Delaware Code Title 18 Sec. 1304 – Authorization; record of investments
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An insurer shall not make any investment or loan (other than policy loans or annuity contract loans of a life insurer) unless the same is authorized or approved by the insurer’s board of directors or by a committee thereof charged with supervision of investments and loans. The insurer shall maintain a full record of each investment.
18 Del. C. 1953, § ?1304; 56 Del. Laws, c. 380, § ?1; 59 Del. Laws, c. 79, § ?3;
Terms Used In Delaware Code Title 18 Sec. 1304
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.