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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsNovember 2015

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18 DE Admin. Code 1801
3.1 Forms A, B, C, and D are intended to be guides in the preparation of the statements required by Sections 5003, 5003.1 [also referred to as 5003A], 5004 and 5005 of Chapter 50. (18 Del.C. Ch. 50, §§5003, 5003A, 5004 and 5005) They are not intended to be blank forms which are to be filled in. These statements filed shall contain the numbers and captions of all items, but the text of the items may be omitted provided the answers thereto are prepared in such a manner as to indicate clearly the scope and coverage of the items. All instructions, whether appearing under the items of the form or elsewhere therein, are to be omitted. Unless expressly provided otherwise, if any item is inapplicable or the answer thereto is in the negative, an appropriate statement to that effect shall be made.
7.1 "Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.
7.2 "Foreign insurer" shall include an alien insurer except where clearly noted otherwise.
7.3 "Ultimate controlling person" means that the person which is not controlled by any other person.
7.5 "The Act" means the Insurance Holding Company System Regulatory Act (18 Del.C. Ch. 50).
8.1 The authority to invest in subsidiaries under 18 Del.C. §5002 is in addition to any authority to invest in subsidiaries which may be contained in any other provision of the Insurance Code.
9.1 A person required to file a statement pursuant to 18 Del.C. §§5003 or 5003A shall furnish the required information on Form A, hereby made a part of this Regulation.
11.0 Acquisition of 18 Del.C. §5003(a)(1) ‑‑ Insurers
11.1 If the person being acquired is deemed to be a "domestic insurer" solely because of the provisions of 18 Del.C. §5003(A)(l) of the Act, the names of the domestic insurer on the cover page should be indicated as follows:
11.2 Where a 18 Del.C. §5003(A)(1) insurer is being acquired, references to "the insurer" contained in Form A shall refer to both the domestic subsidiary insurer and the person being acquired.
12.1 An insurer required to file an annual registration statement pursuant to 18 Del.C. §5004 shall furnish the required information on Form B, hereby made a part of these Regulations.
13.1 An insurer required to file an annual registration statement pursuant to 18 Del.C. §5004 is also required to furnish information required on Form C, hereby made a part of these regulations. An insurer shall file a copy of Form C in each state in which the insurer is authorized to do business, if requested by the Commissioner of that state.
14.1 Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers which are required to register under 18 Del.C. §5004. A registration statement may include information not required regarding any insurer in the insurance holding company system even if such insurer is not authorized to do business in this State in lieu of filing a registration statement on Form B, the authorized insurer may file a copy of the registration statement or similar report which it is required to file in its State of domicile, provided:
14.4 Any insurer may take advantage of the provisions of 18 Del.C. §5004(H) or (I) of the Act without obtaining the prior approval of the Commissioner. The Commissioner, however, reserves the right to require individual filings if he deems such filings necessary in the interest of clarity, ease of administration or the public good.
16.1 An insurer required to give notice of a proposed transaction pursuant to 18 Del.C. §5005A(2) of the Act shall furnish the required information on Form D, hereby made a part of these Regulations.
17.2 Subject to 18 Del.C. §5005(B) of the Act, each registered insurer shall report to the Commissioner all dividends and other distributions to shareholders within five (5) business days following the declaration thereof and at least ten (10 )days prior to the payment thereof. This Section added July 27, 1994.
18.1 The factors set forth in 18 Del.C. §5005(C) of the Act are not intended to be an exhaustive list. In determining the adequacy and reasonableness of an insurer's surplus no single factor is necessarily controlling the Commissioner, instead, will consider the net effect of all of these factors plus other factors bearing on the financial condition of the insurer. In comparing the surplus maintained by other insurers, the Commissioner will consider the extent to which each of these factors varies from company to company and in determining the quality and liquidity of investments in subsidiaries, the Commissioner will consider the individual subsidiary and may discount or disallow its valuation to the extent that the individual investments so warrant.
These regulations are promulgated pursuant to the authority granted by 18 Del.C. §311 and Ch. 50; and 29 Del.C. Ch. 101.
The purpose of these regulations is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of the NAIC Insurance Holding Company System Regulatory Act 18 Del.C. Ch. 50 of the Insurance Code hereinafter referred to as "the Act." The information called for by these regulations is hereby declared to be necessary and appropriate in the public interest and for the protection of the policyholders in this State.
8.1 "Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title.
8.2 "Ultimate controlling person" means that person which is not controlled by any other person.
An insurer required to file an annual registration statement pursuant to Section 5004 of the Act is also required to furnish information required on Form C, hereby made a part of these regulations.
19.2.13 Specify that the affiliate will continue to maintain any systems, programs, or other infrastructure notwithstanding a seizure by the Commissioner under 18 Del.C. Ch. 59, and will make them available to the receiver, for so long as the affiliate continues to receive timely payment for services rendered.
Last Updated: December 31 1969 19:00:00.
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