Terms Used In Delaware Code > Title 18 > Chapter 5A - Port-of-Entry for Foreign Insurance Companies

• affiliated group: means any group of entities that are all affiliated. See Delaware Code Title 18 Sec. 1904
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• export: means to place insurance in a nonadmitted insurer under this surplus lines law. See Delaware Code Title 18 Sec. 1904
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• home state: means , with respect to an insured

  1. See Delaware Code Title 18 Sec. 1904

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• qualified risk manager: means , with respect to a policyholder of commercial insurance, a person who meets all of the following requirements:

  a. 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
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302