Terms Used In Delaware Code > Title 18 > Chapter 69 > Subchapter II - Sponsored Captive Insurance Companies

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Capital and surplus: means the amount by which the value of all of the assets of the captive insurance company exceeds all of the liabilities of the captive insurance company, as determined under the method of accounting utilized by the captive insurance company in accordance with the applicable provisions of this chapter. See Delaware Code Title 18 Sec. 6902
• 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
• 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.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Participant contract: means a contract by which a sponsored captive insurance company insures the risks of 1 or more participants, and limits the losses of each participant to its pro rata share of the assets of 1 or more protected cells identified in the participant contract, including an SPFC contract as defined in § 6952 of this title. 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
• Protected cell: means a separate and distinct account established and maintained by or on behalf of a sponsored captive insurance company in which assets, including assets invested pursuant to § 6937 of this title, are accounted for and recorded for 1 or more participants in accordance with the terms of 1 or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts. See Delaware Code Title 18 Sec. 6932
• 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
• 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
• 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:

  a. See Delaware Code Title 18 Sec. 6932

• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• 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
• 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