Delaware Code Title 18 Sec. 6937 – Investments by sponsored captive insurance companies
(a) Notwithstanding the provisions of § 6934 of this title, a sponsored captive insurance company may combine the assets of 2 or more protected cells for purposes of investing those assets. Such a combination of assets may not be construed as defeating the segregation of assets for purposes of §§ 6934 and 6938 of this title, or for accounting or other purposes. Sponsored captive insurance companies must comply with:
(1) The investment requirements contained in Chapter 13 of this title, as applicable; or
(2) Investment requirements as may be approved by the Commissioner upon application by a sponsored captive insurance company; or
(3) In the case of a sponsored captive insurance company that is also a special purpose financial captive insurance company, the investment requirements contained in § 6910(b) of this title.
Terms Used In Delaware Code Title 18 Sec. 6937
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Special purpose financial captive insurance company: means a captive insurance company that is granted a certificate of authority under subchapter III of this chapter of this title. See Delaware Code Title 18 Sec. 6902
- Sponsored captive insurance company: means a captive insurance company, including a special purpose financial captive insurance company as defined in § 6952 of this title:
(b) Compliance with the investment requirements set forth in paragraphs (a)(1) and (a)(2) of this section must be waived for sponsored captive insurance companies to the extent that credit for reinsurance ceded to reinsurers is allowed pursuant to § 6911 of this title or to the extent otherwise considered reasonable and appropriate by the Commissioner.