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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsNovember 2013

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(18 Del.C. §§311 and 6915 and 29 Del.C. Ch. 101)
18 DE Admin. Code 302
Proposed Regulation 302 relating to Captive Insurance Financial Regulation was published in the Delaware Register of Regulations on September 1, 2013. The comment period remained open until September 30, 2013. There was no public hearing on proposed amended Regulation 302. Public notice of the proposed amended Regulation 302 in the Register of Regulations was in conformity with Delaware law.
1. 18 Del.C. §6915 of the Insurance Code requires a regulation to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of the Code.
Based on the provisions of 18 Del.C. §§311 and 6915, and of 29 Del.C. Ch. 101, and the record in this docket, I hereby adopt proposed Regulation 302 as amended as may more fully and at large appear in the version attached hereto to be effective 10 days after being published as final.
The text of proposed amended Regulation 302 last appeared in the Register of Regulations Vol. 17, Issue 3, pages 293-294.
1.3 Risk Retention Groups shall be subject to the requirements set forth in 18 DE Admin. Code 301. If a Risk Retention Group is exempt from the reporting requirements of 18 DE Admin. Code 301 pursuant to section 2.2 of that regulation, then this regulation shall apply to such Risk Retention Group in its entirety. If such Risk Retention Group is not exempt from Regulation 301, then only sections 1.0, 2.0, and 9.0 through 14.0 of this regulation shall apply.
2.1 Except as provided in 18 Del.C. §6907(c), a company doing business in this State shall annually prior to March 1, submit to the Commissioner a report of its financial condition, verified by oath of two of its executive officers or other authorized persons. The annual report shall comply with the requirements of 18 Del.C. §6907 and the provisions of this regulation.
2.2 A company that elects to file its annual report on a fiscal year basis pursuant to 18 Del.C. §6907(c), shall file such report no later than 60 days following the close of such fiscal year.
2.3 A company that elects to file its annual report on a fiscal year basis pursuant to 18 Del.C. §6907(c) shall submit, concurrently with each premium tax return required in connection with premium taxes due under 18 Del.C. §6914, a schedule detailing the net direct written and assumed premium for the fiscal year in question.
3.1.1 A company that elects to file its annual report on a fiscal year basis pursuant to 18 Del.C. §6907(c), shall submit its annual audit report to the Commissioner no later than 180 days following the close of its fiscal year.
4.3 A company seeking approval to extend the Commissioner's examination cycle from three years to five years in accordance with 18 Del.C. §6908 shall retain, for its annual audit, an independent certified public accounting firm approved by the Commissioner specifically for the purpose of such extension.
7.2 The Commissioner's review, and all working papers obtained during the course of such review, shall be confidential pursuant to 18 Del.C. §6920. The company shall require that the independent certified public accounting firm provide copies of any of the working papers which the Commissioner requests. Such working papers may be retained by the Commissioner.
7.3 "Working Papers" shall mean the records kept by the independent certified public accounting firm of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to its audit of the financial statements of a company. Working papers, accordingly, may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents and schedules or commentaries prepared or obtained by the independent certified public accounting firm in the course of the audit of the financial statements of a company and which support its opinion.
10.1.3 No credit for reinsurance shall be allowed unless the reinsurance complies with the requirements of 18 Del.C. §§911 through 914, or the reinsurer and amount of reinsurance has otherwise been approved by the Commissioner.
14.1 No person shall make a tender offer for, or enter into any agreement to exchange securities for, or seek to acquire, or acquire in the open market or otherwise, any interest in a company if, after the consummation thereof, such person would, directly or indirectly (or by conversion or by exercise of any right to acquire) be in control of such company as defined under 18 Del.C. §5001(3), and no person shall enter into an agreement to merge with or otherwise to acquire control of a company, without the prior written approval of the Commissioner. In considering any application for acquisition of control or merger with a company, the Commissioner shall consider all of the facts and circumstances surrounding the application as well as the criteria for establishment of a company set out in Chapter 69 of Title 18.
Last Updated: December 31 1969 19:00:00.
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