Source: http://regulations.delaware.gov/AdminCode/title18/200/203.shtml
Timestamp: 2019-04-22 17:56:24+00:00

Document:
Amended May 3, 1993, effective 30 days after Commissioner's signature.
4.1.1 Except as provided in section 3.0 above, any division or subsidiary of a bank or trust company wishing to transact the business of insurance under the authority of 5 Del.C. §761(a)(14) must first apply for and obtain a certificate of authority or license to do so from the Delaware Insurance Department pursuant to the applicable provisions of the Delaware Insurance Code and the regulations promulgated thereunder. If such division or subsidiary has previously obtained a certificate of authority or license to transact the business of insurance in Delaware from this office, such division or subsidiary may continue to transact business consistent with the terms of such certificate of authority or license, unless further application to this office is otherwise required to so continue to transact business under the Delaware Insurance Code or the regulations promulgated thereunder. For purposes of these regulations, the term "certificate of authority" shall mean the original governmental or administrative authorization conferred upon any person to act as an insurer, and the term "license" shall mean the original governmental or administrative authorization conferred upon any person to act as a foreign insurer.
4.2.1 Any division or subsidiary of a bank or trust company transacting the business of insurance in Delaware pursuant to a certificate of authority or license issued by this office is prohibited from engaging in any activity not authorized by the terms of that certificate of authority or license, including but not limited to the sale or underwriting of any line or type of insurance not authorized by that certificate of authority or license, unless such division or subsidiary first applies for and obtains additional authority to engage in such activity from the Delaware Insurance Department pursuant to the applicable provisions of the Delaware Insurance Code and the regulations promulgated thereunder.
4.3.1 Any division or subsidiary of a bank or trust company wishing to transact the business of selling insurance in any state other than Delaware under the authority of 5 Del.C. §761(a)(14) must comply with all licensure and other requirements of each such state in connection with the transaction of such business, and this office shall monitor the compliance of any such division or subsidiary of a bank or trust company with all such state laws. To this end, any division or subsidiary of a bank or trust company transacting the business of insurance in a state other than Delaware shall maintain, as part of its principal books and records required to be maintained in Delaware pursuant to 18 Del.C. §534, copies of all licenses required to be obtained in connection with the transaction of such insurance business in such state.
5.1.1 Any division or subsidiary of a bank or trust company intending to exercise any powers under the authority of 5 Del.C. §761(a)(14), whether within or without the State of Delaware, must notify this office of its intention to do so, even if such division or subsidiary holds a license or certificate of authority from this office to transact the business of insurance in Delaware and the proposed activities under 5 Del.C. §761(a)(14) would be consistent with the terms of such license or certificate of authority.
5.2.1 The notice required by section 5.1 of these regulations must be filed with this office by a division or subsidiary of a bank or trust company prior to its transaction of any insurance activities pursuant to the authority conferred by 5 Del.C. §761(a)(14).
5.3.1.10 If any such subsidiary is not incorporated in Delaware, a plan which the subsidiary believes satisfies the requirements of the subsidiary's then-current state of domicile in accordance with section 3.0 of these regulations, which plan shall include the procedures to be employed to accomplish the proposed redomestication of the insurance subsidiary to the State of Delaware, and the timetable therefor, and which plan shall thereafter be supplemented by quarterly and annual reports regarding the status of such redomestication plan, such status reports to be filed contemporaneously with any quarterly and annual financial statements of the insurance subsidiary.
6.1.5 Inform the insurance subsidiary or division of the period, not less than ten (10) days from the date of such notice, during which it may request a hearing on its previously filed notice.
6.2 Should the insurance division or subsidiary request a hearing under this paragraph, the Commissioner shall fix a date for such hearing and shall provide at least twenty (20) days advance notice of hearing date to the insurance division or subsidiary.
7.1.1 Within six months of the Commissioner's approval of any notice filed pursuant to section 5.3 of these regulations, the filing division or subsidiary shall establish a facility within the State of Delaware to serve as its headquarters of day-to-day corporate activity and management.
7.2.1.3 A majority of the senior officers of such division or subsidiary, as well as all employees of such division or subsidiary whose duties can reasonably be performed in the State of Delaware, shall maintain their offices or places of employment at such Delaware facility.
8.1 This regulation shall become effective 20 days after signature by the Commissioner.

References: §761
 §761
 §534
 §761
 §761
 §761