Delaware Code Title 18 Sec. 6975 – Examination of branch captives
(a) The examination of a branch captive insurance company pursuant to § 6908 of this title shall be of branch business and branch operations only, so long as the branch captive insurance company provides annually to the Commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the domiciliary jurisdiction of the foreign captive insurance company or alien captive insurance company, and demonstrates to the Commissioner’s satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.
Terms Used In Delaware Code Title 18 Sec. 6975
- Alien: means formed under the laws of any country or jurisdiction other than the United States of America or any of its states, districts, commonwealths and possessions. See Delaware Code Title 18 Sec. 6902
- Alien captive insurance company: means any insurance company formed to write insurance business of a nature that the Commissioner determines is otherwise permissible under this chapter and is licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the Commissioner on companies transacting the business of insurance in such jurisdiction. See Delaware Code Title 18 Sec. 6972
- Branch business: means any insurance business transacted by a branch captive insurance company in this State. See Delaware Code Title 18 Sec. 6972
- Branch operations: means any business operations of a branch captive insurance company in this State. See Delaware Code Title 18 Sec. 6972
- 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
- Foreign: means formed under the laws of any 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(b) Notwithstanding subsection (a) of this section, if the Commissioner elects to waive any of the requirements of § 6973 of this title pursuant to § 6973(c) of this title, the Commissioner shall examine so much of the financial condition and affairs of the foreign captive insurance company or alien captive insurance company as the Commissioner deems appropriate.
(c) As a condition of the issuance of a certificate of authority under this chapter, the foreign captive insurance company or alien captive insurance company shall grant authority to the Commissioner for examination of the affairs of such foreign captive insurance company or alien captive insurance company in the jurisdictions in which the foreign captive insurance company or alien captive insurance company is formed, operates or maintains books and records.