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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsOctober 2014

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(18 Del.C. §§311 and 1303(a) and 29 Del.C. Ch. 101)
18 DE Admin. Code 403
1.1 18 Del.C. §314, authorizes the Insurance Commissioner to "...make reasonable rules and regulations necessary for or as an aid to the administration or effectuation of any provision of this Title." 18 Del.C. §1303(a), Ch. 13 permits an insurer to purchase options subject to certain limitations. It is the purpose of this Regulation to provide rules for the sale and purchase of options by insurers.
"Call Option" means an option contract under which the holder of the option has the right, in accordance with the terms of the option, to purchase the number of shares of the underlying stock covered by the option contract.
"Closing Purchase Transaction" means the purchase of an exchange‑traded call options, the effect of which is to reduce or eliminate the obligations of a call option writer with respect to an option contract or contracts.
"Escrow Receipt" means an escrow receipt used with respect to escrowed stock held on deposit by a bank or other custodian approved by a registered national securities exchange.
"Escrowed Stock" means stock owned by an insurance company with respect to which an escrow receipt has been issued.
"Exchange" means a national securities exchange registered under the Securities Exchange Act of 1934, as amended.
"Exchange‑traded" means traded on the floor of an exchange.
"Exercise Price" means the price per unit at which the holder of an option may purchase the underlying stock upon exercise.
"Stock" means stock owned by a domestic insurance company which was acquired subject to the provisions of 18 Del.C., §§1310, 1311.
"Underlying Stock" means the stock subject to being purchased upon the exercise of a call option.
Last Updated: December 31 1969 19:00:00.
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