Delaware Code Title 18 Sec. 4991 – Applicability to existing mutual insurers
(a) Except as provided in subsection (b) of this section, this chapter shall apply to all mutual insurers.
Terms Used In Delaware Code Title 18 Sec. 4991
- Commissioner: means the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 4972
- Domestic mutual company: means a mutual insurer domiciled in this State. See Delaware Code Title 18 Sec. 4972
- Mutual company: means a mutual insurer that is seeking to convert to a stock insurer under this chapter, including a captive insurance company (notwithstanding § 6916 of this title) that is incorporated as a nonstock corporation and including a foreign mutual insurer that has applied to redomesticate to this State with an intent to file an application to convert from mutual to stock form under this chapter. See Delaware Code Title 18 Sec. 4972
(b) Section 4933 of this title as in effect prior to October 17, 2010, is hereby repealed, except as set forth in the next sentence. Section 4933 of this title as in effect on October 16, 2010, shall apply to any mutual insurer that is a domestic mutual company as of such date that has not submitted a written notice to the Commissioner under subsection (c) of this section.
(c) Any mutual insurer that is a domestic mutual company as of the date immediately prior to the enactment of this chapter that otherwise would be subject to the application of this chapter, § 4933 of this title as in effect on such date may elect to become subject to the application of this chapter instead by submitting to the Commissioner a written notice to that effect.