reglab/housing_qa huggingface dataset:
18 DE Code § 6921. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter I. General Provisions|§ 6921. Material changes in information; continued licensure.

§ 6921. Material changes in information; continued licensure. In the event of any material change in the financial condition or management of a captive insurance company, the captive insurance company shall notify the Commissioner in writing promptly of any such change and in any event within 10 business days thereof. 75 Del. Laws, c. 150, §  1;
18 DE Code § 6922. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter I. General Provisions|§ 6922. Material transactions; prior notice.

§ 6922. Material transactions; prior notice. No captive insurance company shall voluntarily take any of the following actions without providing the Commissioner at least 30 days prior written notice or receiving the Commissioner's approval of any such action within such 30 day period:  (1) The dissolution of the captive insurance company; (2) Any sale, exchange, lease, mortgage, assignment, pledge or other transfer of or granting of a security interest in, all or substantially all of the assets of the captive insurance company; (3) Any incurrence of material indebtedness by the captive insurance company; (4) Any making of a material loan or other material extension of credit by the captive insurance company; (5) Any material payment out of capital and surplus; (6) Any merger or consolidation to which the captive insurance company is a constituent party; (7) Any conversion of the captive insurance company to another business form; (8) Any transfer to or domestication in any jurisdiction by the captive insurance company; or (9) Any material amendment of the organizational documents of the captive insurance company.75 Del. Laws, c. 150, §  1;
18 DE Code § 6923. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter I. General Provisions|§ 6923. Books and records.

§ 6923. Books and records. (a) Unless otherwise approved by the Commissioner, a captive insurance company shall maintain its books, records, documents, accounts, vouchers and agreements in this State. A captive insurance company shall make its books, records, documents, accounts, vouchers and agreements available for inspection by the Commissioner at any time. A captive insurance company shall keep its books, records, documents, accounts, vouchers and agreements in such manner that its financial condition, affairs and operations can be readily ascertained and in such manner that the Commissioner may readily verify its financial statements and determine its compliance with this chapter. (b) Unless otherwise approved by the Commissioner, all original books, records, documents, accounts, vouchers and agreements of a captive insurance company must be preserved and kept available in this State for the purpose of examination and inspection until the Commissioner approves the destruction or other disposition of the books, records, documents, accounts, vouchers and agreements. If the Commissioner approves the preservation and keeping of the foregoing outside this State, the captive insurance company shall maintain a complete and true copy of each such original in the State. Books, records, documents, accounts, vouchers and agreements may be photographed, reproduced on film or stored and reproduced electronically. 76 Del. Laws, c. 161, §  11;
18 DE Code § 6931. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6931. General.

§ 6931. General. In addition to the provisions of subchapter I of this chapter, the provisions of this subchapter shall apply to sponsored captive insurance companies, and § 6922 of this title shall apply to each protected cell of a sponsored captive insurance company. 75 Del. Laws, c. 150, §  1;
18 DE Code § 6932. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6932. Definitions.

§ 6932. Definitions. As used in this subchapter, unless the context requires otherwise:  (1) “Participant” means any person, including any counterparty as defined in § 6952(1) of this title, that is insured by a sponsored captive insurance company, where the losses of the participant are limited through a participant contract to the participant's pro rata share of the assets of 1 or more protected cells identified in the participant contract. (2) “Participant contract” means a contract by which a sponsored captive insurance company insures the risks of 1 or more participants, and limits the losses of each participant to its pro rata share of the assets of 1 or more protected cells identified in the participant contract, including an SPFC contract as defined in § 6952 of this title. (3) “Protected cell” means a separate and distinct account established and maintained by or on behalf of a sponsored captive insurance company in which assets, including assets invested pursuant to § 6937 of this title, are accounted for and recorded for 1 or more participants in accordance with the terms of 1 or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts. (4) “Sponsor” means a person qualifying as a sponsor under § 6935 of this title. (5) “Sponsored captive insurance company” means a captive insurance company, including a special purpose financial captive insurance company as defined in § 6952 of this title:  a. Of which the minimum capital and surplus required by this chapter is provided by 1 or more sponsors; b. That is licensed under the provisions of this chapter; c. That insures the risks of its participants only, through separate participant contracts; and d. That funds its liability to each participant through 1 or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company's general account.75 Del. Laws, c. 150, §  1;  76 Del. Laws, c. 161, §  12;
18 DE Code § 6933. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6933. Supplemental license application materials.

§ 6933. Supplemental license application materials. In addition to the information required by § 6903(c) of this title, each applicant sponsored captive insurance company shall file with the Commissioner the following:  (1) Materials demonstrating to the satisfaction of the Commissioner how the applicant will report to the Commissioner on, and account for, the loss and expense experience of each protected cell; (2) A statement acknowledging that all financial records of the sponsored captive insurance company, including records pertaining to any protected cells, shall be made available for inspection or examination by the Commissioner or the Commissioner's designated agent; (3) All contracts or sample contracts between the sponsored captive insurance company and any participants; and (4) Evidence that expenses shall be allocated to each protected cell in a fair and equitable manner.75 Del. Laws, c. 150, §  1;
18 DE Code § 6935. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6935. Qualification of sponsors.

§ 6935. Qualification of sponsors. A sponsor of a sponsored captive insurance company shall be an insurer (including a reinsurer) licensed under the laws of this State or any other state, a captive insurance company licensed under this chapter, or any other person approved by the Commissioner. A risk retention group shall not be a sponsor of a sponsored captive insurance company, and a risk retention group may be a participant of a sponsored captive insurance company only to the extent that it is the sole participant of 1 or more protected cells. 75 Del. Laws, c. 150, §  1;
18 DE Code § 6936. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6936. Participants in sponsored captive insurance companies.

§ 6936. Participants in sponsored captive insurance companies. (a) Any person may be a participant in any sponsored captive insurance company. (b) A sponsor may be a participant in a sponsored captive insurance company. (c) A participant need not be an owner of the sponsored captive insurance company or any affiliate thereof. (d) Except as otherwise approved by the Commissioner, a participant may insure through a sponsored captive insurance company only its own risks and the risks of its affiliates who are participants. 75 Del. Laws, c. 150, §  1;
18 DE Code § 6937. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6937. Investments by sponsored captive insurance companies.

§ 6937. Investments by sponsored captive insurance companies. (a) Notwithstanding the provisions of § 6934 of this title, a sponsored captive insurance company may combine the assets of 2 or more protected cells for purposes of investing those assets. Such a combination of assets may not be construed as defeating the segregation of assets for purposes of §§ 6934 and 6938 of this title, or for accounting or other purposes. Sponsored captive insurance companies must comply with:  (1) The investment requirements contained in Chapter 13 of this title, as applicable; or (2) Investment requirements as may be approved by the Commissioner upon application by a sponsored captive insurance company; or (3) In the case of a sponsored captive insurance company that is also a special purpose financial captive insurance company, the investment requirements contained in § 6910(b) of this title. (b) Compliance with the investment requirements set forth in paragraphs (a)(1) and (a)(2) of this section must be waived for sponsored captive insurance companies to the extent that credit for reinsurance ceded to reinsurers is allowed pursuant to § 6911 of this title or to the extent otherwise considered reasonable and appropriate by the Commissioner. 75 Del. Laws, c. 150, §  1;  76 Del. Laws, c. 161, §  13;
18 DE Code § 6938. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter II. Sponsored Captive Insurance Companies|§ 6938. Delinquency of sponsored captive insurance companies.

§ 6938. Delinquency of sponsored captive insurance companies. The provisions of § 6918 of this title shall apply to a sponsored captive insurance company and to each protected cell of the sponsored captive insurance company, provided:  (1) The assets of a protected cell may not be used to pay any expenses or claims other than those attributable to such protected cell; and (2) The minimum capital and surplus of the sponsored captive insurance company shall at all times be available to pay any expenses of or claims against the sponsored captive insurance company.75 Del. Laws, c. 150, §  1;  77 Del. Laws, c. 252, §  12;
18 DE Code § 6951. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6951. Purpose.

§ 6951. Purpose. This subchapter provides for the authorization of special purpose financial captive insurance companies empowered to issue securities and otherwise access financial markets and alternative sources of capital through securitizations and other transactions. The intent of this subchapter is to provide for an authorization process for special purpose financial captive insurance companies that is both thorough and swift, and for the ongoing regulation of such companies that recognizes and accommodates the special purpose nature of such entities. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6953. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6953. Application of subchapter.

§ 6953. Application of subchapter. (a) Except as otherwise provided, subchapters I, II, and IV of this chapter apply under this subchapter to special purpose financial captive insurance companies. (b) The Commissioner, by rule or order, at the Commissioner's discretion and on a case-by-case basis, may exempt a special purpose financial captive insurance company, or 1 or more protected cells of a special purpose financial captive insurance company that is also a sponsored captive insurance company, from 1 or more of the provisions of this chapter. (c) This subchapter is not intended to limit the transactions in which a captive insurance company other than a special purpose financial captive insurance company may engage, and this subchapter does not apply to any such other captive insurance company. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6954. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6954. Application requirements.

§ 6954. Application requirements. In addition to the items required under § 6903 of this title and, as applicable, under § 6933 of this title, a special purpose financial captive insurance company's plan of operation must include the following:  (1) A description of the contemplated special purpose financing transaction and the SPFC contract; (2) Copies, or, at the discretion of the Commissioner, a written summary, of all material agreements, instruments or documents, including, without limitation, opinions of Delaware legal counsel regarding compliance of the SPFC contract and the special purpose financing transaction with the requirements of this chapter, that are to be entered into or required to effectuate the SPFC contract and the special purpose financing transaction, which must include:  a. The name of the counterparty; b. The nature of the risks being assumed; c. The proposed use of protected cells, if any; and d. The amounts, purpose, nature and interrelationships of the various transactions required to effectuate the SPFC contract and the special purpose financing transaction; (3) The proposed investment policy of the special purpose financial captive insurance company and a description of its proposed investment strategy; (4) A description of the underwriting, reporting, and claims payment methods by which losses covered by the SPFC contract are to be reported, accounted for, and settled; and (5) Pro forma balance sheets, income statements, and other financial projections demonstrating the performance of the special purpose financial captive insurance company pursuant to the SPFC contract under such stress case scenarios as may be required by the Commissioner.76 Del. Laws, c. 161, §  15;
18 DE Code § 6956. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6956. Securities of special purpose financial captive insurance companies.

§ 6956. Securities of special purpose financial captive insurance companies. (a) A special purpose financial captive insurance company may:  (1) 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 (2) Submit to the Commissioner periodic written requests for the advance approval by the Commissioner of the special purpose financial captive insurance company's making payments of interest on and repayments of principal of surplus notes. (b) The Commissioner may approve, in advance, ongoing interest payments or principal repayments, or both, by the special purpose financial captive insurance company, provided that the interest payments or principal repayments, or both, are made in accordance with the plan of operation and formulas contained in the plan of operation. (c) Notwithstanding the provisions of subsection (b) of this section, payment of interest or repayment of principal may not be made without the approval of the Commissioner if the operation or financial condition of the special purpose financial captive insurance company deviates from the formula approved by the Commissioner pursuant to subsection (b) of this section or if the payment of interest or repayment of principal threatens the solvency or liquidity of the special purpose financial captive insurance company. (d) A security issued by a special purpose financial captive insurance company is not subject to regulation as an insurance contract. An investor in these securities or a holder of these securities is not considered to be transacting the business of insurance in this State solely by reason of having an interest in these securities. The underwriter's placement or selling agents and their partners, commissioners, officers, members, managers, employees, agents, representatives, and advisors involved in a special purpose financing transaction by a special purpose financial captive insurance company are not considered to be insurance producers or to be conducting business as an insurance company or as an insurance agency, brokerage, intermediary, advisory, or consulting business solely by virtue of their underwriting activities in connection with the special purpose financing transaction. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6958. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6958. Dividends and distributions.

§ 6958. Dividends and distributions. (a) A special purpose financial captive insurance company may declare and pay dividends or other distributions to equity holders if the dividends or other distributions do not violate the provisions of this chapter, or jeopardize the fulfillment of the obligations of the special purpose financial captive insurance company pursuant to the special purpose financing transaction or the SPFC contract, or threaten the solvency or liquidity of the special purpose financial captive insurance company. (b) A special purpose financial captive insurance company may not declare or pay any dividend or other distribution to equity holders if the dividend or distribution violates the terms of the special purpose financing transaction, and may not declare or pay any dividend or other distribution to equity holders which decreases the capital and surplus of the special purpose financial captive insurance company below the minimum amount required under § 6905 of this title. (c) The Commissioner may approve, in advance, a special purpose financial captive insurance company's declaring and paying, on an ongoing basis, dividends or other distributions, or both, to equity holders, provided that each dividend or other distribution is made in accordance with the plan of operation and formulas contained in the plan. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6959. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6959. Delinquency.

§ 6959. Delinquency. (a) Sections 6918 and 6938 of this title apply to any special purpose financial captive insurance company except as otherwise provided in this section. (b) Any delinquency proceeding pursuant to Chapter 59 of this title, or any temporary restraining order or injunction issued pursuant thereto with respect to a counterparty, may not prohibit the transaction of business by a special purpose financial captive insurance company, including its performance of its obligations under a special purpose financing transaction, or any action or proceeding against a special purpose financial captive insurance company or its assets. (c) The commencement of a summary proceeding with respect to a special purpose financial captive insurance company, and any order issued by the court in such a summary proceeding, may not prohibit payments by the special purpose financial captive insurance company or any action required to make the payment, provided that the payments:  (1) Are made pursuant to a special purpose financing transaction or an SPFC contract: and (2) Are consistent with the special purpose financial captive insurance company's plan of operation, its certificate of authority, and any order issued in connection therewith, as they may be amended from time to time. (d) Notwithstanding any other provisions of this title or other laws of this State:  (1) A receiver of a counterparty may not take action seeking to void, and has no authority to void, a nonfraudulent transfer by a counterparty to a special purpose financial captive insurance company of money or other property made pursuant to an SPFC contract; and (2) A receiver of a special purpose financial captive insurance company may not take action seeking to void, and has no authority to void, a nonfraudulent transfer by the special purpose financial captive insurance company of money or other property made to a counterparty pursuant to an SPFC contract or made pursuant to a special purpose financing transaction. (e) Notwithstanding any other provision of this title or other laws of this State, the assets of a special purpose financial captive insurance company, including assets held in trust for the benefit of the counterparty, may not be consolidated with or included in the estate of a counterparty in any bankruptcy, insolvency, delinquency, or similar proceeding against the counterparty. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6960. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6960. Discount on reserves; report on reserves.

§ 6960. Discount on reserves; report on reserves. (a) A special purpose financial captive insurance company shall file annually with the Commissioner an actuarial opinion on reserves provided by an approved independent actuary. (b) A special purpose financial captive insurance company may discount its reserves in accordance with the actuarial opinion filed under this section, subject to review by the Commissioner. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6961. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6961. Certain actions by the Commissioner.

§ 6961. Certain actions by the Commissioner. Other than under § 6959 of this title, the Commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending, revoking, amending, or modifying its certificate of authority or any order issued in connection therewith. The notice must state the basis for the suspension, revocation, amendment, or modification. The special purpose financial captive insurance company must be afforded the opportunity for a hearing and all rights provided pursuant to the provisions of the Administrative Procedures Act, Chapter 101 of Title 29. 76 Del. Laws, c. 161, §  15;
18 DE Code § 6962. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 69. Captive Insurance Companies|Subchapter III. Special Purpose Financial Captive Insurance Companies|§ 6962. Books and records.

§ 6962. Books and records. Notwithstanding § 6907 of this title, a special purpose financial captive insurance company shall calculate reserves and otherwise report using statutory accounting principles, unless the Commissioner requires, approves, or accepts the use of generally accepted accounting principles or international accounting standards, in either case with any appropriate or necessary modifications or adaptations thereof required or approved or accepted by the Commissioner, and as supplemented by additional information required by the Commissioner. 76 Del. Laws, c. 161, §  15;