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 Back | 145th General Assembly
House Bill # 314 w/SA 1 |
| Primary Sponsor: | B. Short | Additional Sponsor(s): Sen. Blevins Rep. Bennett Sens. Cloutier Ennis Henry Sokola |
| CoSponsors: | { NONE...} |
| Introduced on : | 01/26/2010 | |
| Long Title: | AN ACT TO AMEND TITLE 18 RELATING TO CAPTIVE INSURANCE COMPANIES. |
| Synopsis: | This legislation amends chapter 69 of title 18 of the Delaware Code by adding two types of captive insurance companies to those that can currently be licensed in Delaware. The two new forms of captive insurance companies are “agency captive insurance companies” and “branch captive insurance companies.” Agency captive insurance companies are reinsurance companies owned by insurance agents or brokers who underwrite and place insurance policies for conventional insurance companies. In an agency captive structure, the insurance risk on some of these policies is reinsured to the agency captive, thereby allowing the agents or brokers that placed the policies to share in the profits or losses attributable to these policies. Branch captive insurance companies are divisions of offshore captives that establish a business unit onshore. Many U.S. based companies have captive insurers organized in offshore jurisdictions such as Bermuda. In recent years, it has become attractive to issue certain coverages through the offshore captive insurers owned by these employers yet have these coverages regulated by an onshore insurance regulator. The solution is to bring an operating division of the captive – the branch – to the onshore jurisdiction and regulate this division in many respects as if it were a standalone entity. By adding agency and branch captive insurance companies to the list of captive insurance companies authorized in Delaware, this legislation will enhance the economic development potential of Delaware’s captive insurance laws.
Section 11 of this legislation makes a technical change to the delinquency provisions applicable to sponsored captive insurance companies.
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| Current Status: | Signed On 05/03/2010 |
| Volume Chapter | 77:252 | | |
| Date Governor acted: | 05/03/2010 | | |
Full text of Legislation:
(in HTML format) | Legis.html | Email this Bill to a friend | |
Full text of Legislation:
(in MS Word format) | Legis.Doc (You need Microsoft Word to see this document.) |
| Fiscal Notes/Fee Impact: | Not Required |
| Amendments: |
SA 1 to HB 314 - Passed
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| Committee Reports: |
House Committee Report 01/27/10 F=6 M=1 U=0---->
Senate Committee report 04/21/10 F=0 M=5 U=0-----> |
| Voting Reports: |
House vote: () Passed 3/16/2010 3:37:57 PM------->
Senate vote: () Passed 4/22/2010 5:14:48 PM------->
House vote: () Passed 4/27/2010 3:56:43 PM-------> |
| Engrossed Version: |
Engrossment-------> |
Actions History:
| May 03, 2010 - Signed by Governor
Apr 27, 2010 - Passed by House of Representatives. Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
Apr 22, 2010 - Passed by Senate. Votes: Passed 19 YES 1 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Apr 22, 2010 - Amendment SA 1 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Apr 22, 2010 - Amendment SA 1 - Introduced in Senate
Apr 21, 2010 - Reported Out of Committee (INSURANCE) in Senate with 5 On Its Merits
Mar 23, 2010 - Assigned to Insurance Committee in Senate
Mar 16, 2010 - Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Jan 27, 2010 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 6 Favorable, 1 On Its Merits
Jan 26, 2010 - Introduced in House and assigned to Economic Development/Banking/Insurance/Commerce Committee
Jan 26, 2010 - Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
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