reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 18 - Insurance Code › Chapter 5A. PORT-OF-ENTRY FOR FOREIGN INSURANCE COMPANIES › § 566. Additional requirements for U.S. branch license.

§ 566. Additional requirements for U.S. branch license.
(a) Before issuing any new or renewal license to any U.S. branch, the Commissioner may require satisfactory proof, either in the non-U.S. insurer's charter or by an agreement evidenced by a duly certified resolution of its board of directors, or otherwise as the Commissioner may require, that the insurer will not engage in any insurance business in contravention of the provisions of the section or not authorized by its charter.
(b) The Commissioner shall issue a renewal license to any U.S. branch if satisfied, by such proof as required, that the insurer is not delinquent with respect to any requirement imposed by this chapter and that its continuance in business in this State will not be hazardous or prejudicial to the best interests of the people of this State.
(c) No U.S. branch shall be licensed to do in this State any kind of insurance business, or any combination of kinds of insurance business, which are not permitted to be done by domestic insurers licensed under the provisions of this chapter. No U.S. branch shall be authorized to do an insurance business in this State if it does anywhere within the United States any kind of business other than an insurance business and the business necessarily or properly incidental to the kinds of insurance business which it is authorized to do in this State.
(d) Except as otherwise specifically provided, no U.S. branch, entering through this State or another state, shall be or continue to be authorized to do an insurance business in this State if it fails to comply substantially with any requirement or limitation of this chapter, applicable to similar domestic insurers hereafter organized, which in the judgment of the Commissioner is reasonably necessary to protect the interest of the policyholders.
(e) No U.S. branch which does anywhere within the United States any kind or combination of kinds of insurance business not permitted to be done in this State by similar domestic insurers hereafter organized, shall be or continue to be authorized to do an insurance business in this State, unless in the judgment of the Commissioner the doing of such kind or combination of kinds of insurance business will not be prejudicial to the best interests of the people of this State.
(f) No U.S. branch shall be or continue to be authorized to do an insurance business in this State if it fails to keep full and correct entries of its transactions, which shall at all times be open to the inspection of persons invested by law with the rights of inspection and be maintained in its principal office within this State.
80 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 5A. PORT-OF-ENTRY FOR FOREIGN INSURANCE COMPANIES › § 567. Authority of Commissioner.

§ 567. Authority of Commissioner.
Whenever it appears to the Commissioner from any annual or quarterly statement or trusteed surplus statement or any other report that a U.S. branch's trusteed surplus is reduced below minimum capital and surplus or the authorized control level risk based capital, whichever is greater, required to be maintained by a domestic insurer licensed to transact the same kinds of insurance, the Commissioner may proceed against the U.S. branch pursuant to the provisions of Chapter 59 of this title, as an insurer whose condition is such that its further transaction of business in the United States will be hazardous to its policyholders, its creditors or the public in the United States.
80 Del. Laws, c. 159, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 704. Tax on workers' compensation; employer's liability premiums.

§ 704. Tax on workers' compensation; employer's liability premiums.
(a) Every insurance carrier shall pay a tax upon all workers' compensation or employer's liability premiums received in this State or on account of business done in this State at the rate of 2% of the amount of such premiums, which tax shall be in lieu of all other taxes on such premiums.
(b) The insurance carrier shall be credited with all canceled or returned premiums actually refunded during the year on such insurance and premiums on reinsurance received from other insurance carriers, except that mutual insurance companies shall be taxed upon the gross premiums charged and collected and shall not be credited with unabsorbed premiums or dividends.
(c) The taxes imposed by this section shall be collected as provided in § 702(d) and (f) of this title.
18 Del. C. 1953, §  704;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;  73 Del. Laws, c. 266, §  5;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 706. Definitions of terms used in §§ 707-709 of this title.

§ 706. Definitions of terms used in §§ 707-709 of this title.
As used in §§ 707-709 of this title:
(1) “County police” means any police under the control and direction of the Levy Court or County Council of the 3 counties of this State which are separate and apart from any state or municipal police.
(2) “Municipal” means any incorporated city or town.
(3) “Municipal police” means police in any incorporated city or town.
(4) “Police pension fund” means any pension or retirement fund established by law for and on behalf of any state, county or municipal police.
(5) “State police” means that police agency of the State acting under the direction of the State Department of Safety and Homeland Security.
18 Del. C. 1953, §  707;  56 Del. Laws, c. 380, §  1;  67 Del. Laws, c. 327, §  6;  74 Del. Laws, c. 110, §  138;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 707. Special tax on gross premiums for benefit of police.

§ 707. Special tax on gross premiums for benefit of police.
(a) Every insurer transacting insurance within this State, other than workers' compensation insurance and wet marine and transportation insurance, shall, in addition to other taxes, fees and charges required by law, at the same time as the premium tax and estimated payments as provided in § 702 of this title pay to the Commissioner, for the use of the State, 1/4% upon the gross premiums received and assessments collected from insurance of every kind upon persons or on the lives of persons resident in or upon real and personal property located within this State, or upon any other risks insured within this State, by any such insurer or the authorized agent thereof for the calendar year immediately preceding the date herein provided for such payments.
(b) “Gross premiums” whenever used in this section in reference to premiums received by insurers on policies covering risks located in this State shall mean all moneys collected, together with all notes or credits allowed, as premiums on such policies including reinsurance premiums received. In computing taxable premiums there may be deducted from gross premiums dividends and similar returns paid or credited to policyholders, return premiums paid by reason of cancellation of policies, and reinsurance premiums received from other insurers.
(c) No insurer affected by provisions of this section shall increase the rate of insurance premiums upon any insurable risk affected by this section because of the tax provided for in this section, unless the Commissioner after a hearing on the matter is satisfied that an increase is necessary; and in the event the Commissioner is satisfied after such hearing that an increase in the premium rate is necessary, the Commissioner shall authorize such reasonable increase as he or she deems fair and equitable.
18 Del. C. 1953, §  708;  56 Del. Laws, c. 380, §  1;  66 Del. Laws, c. 382, §  5;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 709. Registering information.

§ 709. Registering information.
(a) It shall be the duty of the officer in charge of any state, county or municipal police department or bureau participating in the provisions of §§ 707 and 708 of this title to register with the State Treasurer on or before the 1st day of April in each year, and to provide the State Treasurer with the following information:
the location, jurisdiction and average number of paid, full-time, sworn police officers employed for the year ending on the previous December 31.
(b) It shall be the duty of the officer in charge of any county or municipal police/fire department or bureau participating in the provisions of §§ 707 and 708 of this title to register with the State Board of Pension Trustees on or before April 1 in each year, and to provide the State Board of Pension Trustees with a listing of the number of retired police officers or firefighters receiving benefits as of December 31 of the preceding year excluding those covered by the County and Municipal Police/Firefighter Pension Plan as contained in Chapter 88 of Title 11.
18 Del. C. 1953, §  710;  56 Del. Laws, c. 380, §  1;  67 Del. Laws, c. 327, §§  9, 10;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 710. Purpose, receipt, deposit of fees, fines and taxes.

§ 710. Purpose, receipt, deposit of fees, fines and taxes.
(a) All fees, charges, administrative fines and taxes payable under this title shall be paid to and collected by the Commissioner.
(b) The Commissioner shall give to any person paying cash a prenumbered, itemized receipt for fees, charges, administrative fines and taxes paid under this title.
(c) Except as otherwise expressly provided, the Commissioner shall promptly deposit to the credit of the General Fund all fees, charges, administrative fines, taxes and other funds collected by him or her for the use of this State, and shall promptly report the same to the State Treasurer as provided in Chapter 61 of Title 29.
18 Del. C. 1953, §  711;  56 Del. Laws, c. 380, §  1;  58 Del. Laws, c. 351;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 711. Refund of overpayments.

§ 711. Refund of overpayments.
(a) Any person from whom fees, charges or taxes imposed by this title have been erroneously collected may apply to the Commissioner for refund at any time within 1 year from the date such fees, charges or taxes were originally required to be paid or within 30 days from the date of payment of any additional tax, charge or fee.
(b) If the amount of taxes, charges or fees found due are less than the amount paid, either by examination of the return by the Commissioner or by allowance of a claim for overpayment filed by the payer with the Commissioner, the State Treasurer shall refund the excess out of the General Fund of this State upon certification and approval by the Commissioner.
(c) No such refund shall be made unless the amount to be so refunded is $10 or more.
18 Del. C. 1953, §  712;  56 Del. Laws, c. 380, §  1;  75 Del. Laws, c. 88, §  21(10);  83 Del. Laws, c. 319, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 712. In lieu; preemption provision.

§ 712. In lieu; preemption provision.
(a) The fees, charges and premium taxes imposed by the State shall be in lieu of all county and municipal license fees and taxes upon the business of insurance in this State, excepting property taxes.
(b) The State hereby preempts the field of regulating or of imposing excise, privilege, franchise, income, license, permit, registration and similar taxes, licenses and fees upon insurers and their general agents, agents and other representatives as such, and on the intangible property of insurers or such representatives, and all political subdivisions or agencies thereof in this State are prohibited from regulating insurers or their general agents, agents and other representatives as such, and from imposing upon them any such tax, license or fee. However, this provision shall not prohibit the imposition by political subdivisions of taxes upon real and tangible personal property.
18 Del. C. 1953, §  713;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 713. Reporting gross premiums received by life and health insurers; special fund for payments to all volunteer ambulance companies or rescue services.

§ 713. Reporting gross premiums received by life and health insurers; special fund for payments to all volunteer ambulance companies or rescue services.
(a) The Insurance Commissioner each year shall ascertain the total amount of gross premiums received by insurance companies and agents thereof as payment for all types of life and/or health insurance coverage within this State. The Insurance Commissioner shall then notify the State Treasurer of the total amount of such gross premiums and also the names and addresses of each volunteer ambulance company or volunteer rescue service in this State. After the Insurance Commissioner so informs the State Treasurer, the State Treasurer shall:
(1) Establish a special fund each year. This special fund shall be created out of the existing annual premium taxes paid by insurance companies and agents thereof pursuant to this chapter on all types of life and/or health insurance coverage within this State. The special fund shall be created out of the aforesaid premium taxes, and shall be equal to 2 0/1 0 0 of 1% of the gross premiums received by insurance companies and agents thereof for all types of life and/or health insurance coverage within this State.
(2) Distribute on a pro rata basis the proceeds of the special fund to the aforementioned nonprofit organizations within this State that are engaged in providing ambulance and/or rescue services.
(b) The Insurance Commissioner shall have the authority to request and receive any information regarding any insurance company's business relating to any type of life and/or health insurance coverage sold or offered for sale within this State for the purpose of determining the gross premiums received for such insurance coverage in order to determine the amount of the special fund.
(c) For the purpose of implementing this section, the Insurance Commissioner is authorized to promulgate rules and regulations that are consistent with this section.
(d) For the purpose of this section:
(1) “Basic life support (BLS)” shall have the same meaning as set forth in § 9702 of Title 16.
(2) “Volunteer ambulance company” shall mean a nonprofit ambulance company that is certified by the State Fire Prevention Commission and is providing basic life support (BLS) services.
65 Del. Laws, c. 196, §  1;  66 Del. Laws, c. 302, §  1;  79 Del. Laws, c. 437, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 7. FEES AND TAXES › § 714. Expenses and fees for form and rate filings.

§ 714. Expenses and fees for form and rate filings.
(a) In addition to a filing fee as set forth in § 701 of this title, the expenses and fees of the Department of Insurance for the review and determination of a form and rate filing by an insurer shall be assessed to and paid by the insurer and shall include the reasonable and proper expenses of the Commissioner and the Commissioner's examiners and assistants, including expert assistance contracted for by the Commissioner. Such insurer shall promptly pay the form and rate filing review expense upon presentation by the Commissioner or the Commissioner's examiners of a reasonably detailed written account thereof.
(b) No insurer shall be required to pay a form filing fee pursuant to § 701(34) of this title that exceeds $2,000 per filing. For form filings that are made on a group-wide basis, the $2,000 filing cap shall be applied to each insurer within the filing.
73 Del. Laws, c. 325, §  3;  75 Del. Laws, c. 156, §  1;  81 Del. Laws, c. 57, § 2;  82 Del. Laws, c. 112, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 901. Definitions not mutually exclusive.

§ 901. Definitions not mutually exclusive.
It is intended that certain insurance coverages may come within the definitions of 2 or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within 1 definition shall not exclude it as to any other kind of insurance within the definition of which such coverage is likewise reasonably includable.
18 Del. C. 1953, §  901;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 902. “Life insurance” defined.

§ 902. “Life insurance” defined.
Life insurance is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured's disability, and optional modes of settlement of proceeds of life insurance.
18 Del. C. 1953, §  902;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 903. “Health insurance” defined.

§ 903. “Health insurance” defined.
Health insurance is insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto.
18 Del. C. 1953, §  903;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 904. “Property insurance” defined.

§ 904. “Property insurance” defined.
Property insurance is insurance on real or personal property of every kind and of every interest therein against loss or damage from any and all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance does not include title insurance, as defined in § 908 of this chapter.
18 Del. C. 1953, §  904;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 905. “Surety insurance” defined.

§ 905. “Surety insurance” defined.
(a) Surety insurance includes:
(1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust;
(2) Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship;
(3) Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles or by messenger, but not including any other risks of transportation or navigation; also insurance against loss or damage to such an insured's premises or to his or her furnishings, fixtures, equipment, safes and vaults therein caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.
(b) Transaction of surety insurance does not confer power on the insurer to guarantee titles to real estate.
18 Del. C. 1953, §  905;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 908. “Title insurance” defined.

§ 908. “Title insurance” defined.
Title insurance is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance or defective titles or invalidity or adverse claim to title.
18 Del. C. 1953, §  908;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter I. Kinds of Insurance › § 908A. “Automobile club” defined.

§ 908A. “Automobile club” defined.
“Automobile club” means a legal entity which, in consideration of dues, assessments or periodic payments of money, promises its members or subscribers to assist them in matters relating to motor travel or the operation, use or maintenance of a motor vehicle, by supplying services which may include but are not limited to towing service, emergency road service, indemnification service, guaranteed arrest bond certificate service, discount service, financial service, theft service, map service or touring service. This definition does not include an entity that enters into a service contract with an automobile club licensed under this chapter for the provision of emergency road service and towing service to the entity's customers.
75 Del. Laws, c. 49, §  1;  78 Del. Laws, c. 169, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter II. Limits of Risk › § 909. Limits of risk.

§ 909. Limits of risk.
(a) No insurer shall retain any risk on any 1 subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10% of its surplus to policyholders.
(b) A “subject of insurance” for the purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.
(c) Reinsurance ceded as authorized by § 910 of this title shall be deducted in determining risk retained. Except, that as to surety risks reinsurance shall be allowed as a deduction only if such reinsurance is with an insurer authorized to transact such insurance in this State, and is in such form as to enable the obligee or beneficiary to maintain an action thereon against the reinsured jointly with the reinsurer, and upon recovering judgment against the reinsured to have recovery against the reinsurer for payment to the extent in which it may be liable under such reinsurance and in discharge thereof. As to surety risks, deduction shall also be made of the amount assumed by any authorized cosurety and the value of any security deposited, pledged or held subject to the surety's consent and for the surety's protection.
(d) As to alien insurers, this section shall relate only to risks and surplus to policyholders of the insurer's United States branch.
(e) “Surplus to policyholders” for the purposes of this section, in addition to the insurer's capital and surplus, shall be deemed to include any voluntary reserves which are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the Commissioner or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.
(f) This section shall not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employers' liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
(g) Limits of risk as to newly formed domestic mutual insurers shall be as provided in § 4905 of this title.
18 Del. C. 1953, §  910;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter III. Reinsurance › § 910. Reinsurance.

§ 910. Reinsurance.
Any authorized insurer may reinsure all or any part of an individual risk or of a particular class of risks in any other insurer or accept such reinsurance from any other insurer. Domestic insurers will be subject to § 4944 of this title with regard to bulk reinsurance.
18 Del. C. 1953, §  910;  56 Del. Laws, c. 380, §  1;  65 Del. Laws, c. 96, §  1;  68 Del. Laws, c. 58, §  1;  78 Del. Laws, c. 364, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter III. Reinsurance › § 912. Asset or reduction from liability for reinsurance ceded by domestic insurer to assuming insurer not meeting requirements of § 911 of this title.

§ 912. Asset or reduction from liability for reinsurance ceded by domestic insurer to assuming insurer not meeting requirements of § 911 of this title.
An asset or reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 911 of this title shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified U.S. financial institution, as defined in § 913(b) of this title. This security may be in the form of any of the following:
(1) Cash;
(2) Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;
(3) a. Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified U.S. financial institution, as defined in § 913(a) of this title, effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement.
b. Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) shall, notwithstanding the issuing (or confirming) institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs;
(4) Any other form of security acceptable to the Commissioner.
68 Del. Laws, c. 58, §  3;  78 Del. Laws, c. 364, §  3;  83 Del. Laws, c. 104, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 9. KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter III. Reinsurance › § 913. Qualified U.S. financial institutions.

§ 913. Qualified U.S. financial institutions.
(a) For purposes of § 912(3) of this title, a “qualified U.S. financial institution” means an institution that:
(1) Is organized or (in the case of a U.S. office of a foreign banking organization) licensed under the laws of the United States or any state thereof;
(2) Is regulated, supervised and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and
(3) Has been determined by either the Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner.
(b) A “qualified U.S. financial institution” means, for purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(1) Is organized, or, in the case of a U.S. branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(2) Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
68 Del. Laws, c. 58, §  4;  78 Del. Laws, c. 364, §  4;
2023 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;
2023 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.
(a) The Commissioner may adopt rules and regulations implementing the provisions of this law.
(b) The Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph (b)(1) of this section.
(1) A regulation adopted pursuant to this subsection may only apply to reinsurance relating to any of the following:
a. Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
b. Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period.
c. Variable annuities with guaranteed death or living benefits.
d. Long-term care insurance policies.
e. Such other life and health insurance and annuity products as to which the National Association of Insurance Commissioners (NAIC) adopts model regulatory requirements with respect to credit for reinsurance.
(2) A regulation adopted pursuant to paragraphs (b)(1)a. and (b)(1)b. of this section may apply to any treaty containing:
a. Policies issued on or after January 1, 2024; or
b. Policies issued prior to January 1, 2024, if risk pertaining to such pre-2024 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2024.
(3) A regulation adopted pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under § 1121 of this title, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
(4) A regulation adopted pursuant to this subsection shall not apply to cessions to an assuming insurer that does any of the following:
a. Meets the conditions set forth in § 911(6) of this title.
b. Is certified in this State as set forth in § 911(5) of this title.
c. Maintains at least $250 million in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is
1. Licensed in at least 26 states; or
2. Licensed in at least 10 states, and licensed or accredited in a total of at least 35 states.
(5) The authority to adopt regulations pursuant to this subsection does not limit the Commissioner's general authority to adopt regulations pursuant to subsection (a) of this section.
68 Del. Laws, c. 58, §  6;  78 Del. Laws, c. 364, §  5;  84 Del. Laws, c. 33, § 1;
2023 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;
2023 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 guaranteed asset protection waiver, 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;  83 Del. Laws, c. 465, § 2;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;
2023 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;