reglab/housing_qa huggingface dataset:
18 DE Code § 1302. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1302. Eligible investments.

§ 1302. Eligible investments. (a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this chapter. (b) Any particular investment held by an insurer on November 1, 1968, which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to such date, shall be deemed to be an eligible investment. (c) An investment qualified, in whole or in part, for acquisition or holding as an eligible investment may be qualified or requalified at the time of acquisition or at a later date, in whole or in part, under any section of this chapter, if the relevant conditions contained in the section are satisfied at the time of qualification or requalification. In order for an investment, subsequent to the time of its acquisition, to be qualified or requalified, prior written approval of the Commissioner must be obtained. (d) Unless otherwise specified, an investment limitation computed on the basis of an insurer's admitted assets or capital and surplus shall relate to the amount required to be shown on the statutory balance sheet of the insurer most recently required to be filed with the Commissioner or as shown by a current financial statement resulting from merger of another insurer, bulk reinsurance, or change in capitalization. For purposes of computing any limitation based upon admitted assets, the insurer shall deduct from the amount of its admitted assets the amount of the liability recorded on its statutory balance sheet for:  (1) The return of acceptable collateral received in a reverse repurchase transaction or a securities lending transaction; (2) Cash received in a dollar roll transaction; and (3) The amount reported as borrowed money in the most recently filed financial statement, to the extent not included in paragraphs (d)(1) and (2) of this section. (e) An insurer shall not invest in:  (1) Corporate obligations under § 1308 (c)(5) of this title; (2) Bonds, notes or other evidences of indebtedness secured by second mortgages or deeds of trust under § 1323(a) of this title; (3) Participations under § 1323(e) of this title; (4) Secured obligations of institutions under § 1331 of this title; or (5) Production payments under § 1332 of this title; Unless such insurer possesses unimpaired capital and surplus (contributed and assigned) of not less than $7,500,000 (as shown by the insurer's annual statement as of December 31 next preceding the date of acquisition), which amount shall be invested in investments permitted under this chapter other than those specified in this subsection or § 1320 (miscellaneous investments) of this title. 18 Del. C. 1953, §  1302;  56 Del. Laws, c. 380, §  1;  63 Del. Laws, c. 363, §  19;  70 Del. Laws, c. 108, §§  1, 2;  71 Del. Laws, c. 202, §§  1, 2;
18 DE Code § 1304. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1304. Authorization; record of investments.

§ 1304. Authorization; record of investments. An insurer shall not make any investment or loan (other than policy loans or annuity contract loans of a life insurer) unless the same is authorized or approved by the insurer's board of directors or by a committee thereof charged with supervision of investments and loans. The insurer shall maintain a full record of each investment. 18 Del. C. 1953, §  1304;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  3;
18 DE Code § 1306. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1306. Public obligations.

§ 1306. Public obligations. An insurer may invest in bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any state thereof, or by Canada or any of the provinces thereof, or by any county, city town, village, municipality or district therein or by any political subdivision thereof or by a public instrumentality of 1 or more of the foregoing, and in any such obligations issued, assumed or guaranteed by the federal government of Mexico, if, by statutory or other legal requirements applicable thereto, such obligations are payable, as to both principal and interest, from (1) taxes levied or required to be levied upon all taxable property or all taxable income within the jurisdiction of such governmental unit, or from (2) adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment; but not including any obligation payable solely out of special assessments on properties benefited by local improvements, unless adequate security is evidenced by the ratio of assessment to the value of the property or the obligation is additionally secured by an adequate guaranty fund required by law. 18 Del. C. 1953, §  1306;  56 Del. Laws, c. 380, §  1;  63 Del. Laws, c. 363, §  17;
18 DE Code § 1307. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1307. Obligations and stock of certain federal and international agencies.

§ 1307. Obligations and stock of certain federal and international agencies. An insurer may invest in the obligations and/or stock where stated, issued, assumed or guaranteed by the following agencies of the government of the United States of America, or in which such government is a participant, whether or not such obligations are guaranteed by such government:  (1) Farm Loan Bank. (2) Commodity Credit Corporation. (3) Federal intermediate credit banks. (4) Federal land banks. (5) Central Bank for Cooperatives. (6) Federal home loan banks, and stock thereof. (7) Federal National Mortgage Association, and stock thereof. (8) International Bank for Reconstruction and Development. (9) Inter-American Development Bank. (10) Asian Development Bank. (11) African Development Bank. (12) Any other similar agency of, or participated in by, the government of the United States of America and of similar financial quality.18 Del. C. 1953, §  1307;  56 Del. Laws, c. 380, §  1;  58 Del. Laws, c. 158;  59 Del. Laws, c. 79, §  7;  66 Del. Laws, c. 20, §  1;
18 DE Code § 1310. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1310. Preferred or guaranteed stocks.

§ 1310. Preferred or guaranteed stocks. An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or of Canada, or of any state or province thereof, if all of the prior obligations and prior preferred stocks, if any, of such institution at the date of acquisition of the investment by the insurer are eligible as investments under this chapter and are rated 1 or 2 by the SVO or if the net earnings of such institution available for its fixed charges during either of the last 2 years have been, and during each of the last 5 years have averaged, not less than 11/2 times the sum of its average annual fixed charges, if any, its average annual maximum contingent interest, if any, and its average annual preferred dividend requirements. For the purposes of this section such computation shall refer to the fiscal years immediately preceding the date of acquisition of the investment by the insurer, and the term “preferred dividend requirement” shall be deemed to mean cumulative or noncumulative dividends, whether paid or not. 18 Del. C. 1953, §  1310;  56 Del. Laws, c. 380, §  1;  71 Del. Laws, c. 202, §  8;
18 DE Code § 1311. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1311. Common stocks; limited partnerships.

§ 1311. Common stocks; limited partnerships. An insurer may invest in common stocks, other than insurance stocks, of any solvent institution organized and existing under the laws of the United States or Canada, or of any state or province thereof, if during a period of 7 fiscal years next preceding the date of acquisition by such insurer the institution had aggregate net earnings available for the payment of dividends upon its common stock of no less than the aggregate sum which would have been sufficient to pay dividends of 4% per annum upon the par value (or in the case of common stocks without par value, upon the stated capital) of all of its shares of common stock outstanding during such period. As used in this section the term “common stock” includes transferable certificates of participation in business trusts and statutory trusts. An insurer may invest in or otherwise acquire and hold a limited partnership interest in any limited partnership formed pursuant to the laws of any state or the United States of America. No limited partnership interest shall be acquired under this section if the cost thereof would exceed 2% of the assets of such insurer nor if such cost, plus the book value on the date of such acquisition of all limited partnership interest then held by such insurer and acquired under this section, would exceed 10% of such assets. 18 Del. C. 1953, §  1311;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  14;  63 Del. Laws, c. 363, §  8;  73 Del. Laws, c. 329, §  62;
18 DE Code § 1312. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1312. Insurance stocks.

§ 1312. Insurance stocks. (a) An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of §§ 1310 (preferred or guaranteed stock) and 1311 (common stocks) of this title. (b) With the Commissioner's advance written consent an insurer may acquire and hold the controlling interest in the outstanding voting stock of another stock insurer formed under the laws of this or another state. All stocks under this subsection shall be subject to the limitation as to amount as provided in § 1313 of this title. The Commissioner shall not give his or her consent to any such acquisition if the Commissioner finds that it would not be in the best interests of the insurers involved, or of their respective policyholders or stockholders, or that such acquisition would materially tend to lessen competition or to result in any monopoly in the insurance business. 18 Del. C. 1953, §  1312;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 1314. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1314. Common trust funds; mutual funds.

§ 1314. Common trust funds; mutual funds. An insurer may invest in:  (1) A bank's common trust fund as defined in § 584 of the United States Internal Revenue Code of 1954 [26 U.S.C. § 584]; and (2) The securities of any open-end or closed-end management type investment company or investment trust registered with the Federal Securities and Exchange Commission under the Investment Company Act of 1940 [15 U.S.C. § 80a-1 et seq.] as from time to time amended, if such investment company or trust has assets of not less than $25,000,000 as at date of investment by the insurer.18 Del. C. 1953, §  1314;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  16;
18 DE Code § 1315. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1315. Bankers' acceptances; bills of exchange.

§ 1315. Bankers' acceptances; bills of exchange. An insurer may invest in bankers' acceptances and bills of exchange of the kinds and maturities made eligible by law for rediscount with Federal Reserve Banks, and generally accepted by banks or trust companies which are members of the Federal Reserve System. 18 Del. C. 1953, §  1315;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1316. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1316. Equipment trust certificates.

§ 1316. Equipment trust certificates. An insurer may invest in equipment trust obligations or certificates adequately secured and evidencing an interest in transportation equipment used wholly or in part within the United States of America or Canada, which obligations or certificates carry the right to receive determined portions of rental, purchase or other fixed obligatory payments to be made for the use or purchase of such transportation equipment. 18 Del. C. 1953, §  1316;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  17;
18 DE Code § 1317. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1317. Policy loans.

§ 1317. Policy loans. A life insurer may lend to its policyholder upon pledge of the policy as collateral security any sum not exceeding the cash surrender value of the policy, or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, so long as the loan is adequately secured by such pledge or assignment. Loans so made are eligible investments of the insurer. 18 Del. C. 1953, §  1317;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1318. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1318. Collateral loans.

§ 1318. Collateral loans. An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 100% of the market value of such collateral pledged. The amount so loaned shall be included pro rata in determining the maximum percentage of funds permitted under this chapter to be invested in the respective categories of securities so pledged. 18 Del. C. 1953, §  1318;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  18;
18 DE Code § 1319. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1319. Savings and share accounts.

§ 1319. Savings and share accounts. An insurer may invest in share or savings accounts of savings and loan or building and loan associations, or in savings accounts of banks; and in any 1 such institution only to the extent that the investment is insured by the federal savings and loan insurance corporation or the federal deposit insurance corporation. 18 Del. C. 1953, §  1319;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1320. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1320. Miscellaneous investments.

§ 1320. Miscellaneous investments. (a) An insurer may make loans or investments not otherwise expressly permitted under this chapter, in an aggregate amount not over 10% of the insurer's assets, if such loan or investment fulfills the requirements of § 1303 of this title and otherwise qualifies as a sound investment. No such loan or investment shall be represented by:  (1) Any item described in § 1102 (assets not allowed) of this title, or any loan or investment otherwise expressly prohibited; (2) Agents' balances or amounts advanced to or owing by agents, except as to policy loans, mortgage loans and collateral loans otherwise authorized under this chapter; (3) Loans or investments expressly eligible under any other provision of this chapter; (4) Any asset theretofore acquired or held by the insurer under any other category of loans or investments eligible under this chapter. (b) The insurer shall keep a separate record of all loans and investments made under this section. 18 Del. C. 1953, §  1320;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §§  19, 20;
18 DE Code § 1322. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1322. Special investments of title insurers.

§ 1322. Special investments of title insurers. Repealed by 74 Del. Laws, c. 214, § 6, effective March 30, 2004.
18 DE Code § 1324. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1324. Real estate.

§ 1324. Real estate. (a) A domestic insurer may invest in real estate only if used for the purposes or acquired in the manners, and within the limits, as follows:  (1) The building in which it has its principal office, the land upon which the building stands, and such other real estate as may be requisite for the insurer's convenient accommodation in the transaction of its business. The amount so invested and apportioned as to space actually so occupied or used shall not aggregate more than 10% of the insurer's assets; (2) Real estate acquired in satisfaction of loans, mortgages, liens, judgments, decrees or debts previously owing to the insurer in the due course of its business; (3) Real estate acquired in part payment of the consideration on the sale of other real estate owned by it, if such transaction shall have effected a net reduction in the insurer's investments in real estate; (4) Real estate acquired by gift or devise, or through merger, consolidation or bulk reinsurance of another insurer under this title; (5) The seller's interest in real estate subject to an agreement of purchase or sale, but the sum invested in any such interest shall not exceed 2/3 of the fair value of such parcel; (6) Additional real estate and equipment incident thereto, if necessary or convenient for the purpose of enhancing the sale or other value of real estate previously acquired or held under this section. Such real estate and equipment, together with the real estate for the enhancement of which it was acquired, shall be included, for the purpose of applicable investment limits, and shall be subject to disposal under § 1325 of this title at the same time and under the same conditions as apply to such enhanced real estate; (7) Real estate, or any interest therein, acquired or held by purchase, lease or otherwise, acquired as an investment for production of income, or acquired to be improved or developed for such investment purposes pursuant to an existing program therefor. The insurer may hold, mortgage, improve, develop, maintain, manage, lease, sell, convey and otherwise dispose of real estate acquired by it under this provision. An insurer shall not have at any 1 time invested in real estate under this paragraph more than 15% of its assets. Real estate to be used primarily for agricultural, ranch, mining, development of oil and mineral resources, recreational, amusement, hotel, motel or club purposes shall in total not exceed 10% of an insurer's assets. (b) All real estate owned by a domestic insurer under this section, other than as to seller's interest specified in paragraph (a)(5) of this section, shall not at any 1 time exceed 25% of the insurer's assets. 18 Del. C. 1953, §  1325;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §§  25, 26;  63 Del. Laws, c. 363, §  14;
18 DE Code § 1325. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1325. Time limit for disposal of real estate.

§ 1325. Time limit for disposal of real estate. (a) Except as stated in subsection (b) of this section, or unless the insurer elects to hold the real estate as an investment under § 1324(a)(7) of this title:  (1) An insurer shall dispose of real estate acquired under § 1324(a)(1) of this title within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business; (2) An insurer shall dispose of real estate acquired under § 1324(a)(2), (3) and (4) of this title within 5 years after the date of acquisition, unless used or to be used for the insurer's accommodation under § 1324 (a)(1) of this title. (b) The Commissioner may by order grant, from time to time, reasonable extensions of the period, as specified in any such order, within which an insurer shall dispose of any particular parcel of such real estate. 18 Del. C. 1953, §  1326;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  27;
18 DE Code § 1326. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1326. Time limit for disposal of other ineligible property and securities.

§ 1326. Time limit for disposal of other ineligible property and securities. Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within 5 years from date of acquisition, unless within such period the security has attained to the standard of eligibility; except, that any security or personal property acquired under any agreement of bulk reinsurance, merger or consolidation may be retained for a longer period if so provided in the plan for such reinsurance, merger or consolidation as approved by the Commissioner under Chapter 49 of this title. The Commissioner may by order grant, from time to time, reasonable extensions of the period, as specified in any such order, within which an insurer shall dispose of any such property or security. 18 Del. C. 1953, §  1327;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §§  28, 29;
18 DE Code § 1327. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1327. Failure to dispose of real estate or securities; effect; penalty.

§ 1327. Failure to dispose of real estate or securities; effect; penalty. (a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the Commissioner as provided in §§ 1325 and 1326 of this title, shall not be allowed as an asset of the insurer. (b) The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the Commissioner shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the Commissioner may, by his or her order, specify. 18 Del. C. 1953, §  1328;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 1328. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1328. Prohibited investments and investment underwriting.

§ 1328. Prohibited investments and investment underwriting. (a) In addition to investments excluded pursuant to other provisions of this title, an insurer shall not invest in or lend its funds upon the security of:  (1) Issued shares of its own capital stock, except:  a. For the purpose of mutualization under § 4928 of this title; and b. Where the insurer has first submitted a plan for such investment or loan to the commissioner and the Commissioner has not, within 20 days after such submission or within such additional reasonable period as the Commissioner may request, disapproved such plan as unfair or inequitable to the insurer's policyholders or stockholders; (2) Securities issued by any corporation or enterprise the controlling interest of which is, or will after such acquisition by the insurer be, held directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, subsidiaries or controlling stockholders (other than a parent corporation), and the spouses and children of any of the foregoing individuals. Investments in controlled insurance corporations or subsidiaries under §§ 1312(b) and 1313 of this title are not subject to this provision; (3) Any note or other evidence of indebtedness of any director, officer, employee or controlling stockholder of the insurer or of the spouse, or child of any of the foregoing individuals, except as to policy loans authorized under § 1317 of this title. (b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property of any other person. (c) No insurer shall enter into any agreement to withhold from sale any of its securities or property, and the disposition of its assets shall at all times be within the control of the insurer. 18 Del. C. 1953, §  1329;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1329. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 13. Investments|§ 1329. Investments of foreign insurers.

§ 1329. Investments of foreign insurers. The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers. 18 Del. C. 1953, §  1330;  56 Del. Laws, c. 380, §  1;