Terms Used In Delaware Code > Title 18 > Chapter 69 > Subchapter IV - Branch Captive Insurance Companies

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Branch business: means any insurance business transacted by a branch captive insurance company in this State. See Delaware Code Title 18 Sec. 6972
• Branch captive insurance company: means any alien captive insurance company that has been issued a certificate of authority by the Commissioner to transact the business of insurance in this State through a business unit with a principal place of business in this State, and has not otherwise been issued a certificate of authority by the Commissioner to transact insurance under this chapter. 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
• 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
• Capital stock: means common or preferred stock or any hybrid security or other equity security issued by a converted stock insurer or other company or entity pursuant to the exercise of subscription rights granted pursuant to the provisions of § 4975(a)(3) of this title. See Delaware Code Title 18 Sec. 4972
• 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. 4972
• 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.
• Converted stock company: means a stock insurer that converted from a mutual insurer under this chapter, or under the laws of any other jurisdiction, or any successor thereto provided that not less than a majority of the shares of voting stock of such successor are owned by a mutual holding company. See Delaware Code Title 18 Sec. 4972
• 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.
• Department: means the Department of Insurance of this State. See Delaware Code Title 18 Sec. 4972
• Eligible member: means a member of a mutual company whose policy is in force on the date the mutual company's governing body adopts a plan of conversion or such earlier date as the mutual company may establish with the consent of the Commissioner. See Delaware Code Title 18 Sec. 4972
• 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.
• 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
• Insurer: 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mutual company: means a mutual insurer that is seeking to convert to a stock insurer under this chapter, including a captive insurance company (notwithstanding § 6916 of this title) that is incorporated as a nonstock corporation and including a foreign mutual insurer that has applied to redomesticate to this State with an intent to file an application to convert from mutual to stock form under this chapter. See Delaware Code Title 18 Sec. 4972
• Mutual holding company: means :

  1. See Delaware Code Title 18 Sec. 4972

• Participating policy: means a policy that grants a holder the right to receive dividends if, as and when declared by the mutual company. See Delaware Code Title 18 Sec. 4972
• Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, a similar entity, or a combination of the foregoing acting in concert. See Delaware Code Title 18 Sec. 4972
• plan: means a plan adopted by a mutual company's governing body to convert the mutual company into a stock company in accordance with the requirements of this chapter. See Delaware Code Title 18 Sec. 4972
• Policy: means an insurance policy, including an annuity contract. See Delaware Code Title 18 Sec. 4972
• Standby investor: means any person that has agreed in writing to purchase all or a portion of the capital stock to be sold in a conversion that is not subscribed by eligible members. See Delaware Code Title 18 Sec. 4972
• 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
• Stock company: means a stock insurer that meets all of the current requirements for admission to do business as a domestic Delaware insurer. See Delaware Code Title 18 Sec. 4972
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302