Terms Used In Delaware Code > Title 18 > Chapter 19 > Subchapter I - Compliance with Federal Statutes

• affiliated group: means any group of entities that are all affiliated. See Delaware Code Title 18 Sec. 1904
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• broker: as used in this chapter and unless context otherwise requires, means a surplus lines broker duly licensed as such under this chapter. See Delaware Code Title 18 Sec. 1904
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• clearinghouse: means a mechanism or entity established for the receipt and distribution of premium taxes and transaction data related to the sale of nonadmitted insurance. See Delaware Code Title 18 Sec. 1904
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• gross premium: means the amount charged by an insurer for consideration for insurance. See Delaware Code Title 18 Sec. 1904
• home state: means , with respect to an insured

  1. See Delaware Code Title 18 Sec. 1904

• independently procured insurance: means insurance procured directly by an insured from a nonadmitted insurer. See Delaware Code Title 18 Sec. 1904
• NAIC: means the National Association of Insurance Commissioners or any successor entity. See Delaware Code Title 18 Sec. 1904
• nonadmitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance. See Delaware Code Title 18 Sec. 1904
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Personal property: All property that is not real property.
• premium tax: means , with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance. See Delaware Code Title 18 Sec. 1904
• state: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. See Delaware Code Title 18 Sec. 1904
• Statute: A law passed by a legislature.
• subsidiaries: shall include , in addition to those such corporations where the insurer owns a majority of their stock, those corporations formed or acquired by an insurer where it owns less than a majority of such corporation's voting stock due to the laws of a foreign national which require the insurer to own less than a majority of the voting stock of such subsidiary insurance corporation if it is to operate in that nation. See Delaware Code Title 18 Sec. 1313
• surplus lines broker: means an individual, firm, or corporation which is licensed in this State to sell, solicit, negotiate, or procure insurance in this state with nonadmitted insurers. See Delaware Code Title 18 Sec. 1904
• surplus lines insurance: means insurance procured by a surplus lines licensee from a surplus lines insurer or other nonadmitted insurer as permitted under the law of the home state; for purposes of this chapter "surplus lines insurance" shall also mean excess lines insurance as may be defined by applicable state law. See Delaware Code Title 18 Sec. 1904
• surplus lines insurer: means a nonadmitted insurer eligible under the law of the home state to accept business from a surplus lines licensee; for purposes of this chapter "surplus lines insurer" shall also mean an insurer that is permitted to write surplus lines insurance under the laws of the state where such insurer is domiciled. See Delaware Code Title 18 Sec. 1904
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302