reglab/housing_qa huggingface dataset:
18 DE Code § 5509. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5509. Guaranty fund.

§ 5509. Guaranty fund. (a) Each mutual benefit association before receiving a certificate of authority shall deposit with the Commissioner $25,000 in cash and/or securities approved by the Commissioner. (b) The deposit shall constitute a guaranty fund and shall remain in trust with the Commissioner to answer any default of the association. (c) While not in default the association may collect the interest, dividends and profits upon the deposited securities and from time to time substitute therefor other securities of equally good character and value, subject to the approval of the Commissioner. (d) The deposit shall not be withdrawn by the association except as hereinafter provided. The Commissioner may make withdrawals from the fund upon the order of any court of record of this State issued upon a final judgment to pay any claim reduced to final judgment by such court in an action by any member or beneficiary based upon a certificate of membership. In the event of such withdrawal the association shall replace the amount withdrawn within 6 months thereafter. (e) If the association determines to discontinue its business, it shall make written application to the Commissioner for withdrawal of its guaranty fund. Within 3 months after receipt of the application, the Commissioner shall determine the financial affairs and condition of the association; and if the Commissioner finds that its books and records are in proper order and that it has no liabilities outstanding, the Commissioner shall cancel the association's certificate of authority and deliver to the association or its assigns all moneys and/or securities then held in the deposited guaranty fund to the association's credit. 18 Del. C. 1953, §  5509;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 5510. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5510. Benefit fund.

§ 5510. Benefit fund. (a) Every association shall deposit in a bank or trust company approved by the Commissioner a sum not less than 50% of all dues collected by the association or by any agent thereof on all certificates of membership. This shall constitute a benefit fund for the sole purpose of payment of claims arising under certificates of membership, for the payments to the guaranty fund maintained with the Commissioner and for the payment of legal expenses incurred in adjusting and defending claims. (b) If after an examination of the financial affairs of the association the Commissioner determines that 50% of all dues collected is insufficient to properly maintain the benefit fund, the Commissioner may require the association to deposit a larger percentage of its dues to the credit of the benefit fund. 18 Del. C. 1953, §  5510;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 5511. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5511. Investments.

§ 5511. Investments. An association may invest its funds in such investments as are eligible for investment of the funds of domestic life insurers under Chapter 13 (Investments) of this title. 18 Del. C. 1953, §  5511;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5512. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5512. Annual statement.

§ 5512. Annual statement. (a) Each association shall annually on or before March 1 file with the Commissioner its financial statement on forms furnished by the Commissioner and subscribed and sworn to by its president and secretary or in their absence by 2 of its principal officers. The statement shall show the association's financial condition and total membership at the close of business on the December 31 next preceding. (b) The Commissioner shall annually, in December, furnish to each association then holding a certificate of authority, 2 or more blanks in the form adopted for such annual statements. 18 Del. C. 1953, §  5512;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5513. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5513. Examination of association — Timing; responsibility.

§ 5513. Examination of association — Timing; responsibility. (a) The Commissioner shall examine the affairs of each association as to its financial condition at least once in 3 years. The commissioner shall also make an examination of any such association whenever the commissioner deems it prudent or advisable to do so. (b) The examination shall be made by the Commissioner personally or by a deputy or other accredited representative of the Commissioner, and all proper charges incurred in making such examination, inclusive of expert assistance, shall be paid by the association examined except that the expenses of such examination shall not exceed $25 per day plus traveling expenses incurred. 18 Del. C. 1953, §  5513;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 5514. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5514. Examination of association — Access to books and records; witnesses.

§ 5514. Examination of association — Access to books and records; witnesses. For the purpose of the examination under § 5513 of this title, the person making the examination shall have free access to all the books and papers of the association relating to its business and to the books and papers of any of its agents and may summon and qualify as witnesses under oath and examine the directors, officers, agents and employees of the association and any other persons in relation to its affairs, transactions and conditions. 18 Del. C. 1953, §  5514;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5515. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5515. Examination of association — Refusal to permit; revocation of certificate of authority.

§ 5515. Examination of association — Refusal to permit; revocation of certificate of authority. The refusal of any association to submit to and provide for the examination under § 5513 of this title or to exhibit its books and records for inspection shall be presumptive evidence that it has violated this chapter, and its certificate of authority shall forthwith be revoked by the Commissioner, and it shall be subject to the penalties prescribed and imposed by this chapter. 18 Del. C. 1953, §  5515;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5516. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5516. Domestic associations; situs of business; reports and fees.

§ 5516. Domestic associations; situs of business; reports and fees. Any mutual benefit association organized under the general corporation law of this State with its principal office situated in this State shall be regarded as doing business in this State regardless of whether or not its membership is acquired from residents of this State, other states, District of Columbia or territories of the United States and shall make the reports required to the Commissioner and pay all of the fees prescribed in this chapter. 18 Del. C. 1953, §  5516;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5517. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5517. Certificate of membership — Approval; terms.

§ 5517. Certificate of membership — Approval; terms. (a) No certificate of membership providing for sick, accident and/or death benefits to members or their beneficiaries, as hereinafter provided, shall be issued by any association unless the form of the same shall first be filed with and approved by the Commissioner. (b) A certificate of membership, among other conditions not contrary to the provisions of this chapter, may specify the diseases for which limited benefits may be paid in sickness or death and may also specify the causes of personal injuries, or death therefrom, for which no benefits will be paid. (c) A certificate of membership may also restrict the payment of any benefit for sickness, accident and/or death that occurs within a specified time after the issuance of such certificate to the refund of all dues paid by the members or their beneficiaries less the expense of carrying the same on the books of the association, and the payment of such refund shall fully liquidate all claims of a member against the association by reason of such certificate of membership. (d) A certificate of membership may also limit the time which shall elapse before any benefits are payable and may be paid within reasonable limitations approved by the Commissioner. 18 Del. C. 1953, §  5517;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5518. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5518. Certificate of membership — Limitations on benefits.

§ 5518. Certificate of membership — Limitations on benefits. No certificate of membership issued by any association shall provide for death benefits in excess of $100,000 or sickness or accident disability benefits in excess of $1,000 per week. No association shall issue more than 1 of each of the above types of certificates of membership to any 1 person. 18 Del. C. 1953, §  5518;  56 Del. Laws, c. 380, §  1;  57 Del. Laws, c. 154;  66 Del. Laws, c. 388, §  1;  76 Del. Laws, c. 206, §  1;
18 DE Code § 5519. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5519. Agreement between association and members; binding effect.

§ 5519. Agreement between association and members; binding effect. The certificate of membership, the certificate of incorporation and any amendments thereto, the bylaws of the association and the provisions of this chapter shall constitute an agreement between the association as a whole or the membership thereof and the members and shall be binding on their respective beneficiaries. 18 Del. C. 1953, §  5519;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5520. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5520. Fees; costs; in lieu of provision.

§ 5520. Fees; costs; in lieu of provision. (a) Each association shall pay to the Commissioner fees and costs as follows:  (1) For issuance of original certificate of authority________________ $25 (2) For each annual renewal thereof________________  25 (3) For filing of annual statement________________  25 (4) For filing, reviewing and approval of the form of certificates of membership, the actual expenses incurred by the Department in connection therewith, as determined by the Commissioner. (b) The fees and costs hereinabove provided shall be for the use of the State and shall be in lieu of all other taxes, levies, assessments or contributions, except taxes on real property. 18 Del. C. 1953, §  5520;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5521. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5521. Merger; reinsurance; transfers with other associations.

§ 5521. Merger; reinsurance; transfers with other associations. Every association may merge, insure, reinsure or accept the transfer of membership or funds with any other like association under such reasonable rules and regulations for the protection of members as the Commissioner prescribes. 18 Del. C. 1953, §  5521;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5522. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5522. Dissolution.

§ 5522. Dissolution. Upon the withdrawal of its guaranty fund deposit as provided in § 5509(e) of this title, the directors or governing body of the association shall forthwith cause the association to be dissolved in accordance with the applicable laws of this State and shall file proper evidence of such dissolution with the Commissioner. 18 Del. C. 1953, §  5522;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5523. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5523. Penalties.

§ 5523. Penalties. (a) Any corporation, society, order or association which shall organize and/or transact the business of a mutual benefit association in this State contrary to the provisions of this chapter or any mutual benefit association which shall directly or indirectly transact such business in this State without having a valid and unrevoked certificate of authority therefor, agreeable to the provisions of this chapter, shall be fined not more than $1,000. Any officer, manager or agent of such corporation, society, order or association or mutual benefit association wilfully violating or failing to observe or comply with the provisions of this chapter shall be punishable under this section. (b) Any mutual benefit association or any officer, manager or agent thereof neglecting or refusing to comply with or violating this chapter, the penalty for which neglect, refusal or violation is not otherwise specified, shall be fined not more than $200. 18 Del. C. 1953, §  5523;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5524. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 55. Mutual Benefit Associations|§ 5524. Other provisions applicable.

§ 5524. Other provisions applicable. The following additional chapters of this title shall also apply as to mutual benefit associations to the extent so applicable and not inconsistent with the express provisions of this chapter and the reasonable implications of such express provisions:  (1) Chapter 1 (General Definitions and Provisions); (2) Chapter 3 (The Insurance Commissioner); (3) Chapter 13 (Investments); (4) Chapter 15 (Administration of Deposits); (5) Chapter 23 (Unfair Practices in the Insurance Business); (6) Chapter 59 (Rehabilitation and Liquidation).18 Del. C. 1953, §  5524;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5701. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5701. “Reciprocal” insurance defined.

§ 5701. “Reciprocal” insurance defined. “Reciprocal” insurance is that resulting from an interchange among persons, known as subscribers, of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons. 18 Del. C. 1953, §  5701;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5702. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5702. Scope of chapter; existing insurers.

§ 5702. Scope of chapter; existing insurers. (a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. (b) Existing authorized reciprocal insurers shall, after November 1, 1968, comply with this chapter and shall make such amendments to their subscribers' agreement, power of attorney, policies and other documents and accounts and perform such other acts as may be required for such compliance. 18 Del. C. 1953, §  5702;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5703. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5703. Insuring powers of reciprocals.

§ 5703. Insuring powers of reciprocals. (a) A reciprocal insurer may, upon qualifying therefor as provided for by this title, transact any kind or kinds of insurance defined by this title, other than life or title insurances. (b) Such an insurer may purchase reinsurance upon the risk of any subscriber and may grant reinsurance as to any kind of insurance it is authorized to transact directly. 18 Del. C. 1953, §  5703;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5704. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5704. Name; suits.

§ 5704. Name; suits. A reciprocal insurer shall:  (1) Have and use a business name. The name shall include the word “reciprocal” or “interinsurer” or “interinsurance” or “exchange” or “underwriters” or “underwriting” or “association.” (2) Sue and be sued in its own name.18 Del. C. 1953, §  5704;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5705. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5705. Attorney; attorney, subscribers and reciprocal insurer a single entity.

§ 5705. Attorney; attorney, subscribers and reciprocal insurer a single entity. (a) “Attorney,” as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation. (b) The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this State, shall not, by virtue of discharge of its duties as such attorney with respect to the insurer's transactions in this State, be thereby deemed to be doing business in this State within the meaning of any laws of this State applying to foreign persons, firms or corporations. (c) The subscribers and the attorney-in-fact comprise a reciprocal insurer and a single entity for the purposes of Chapter 7 of this title as to all operations under the insurer's certificate of authority. 18 Del. C. 1953, §  5705;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5706. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5706. Organization of reciprocal insurer.

§ 5706. Organization of reciprocal insurer. (a) Twenty-five or more persons domiciled in this State may organize a domestic reciprocal insurer and make application to the Commissioner for a certificate of authority to transact insurance. (b) (1) The proposed attorney shall fulfill the requirements of and shall execute and file with the Commissioner when applying for a certificate of authority, a declaration setting forth:  a. The name of the insurer; b. The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this State; c. The kinds of insurance proposed to be transacted; d. The names and addresses of the original subscribers; e. The designation and appointment of the proposed attorney and a copy of the power of attorney; f. The names and addresses of the officers and directors of the attorney, if a corporation, or of its members, if a firm; g. The powers of the subscribers' advisory committee and the names and terms of office of the members thereof; h. That all moneys paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers' agreement; i. A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than 6 months at an adequate rate therefor, filed with and approved by the Commissioner; j. A statement of the financial condition of the insurer, a schedule of its assets and a statement that the surplus as required by § 511 of this title is on hand; and k. A copy of each policy, endorsement and application form it then proposes to issue or use. (2) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.18 Del. C. 1953, §  5706;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5707. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5707. Certificate of authority.

§ 5707. Certificate of authority. (a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. (b) The Commissioner may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any applicable provision of this title. 18 Del. C. 1953, §  5707;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5708. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5708. Power of attorney.

§ 5708. Power of attorney. (a) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. (b) The power of attorney must set forth:  (1) The powers of the attorney; (2) The general services to be performed by the attorney; (3) The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses to be paid by the insurer; and (4) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than 1 nor more than 10 times the premium or premium deposit stated in the policy. (c) The power of attorney may:  (1) Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder; (2) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers; (3) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and (4) Contain other lawful provisions deemed advisable. (d) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this State until approved by the Commissioner. 18 Del. C. 1953, §  5708;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5709. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5709. Modifications.

§ 5709. Modifications. Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No such modification shall be effective retroactively nor as to any insurance contract issued prior thereto. 18 Del. C. 1953, §  5709;  56 Del. Laws, c. 380, §  1;
18 DE Code § 5710. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5710. Attorney's bond.

§ 5710. Attorney's bond. (a) Concurrently with the filing of the declaration provided for in § 5706 of this title, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of this State for the benefit of all persons damaged as a result of breach by the attorney of the conditions of the attorney's bond as set forth in subsection (b) hereof. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the Commissioner's approval. (b) The bond shall be in the penal sum of $25,000, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into the attorney's hands and that such attorney will not withdraw or appropriate to his or her own use from the funds of the insurer any moneys or property to which he or she is not entitled under the power of attorney. (c) The bond shall provide that it is not subject to cancellation unless 30 days' advance notice in writing of cancellation is given both the attorney and the Commissioner. 18 Del. C. 1953, §  5710;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 5711. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 57. Reciprocal Insurers|§ 5711. Deposit in lieu of bond.

§ 5711. Deposit in lieu of bond. In lieu of the bond required under § 5710 of this title, the attorney may maintain on deposit, through the office of the Commissioner, a like amount in cash or in value of securities qualified under this title as insurers' investments and subject to the same conditions as the bond. 18 Del. C. 1953, §  5711;  56 Del. Laws, c. 380, §  1;