Source: http://delcode.delaware.gov/title18/c069/sc03/index.shtml
Timestamp: 2015-07-28 01:30:19
Document Index: 122196274

Matched Legal Cases: ['§ 6951', '§ 6952', '§ 6953', '§ 6954', '§ 6955', '§ 6956', '§ 6957', '§ 6958', '§ 6959', '§ 6960', '§ 6961', '§ 6962', '§ 15', '§ 6952', '§ 6910', '§ 73', '§ 6905', '§ 6956', '§ 15', '§ 4', '§ 6953', '§ 15', '§ 6954', '§ 15', '§ 6955', '§ 15', '§ 6956', '§ 15', '§ 6957', '§ 15', '§ 6958', '§ 15', '§ 6959', '§ 15', '§ 6960', '§ 15', '§ 6961', '§ 15', '§ 6962', '§ 15']

Authenticated PDF § 6951 § 6952 § 6953 § 6954 § 6955 § 6956 § 6957 § 6958 § 6959 § 6960 § 6961 § 6962 TITLE 18
76 Del. Laws, c. 161, § 15.; § 6952 Definitions.
(1) "Counterparty'' means a person, other than a natural person, which may but need not be the parent or an affiliate of the special purpose financial captive insurance company, that enters into an SPFC contract with a special purpose financial captive insurance company.
(2) "Insolvency'' or "insolvent'' means:
(3) "Organizational document'' means the certificate of incorporation, articles of organization, bylaws, limited liability company agreement or other documents pursuant to which a special purpose financial captive insurance company or a special purpose financial captive insurance company applicant, as the case may be, is formed.
(4) "Permitted investments'' means those investments that meet the qualifications set forth in § 6910(b) of this title.
(5) "Securities'' has the same meaning as defined in § 73-103(a)(20) of Title 6, and also includes any form of debt obligation, equity, surplus certificate, surplus note, funding agreement, derivative or other financial instrument that the Commissioner designates, by rule or order, as "securities'' for purposes of this subchapter.
(6)a. "Special purpose financing transaction'' means:
b. "Special purpose financing transaction'' does not include the issuance of a letter of credit to satisfy all or part of the special purpose financial captive's minimum capital and surplus requirements under § 6905 of this title.
(7) "Special purpose financial captive insurance company'' means a captive insurance company that is granted a certificate of authority under this subchapter.
(8) "SPFC contract'' means a contract or group of related contracts between a special purpose financial captive insurance company and a counterparty or counterparties pursuant to which insurance risk is transferred by the counterparty or counterparties to the special purpose financial captive insurance company. An SPFC contract may include 1 or more other parties.
(9) "Surplus note'' means an unsecured subordinated debt obligation treated as surplus and not debt in accordance with § 6956 of this title.
76 Del. Laws, c. 161, § 15; 78 Del. Laws, c. 175, §§ 4, 87.; § 6953 Application of subchapter.
76 Del. Laws, c. 161, § 15.; § 6954 Application requirements.
76 Del. Laws, c. 161, § 15.; § 6955 Certificate of authority and order.
76 Del. Laws, c. 161, § 15.; § 6956 Securities of special purpose financial captive insurance companies.
(l) Subject to the approval of the Commissioner, account for the proceeds of surplus notes issued by the special purpose financial captive insurance company as surplus and not as debt for purposes of statutory accounting; and
76 Del. Laws, c. 161, § 15.; § 6957 Authorized contracts and activities.
76 Del. Laws, c. 161, § 15.; § 6958 Dividends and distributions.
76 Del. Laws, c. 161, § 15.; § 6959 Delinquency.
76 Del. Laws, c. 161, § 15.; § 6960 Discount on reserves; report on reserves.
76 Del. Laws, c. 161, § 15.; § 6961 Certain actions by the Commissioner.
76 Del. Laws, c. 161, § 15.; § 6962 Books and records.
76 Del. Laws, c. 161, § 15.; Site Footer