reglab/housing_qa huggingface dataset:
18 DE Code § 914. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 9. Kinds of Insurance; Limits of Risk; Reinsurance|Subchapter III. Reinsurance|§ 914. Additional requirements.

§ 914. Additional requirements. (a) Notwithstanding any other provision of § 911 or § 912 of this title, no credit shall be allowed as an admitted asset or deduction from liability unless the reinsurance agreement provides that in the event of insolvency of the ceding insurer, reinsurance proceeds shall be paid under a contract or contracts reinsured by the assuming insurer on the basis of the amount of the claim allowed in the insolvency proceeding without diminution by reason of the inability of the ceding insurer to pay all or any part of the claim. For all ceding insurers which are subject to liquidation proceedings pursuant to Chapter 59 of this title on or before December 31, 1999, such payments shall be made directly to the domiciliary liquidator. For all other ceding insurers, including ceding insurers under supervision or rehabilitation proceedings under Chapter 59 of this title as of December 31, 1999, subject to the provisions of subchapter II (Summary Proceedings) of Chapter 59 of this title, such payments shall be made directly to the ceding insurer or to its domiciliary liquidator, except:  (1) Where the contract or other written agreement between the ceding insurer and the assuming insurer specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer; provided, however, that the exception set forth in this paragraph shall only apply to the extent that the re-insurance proceeds due such payee are actually paid by the assuming insurer; or (2) Where the assuming insurer, with the consent of the direct insured or insureds, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in full and complete substitution for the obligations of the ceding insurer to such payees. (b) Upon request of the Commissioner an insurer shall promptly inform the Commissioner in writing of the cancellation or any other material change of any of its reinsurance treaties or arrangements. 68 Del. Laws, c. 58, §  5;  72 Del. Laws, c. 405, §  1;
18 DE Code § 915. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 9. Kinds of Insurance; Limits of Risk; Reinsurance|Subchapter III. Reinsurance|§ 915. Rules and regulations.

§ 915. Rules and regulations. The Commissioner may adopt rules and regulations implementing the provisions of this law. 68 Del. Laws, c. 58, §  6;  78 Del. Laws, c. 364, §  5;
18 DE Code § 916. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 9. Kinds of Insurance; Limits of Risk; Reinsurance|Subchapter III. Reinsurance|§ 916. Reinsurance agreements affected.

§ 916. Reinsurance agreements affected. 78 Del. Laws, c. 364 shall apply to all cessions after July 27, 2012, under reinsurance agreements that have an inception, anniversary or renewal date after January 27, 2013. 83 Del. Laws, c. 104 shall apply to all cessions after July 30, 2021, under reinsurance agreements that have an inception, anniversary or renewal date after January 30, 2022. 78 Del. Laws, c. 364, §  6;  83 Del. Laws, c. 104, § 1;
18 DE Code § 918. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 9. Kinds of Insurance; Limits of Risk; Reinsurance|Subchapter IV. Exemptions|§ 918. Exemption from insurance regulation.

§ 918. Exemption from insurance regulation. The offering, sale, or issuance of a service contract, vehicle theft protection product warranty, or maintenance agreement shall not be considered insurance or subject to the insurance laws of this State unless made expressly applicable thereto. 82 Del. Laws, c. 71, § 1;
18 DE Code § 1102. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter I. Assets|§ 1102. Assets not allowed.

§ 1102. Assets not allowed. In addition to assets impliedly excluded by § 1101 of this title, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:  (1) Trade names and other like intangible assets; (2) Advances to officers (other than policy loans) whether secured or not, and advances to employees, agents and other persons on personal security only; (3) Stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation or business unit; (4) Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies (other than data processing, recordkeeping and accounting systems authorized under § 1101(13) of this title) and except in the case of title insurers such materials and plants as the insurer is expressly authorized to invest in under § 1322 of this title [repealed]; and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to Chapter 13 of this title, or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office and similar purposes; (5) The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this title; (6) With respect to an insurance division of a bank or trust company established pursuant to § 767(a) of Title 5, any assets of the bank or trust company other than those entered on the separate and distinct financial records of such division.18 Del. C. 1953, §  1102;  56 Del. Laws, c. 380, §  1;  67 Del. Laws, c. 223, §  21;  74 Del. Laws, c. 214, §  4;
18 DE Code § 1102A. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter I. Assets|§ 1102A. Bank insurance department or division distinct from bank.

§ 1102A. Bank insurance department or division distinct from bank. The assets of any insurance department or division of a bank or trust company established pursuant to § 767(a) of Title 5 shall be liable for and applicable to the payment and satisfaction of the liabilities, obligations and expenses of such insurance department or division only. The liabilities, obligations and expenses of any such insurance department or division shall be applied against and paid and satisfied solely out of the assets of such insurance department or division. 67 Del. Laws, c. 223, §  22;
18 DE Code § 1103. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1103. Liabilities, in general.

§ 1103. Liabilities, in general. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:  (1) The amount of its capital stock outstanding, if any, or capital account required by § 511(a) of this title; (2) The amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof; (3) With reference to life insurance policies and annuity contracts, and disability and accidental death benefits in or supplemental thereto:  a. The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto; b. Reserves for disability benefits, for both active and disabled lives; c. Reserves for accidental death benefits; d. Any additional reserves which may be required by the Commissioner consistent with applicable customary and general practice in insurance accounting; (4) As to health insurance policies, the reserves required under § 1108 of this title; (5) With reference to insurance other than specified in paragraphs (3) and (4) of this section above, and other than title insurance, the amount of the unearned premium reserves computed in accordance with this subchapter; (6) Taxes, expenses and other obligations due or accrued at the date of the statement; (7) With respect to an insurance division of a bank or trust company established pursuant to § 767(a) of Title 5, only those liabilities enumerated in this section which are entered on the separate and distinct financial records of such department or division.18 Del. C. 1953, §  1103;  56 Del. Laws, c. 380, §  1;  67 Del. Laws, c. 223, §§  23, 24;
18 DE Code § 1104. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1104. Reserves of domestic insurers transacting business in foreign countries only.

§ 1104. Reserves of domestic insurers transacting business in foreign countries only. A domestic insurer transacting insurance in foreign countries only, and not transacting insurance in any state as defined in § 103 of this title, may calculate its reserves on insurance written in each foreign jurisdiction in accordance with the reserve standards required by such jurisdiction; and negotiation and issuance of insurance on subjects of insurance resident, located or to be performed in such foreign jurisdiction, and changes in, communications concerning, and collection of premiums on insurance so issued shall not be deemed to constitute the transaction of insurance in any such state. 18 Del. C. 1953, §  1104;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1105. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1105. Disallowance of “wash” transactions.

§ 1105. Disallowance of “wash” transactions. (a) The Commissioner shall disallow as an asset or as a credit against liabilities any reinsurance found by him or her after a hearing thereon to have been arranged for the purpose principally of deception as to the ceding insurer's financial condition as at the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, reinsurance of any substantial part of the insurer's outstanding risks contracted for in fact within 4 months prior to the date of any such financial statement and cancelled in fact within 4 months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or chance of net loss to itself, shall prima facie be deemed to have been arranged principally for the purpose of deception. (b) The Commissioner shall disallow as an asset any deposit, funds or other assets of the insurer found by him or her after a hearing thereon:  (1) Not to be in good faith the property of the insurer; and (2) Not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies; and (3) To be resulting from arrangements made principally for the purpose of deception as to the insurer's financial condition as at the date of any financial statement of the insurer. (c) The Commissioner may suspend or revoke the certificate of authority of any insurer which has knowingly been a party to any such deception or attempt thereat. 18 Del. C. 1953, §  1105;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
18 DE Code § 1106. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1106. Unearned premium reserve.

§ 1106. Unearned premium reserve. (a) As to property, casualty and surety insurance the insurer shall maintain an unearned premium reserve on all policies in force. (b) Except as provided in § 1107 of this title as to marine and transportation risks, the unearned premium shall be equal to the unearned portion of gross premiums in force (after deduction of applicable reinsurance in solvent insurers) computed on an annual, monthly or more frequently pro rata basis. 18 Del. C. 1953, §  1106;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1107. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1107. Unearned premium reserve for marine and transportation insurance.

§ 1107. Unearned premium reserve for marine and transportation insurance. As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned, and the Commissioner may require the insurer to carry a reserve equal to 100% of premiums on trip risks written during the month ended as of the date of statement. 18 Del. C. 1953, §  1107;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1108. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1108. Health insurance policy reserves.

§ 1108. Health insurance policy reserves. For all health insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the Commissioner and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies. 18 Del. C. 1953, §  1108;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1109. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1109. Title insurance reserves.

§ 1109. Title insurance reserves. In addition to an adequate reserve as to outstanding losses as required under § 1103 of this title, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:  (1) Ten percent of the total amount of the risk portion of premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; (2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5% of the original amount of such reserve.18 Del. C. 1953, §  1109;  56 Del. Laws, c. 380, §  1;
18 DE Code § 1110. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter II. Liabilities and Reserves|§ 1110. Mortgage guaranty contingency reserve.

§ 1110. Mortgage guaranty contingency reserve. Casualty or surety insurers insuring real property mortgage lenders against loss by reason of nonpayment of the mortgage indebtedness by the borrower shall maintain a contingency reserve for the protection of policyholders against the effects of adverse economic cycles. 18 Del. C. 1953, §  1110;  56 Del. Laws, c. 380, §  1;  74 Del. Laws, c. 214, §  5;
18 DE Code § 1111. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1111. Title and definitions.

§ 1111. Title and definitions. (a) This subchapter III shall be known as the “Standard Valuation Law” (the “Act”). (b) For purposes of the Act, the following definitions shall apply on or after the operative date of the valuation manual:  (1) “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. (2) “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in § 1113(b) of this title. (3) “Company” means an entity, which (A) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts or deposit-type contracts in this State and has at least 1 such policy in force or on claim or (B) has written, issued or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this State. (4) “Deposit-type contract” means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual. (5) “Life insurance” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. (6) “NAIC” means the National Association of Insurance Commissioners. (7) “Policyholder behavior” means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this Act including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. (8) “Principle-based valuation” means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with § 1122 of this title as specified in the valuation manual. (9) “Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual. (10) “Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. (11) “Valuation manual” means the manual of valuation instructions adopted by the NAIC as specified in this Act or as subsequently amended.80 Del. Laws, c. 117, §  1;
18 DE Code § 1112. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1112. Reserve valuation.

§ 1112. Reserve valuation. (a) Policies and contracts issued prior to the operative date of the valuation manual. — (1) The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after 1968 and prior to the operative date of the valuation manual, except that in the case of an alien insurer such valuation shall be limited to its insurance transactions in the United States. In calculating reserves, the Commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company, the Commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this Act. (2) The provisions set forth in §§ 1114, 1114A, 1114B, 1115, 1115A, 1116, 1117, 1118, 1119, and 1120 of this title shall apply to all policies and contracts, as appropriate, subject to this Act issued on or after 1968 and prior to the operative date of the valuation manual and the provisions set forth in §§ 1121 and 1122 of this title shall not apply to any such policies and contracts. (3) The minimum standard for the valuation of policies and contracts issued prior to 1968 shall be that provided by the laws in effect immediately prior to that date. (b) Policies and contracts issued on or after the operative date of the valuation manual. — (1) The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the Commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this Act. (2) The provisions set forth in §§ 1121 and 1122 of this title shall apply to all policies and contracts issued on or after the operative date of the valuation manual.80 Del. Laws, c. 117, §  1;
18 DE Code § 1115A. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1115A. Reserve valuation method—Annuity and pure endowment benefits.

§ 1115A. Reserve valuation method—Annuity and pure endowment benefits. (a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code [26 U.S.C. § 408], as now or hereafter amended. (b) Reserves according to the Commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1116. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1116. Minimum reserves.

§ 1116. Minimum reserves. (a) In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after 1968, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 1115, 1115A, 1118 and 1119 of this title and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies. (b) In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by § 1113 of this title. 80 Del. Laws, c. 117, §  1;