insurance company, whether voting or nonvoting.
64 Del. Laws, c. 454, § ?1; 75 Del. Laws, c. 150, § ?1; 76 Del. Laws, c. 161, § ?8; 77 Del. Laws, c. 252, § ?11; 80 Del. Laws, c. 46, § ?10;