Delaware Code Title 18 Sec. 6935 – Qualification of sponsors
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A sponsor of a sponsored captive insurance company shall be an insurer (including a reinsurer) licensed under the laws of this State or any other state, a captive insurance company licensed under this chapter, or any other person approved by the Commissioner. A risk retention group shall not be a sponsor of a sponsored captive insurance company, and a risk retention group may be a participant of a sponsored captive insurance company only to the extent that it is the sole participant of 1 or more protected cells.
Terms Used In Delaware Code Title 18 Sec. 6935
- Captive insurance company: means any pure captive insurance company, association captive insurance company, agency captive insurance company, sponsored captive insurance company, industrial insured captive insurance company, special purpose captive insurance company, special purpose financial captive insurance company, series captive insurance company, or risk retention group, whether domestic, foreign or alien, or branch captive insurance company, licensed under the provisions of this chapter. See Delaware Code Title 18 Sec. 6902
- Commissioner: means the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 6902
- Insurance: has the meaning given such term in § 102 of this title. See Delaware Code Title 18 Sec. 6902
- Insurer: has the meaning given such term in § 102 of this title. See Delaware Code Title 18 Sec. 6902
- Participant: means any person, including any counterparty as defined in § 6952(1) of this title, that is insured by a sponsored captive insurance company, where the losses of the participant are limited through a participant contract to the participant's pro rata share of the assets of 1 or more protected cells identified in the participant contract. See Delaware Code Title 18 Sec. 6932
- Person: means a natural person, partnership (whether general or limited), trust, estate, association, corporation, limited liability company, statutory trust, business trust, custodian, nominee or any other individual or entity in its own or any representative capacity, in each case whether domestic, foreign, or alien. See Delaware Code Title 18 Sec. 6902
- Risk retention group: means a risk retention group formed pursuant to the Liability Risk Retention Act of 1986, 15 U. See Delaware Code Title 18 Sec. 6902
- Sponsor: means a person qualifying as a sponsor under § 6935 of this title. See Delaware Code Title 18 Sec. 6932
- Sponsored captive insurance company: means a captive insurance company, including a special purpose financial captive insurance company as defined in § 6952 of this title:
- State: means the State of Delaware, and "state" means any other state, district, commonwealth or possession of the United States of America. See Delaware Code Title 18 Sec. 6902