Delaware Code Title 18 Sec. 4219 – Recoupment of assessment
(a) Unless a longer period has been allowed by the Commissioner, a member insurer shall at its option have the right to show a certificate of contribution as an asset in the form approved by the Commissioner at percentages of the original face amount approved by the Commissioner, for calendar years as follows:
(1) One hundred percent for the calendar year of issuance;
(2) Eighty percent for the first calendar year after the year of issuance;
(3) Sixty percent for the second calendar year after the year of issuance;
(4) Forty percent for the third calendar year after the year of issuance;
(5) Twenty percent for the fourth calendar year after the year of issuance.
Terms Used In Delaware Code Title 18 Sec. 4219
- Association: means the Delaware Insurance Guaranty Association created under § 4206 of this title. See Delaware Code Title 18 Sec. 4205
- Commissioner: means the Commissioner of Insurance of this State. See Delaware Code Title 18 Sec. 4205
- Member insurer: means any person who:
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The insurer may offset the amount written off by it in a calendar year under subsection (a) of this section above, against its premium tax liability to this State accrued with respect to business transacted in such year.
(c) Any sums acquired by refund from the Association which have theretofore been written off by contributing insurers and offset against premium taxes as provided above, and are not then needed for purposes of this chapter, shall be paid by the Association to the Commissioner and deposited by the Commissioner with the State Treasury for credit to the General Fund of this State.
(d) To the extent amounts have been written off under subsection (c) of this section above, § 4216 of this title shall not apply.