Delaware Code Title 18 Sec. 511 – Capital funds required
Current as of: 2023 | Check for updates
|
Other versions
(a) To transact any 1 kind of insurance (as defined in Chapter 9 of this title), or combinations of kinds of insurance as shown below, an insurer shall possess and thereafter maintain in cash or cash equivalents unimpaired paid-in capital stock (if a stock insurer) or a capital account (if an insurance department or division of a corporation established under Chapter 7 or regulated under Chapter 9 of Title 5) or unimpaired basic surplus (if a foreign mutual or a reciprocal insurer), and when first so authorized shall possess and maintain free surplus, all in amounts not less than as follows:
| Kind of | Stock insurers | Mutual Insurers | Reciprocal insurers | |||
| kinds of | Capital | Free | Basic | Free | Basic | Free |
| insurance | stock | surplus | surplus | surplus | surplus | surplus |
| ________________ | ||||||
| Life | $650,000 | $350,000 | $650,000 | $350,000 | ?. . . | . . . |
| Health | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Life & health | $650,000 | $350,000 | $650,000 | $350,000 | . . . | . . . |
| Property | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Casualty | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Marine &transportation | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Surety | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Multiple line | $650,000 | $350,000 | $650,000 | $350,000 | $650,000 | $350,000 |
| Title | $650,000 | $350,000 | . . . | . . . | ?. . . | . . . |
Terms Used In Delaware Code Title 18 Sec. 511
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.