Delaware General Assembly

Lieu/Substituted 1/20/21

The General Assembly has ended, the current status is the final status.

SS 1 for SB 36

1/14/21

Paradee

Rep. Bush

Reps. Briggs King, Ramone, Michael Smith, Spiegelman

AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE COMPANIES.

Section 1 of this Act adds definitions for "policy" and "premium" and revises the definition of "pure captive insurance company" to clarify that a pure captive insurer may insure its parent, its parent's affiliates, or a controlled unaffiliated business. Section 2 of this Act expands the captive insurance licensing authority for a series as defined under Chapter 69 of Title 18 to allow a Delaware series to be licensed as an agency, branch, or reciprocal captive insurance company. Section 3 of this Act allows certain captive insurers to select the Delaware series form of business organization. Section 4 of this Act makes the insurable interest provisions of § 2706 of Title 18 applicable to captive insurance companies. In addition, this Act makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.

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Takes effect upon being signed into law

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