§ 2201 Definitions
§ 2202 License required
§ 2203 Application and fees
§ 2204 Issuance of license
§ 2205 Changes in officers or directors of licensee
§ 2206 License requirements; acquisition
§ 2207 Renewal of license
§ 2208 Surety bonds and irrevocable letters of credit
§ 2209 Suspension, revocation or surrender of license
§ 2210 Supervision and examination of business by Commissioner
§ 2211 Maintenance of books and records by licensee
§ 2212 Retention of books and records by licensee
§ 2213 Contents of books and records
§ 2213A Multi-state automated licensing system

Terms Used In Delaware Code > Title 5 > Chapter 22 > Subchapter I - Licensing

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Adverse action: means a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage or amount of, any insurance, existing or applied for, in connection with the underwriting of personal insurance. See Delaware Code Title 18 Sec. 8303
  • Advertising: means any written, electronic or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, which are published, disseminated, circulated, or placed directly before the public in this State for the purpose of creating an interest in or inducing a person to purchase, sell, assign, devise, bequest, or transfer the death benefit or ownership of a life insurance policy pursuant to a viatical settlement contract. See Delaware Code Title 18 Sec. 7502
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affordable Care Act: means the Patient Protection and Affordable Care Act, 42 U. See Delaware Code Title 18 Sec. 8701
  • agricultural labor: means any service performed prior to January 1, 1972, which was agricultural labor as defined in this paragraph prior to such date, and remunerated service performed after December 31, 1971:

    (i) On a farm, in the employ of any person, in connection with cultivating the soil, or in connection with raising or harvesting any agricultural or horticultural commodity, including the raising, shearing, feeding, caring for, training and management of livestock, bees, poultry and fur-bearing animals and wildlife;

    (ii) In the employ of the owner or tenant or other operator of a farm, in connection with the operation, management, conservation, improvement or maintenance of such farm and its tools and equipment or in salvaging timber or clearing land of brush and other debris left by a hurricane, if the major part of such service is performed on a farm;

    (iii) In connection with the production or harvesting of any commodity defined as an agricultural commodity in § 15(g) of the Agricultural Marketing Act, as amended [12 U. See Delaware Code Title 19 Sec. 3302

  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicant: means an individual who has applied to be covered by a personal insurance policy with an insurer. See Delaware Code Title 18 Sec. 8303
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assessment: means any payment required to be made under § 8703 of this title. See Delaware Code Title 18 Sec. 8701
  • Assessments: means the money payments to the State Unemployment Compensation Fund required by this chapter. See Delaware Code Title 19 Sec. 3302
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the 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.
  • Authority: means the State, any political subdivision thereof, or any board, commission, public agency or instrumentality thereof, which operates or takes over the operation of any mass transportation system within this State. See Delaware Code Title 19 Sec. 801
  • Authorized individual: means an individual to whom a licensee gave authorization to access and use nonpublic information that the licensee and the licensee's information system holds. See Delaware Code Title 18 Sec. 8603
  • Balanced budget: A budget in which receipts equal outlays.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Base period: means the first 4 of the last 5 completed calendar quarters immediately preceding the first day of an individual's benefit year. See Delaware Code Title 19 Sec. 3302
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Benefits: means the money payments payable to an individual, as provided in this chapter, with respect to the individual's unemployment. See Delaware Code Title 19 Sec. 3302
  • Bequest: Property gifted by will.
  • Board: means the Industrial Accident Board. See Delaware Code Title 19 Sec. 101
  • Business of viatical settlements: means an activity involved in, but not limited to, the offering, soliciting, negotiating, procuring, effectuating, purchasing, investing, financing, monitoring, tracking, underwriting, selling, transferring, assigning, pledging, hypothecating or in any other manner, acquiring an interest in a life insurance policy by means of a viatical settlement contract. See Delaware Code Title 18 Sec. 7502
  • Calendar quarter: means the period of 3 consecutive calendar months ending on March 31, June 30, September 30 or December 31, excluding, however, any calendar quarter or portion thereof which occurs prior to January 1, 1938, or the equivalent thereof as the Department may by regulation prescribe. See Delaware Code Title 19 Sec. 3302
  • Carrier: means any entity that provides health insurance in this State. See Delaware Code Title 18 Sec. 8701
  • CGAD: shall mean a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter. See Delaware Code Title 18 Sec. 8503
  • Child: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
  • Chronically ill: means any of the following:

    a. See Delaware Code Title 18 Sec. 7502

  • Commissioner: means the Insurance Commissioner of the State of Delaware. See Delaware Code Title 18 Sec. 8701
  • Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2201
  • Commissioner: means the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 7502
  • Commissioner: means the Insurance Commissioner of Delaware or the commissioner, director or superintendent of insurance in any other state;

    (2) "Completed operations liability" means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or controlled by:

    a. See Delaware Code Title 18 Sec. 8002

  • Commissioner: shall mean the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 8503
  • Commissioner: means the Insurance Commissioner of the State of Delaware. See Delaware Code Title 18 Sec. 8603
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer: means an insured whose credit information is used or whose insurance score is calculated in the underwriting or rating of a personal insurance policy or an applicant for such a policy. See Delaware Code Title 18 Sec. 8303
  • Consumer: means an individual, including an applicant, policyholder, insured, beneficiary, claimant, and certificate holder, who is a resident of this State and whose nonpublic information is in a licensee's possession, custody, or control. See Delaware Code Title 18 Sec. 8603
  • Consumer reporting agency: means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties. See Delaware Code Title 18 Sec. 8303
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Credit information: means any credit-related information derived from a credit report, found on a credit report itself, or provided on an application for personal insurance. See Delaware Code Title 18 Sec. 8303
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit report: means any written, oral, or other communication of information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing or credit capacity which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor to determine personal insurance premiums, eligibility for coverage, or tier placement. See Delaware Code Title 18 Sec. 8303
  • crew leader: means an individual who:

    1. See Delaware Code Title 19 Sec. 3302

  • Cybersecurity event: means an event resulting in unauthorized access to, disruption of, or misuse of an information system or nonpublic information stored on an information system. See Delaware Code Title 18 Sec. 8603
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Delaware Department of Insurance. See Delaware Code Title 18 Sec. 8701
  • Department: means the Department of Labor. See Delaware Code Title 19 Sec. 101
  • Department: means the Department of Labor or its authorized representatives. See Delaware Code Title 19 Sec. 901
  • Department: means the Department of Labor. See Delaware Code Title 19 Sec. 3302
  • Department: means the Department of Insurance. See Delaware Code Title 18 Sec. 8603
  • Department of Labor: means the Department of Labor of the State. See Delaware Code Title 19 Sec. 502
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Donor: The person who makes a gift.
  • Employee: includes any individual employed by an employer but shall not include:

    a. See Delaware Code Title 19 Sec. 901

  • Employer: includes any person, excepting those provided for in subsection (b) of this section, acting directly or indirectly in the interest of any employer in relation to any employee but shall not include the United States or the State or any political subdivision thereof. See Delaware Code Title 19 Sec. 101
  • Employer: includes any individual, partnership, association, corporation, statutory trust, business trust or any person or group of persons acting directly or indirectly in the interest of an employer in relation to an employee. See Delaware Code Title 19 Sec. 901
  • Employer: means :

    (A) (i) Any employing unit which after December 31, 1971,

    (I) In any calendar quarter in either the current or preceding calendar year paid for service in employment wages of $1,500 or more, or

    (II) For some portion of a day in each of 20 different calendar weeks, whether or not such weeks were consecutive, in either the current or preceding calendar year, had in employment at least 1 individual (irrespective of whether the same individual was in employment in each such day);

    (ii) Any employing unit for which agricultural labor as defined in paragraph (11)(A)(vii) of this section is performed after December 31, 1977;

    (iii) Any employing unit for which domestic service as defined in paragraph (11)(B) of this section is performed after December 31, 1977;

    (iv) (I) In determining whether or not an employing unit for which service other than domestic service is also performed is an employer under paragraphs (8)(A)(i) and (ii) of this section the wages earned or the employment of an employee performing domestic service after December 31, 1977, shall not be taken into account;

    (II) In determining whether or not an employing unit for which service other than agricultural labor is also performed is an employer under paragraphs (8)(A)(i) and (iii) of this section, the wages earned or the employment of an employee performing service in agricultural labor after December 31, 1977, shall not be taken into account. See Delaware Code Title 19 Sec. 3302

  • employer client company: shall mean a company who enters into an agreement with an employee leasing company, professional employment organization (PEO) or similar entity to lease any or all of its regular employees. See Delaware Code Title 19 Sec. 3302
  • Employing unit: means any individual or type of organization, including any partnership, association, trust, estate, joint stock company, insurance company or corporation, whether domestic or foreign, or the receiver, trustee in bankruptcy, trustee or successor thereof or the legal representative of a deceased person, which has or subsequent to January 1, 1936, had in its employ 1 or more individuals performing services for it within this State. See Delaware Code Title 19 Sec. 3302
  • employment: means to suffer or permit to work, but does not include:

    a. See Delaware Code Title 19 Sec. 502

  • Employment: means :

    (A) Any service performed prior to January 1, 1978, which was employment as defined in this paragraph prior to such date and, subject to the other provisions of this paragraph, service performed after December 31, 1977, including service in interstate commerce, by

    (i) Any officer of a corporation after December 31, 1995. See Delaware Code Title 19 Sec. 3302

  • Employment office: means a free public employment office or branch thereof operated by this State or as a part of a state-controlled system of public employment offices or by a federal agency charged with the administration of an unemployment compensation program or free public employment offices. See Delaware Code Title 19 Sec. 3302
  • Encrypted: means the transformation of data into a form which results in a low probability of assigning meaning without the use of a protective process or key. See Delaware Code Title 18 Sec. 8603
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • farm: includes stock, dairy, poultry, fruit, fur-bearing animals and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities and orchards. See Delaware Code Title 19 Sec. 3302
  • Financing entity: means an underwriter, placement agent, lender, purchaser of securities, purchaser of a policy or certificate from a viatical settlement provider, credit enhancer, or any person that has a direct ownership in a policy or certificate that is the subject of a viatical settlement contract and all of the following:

    a. See Delaware Code Title 18 Sec. 7502

  • 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.
  • Fraud: Intentional deception resulting in injury to another.
  • Fraudulent viatical settlement act: includes :

    a. See Delaware Code Title 18 Sec. 7502

  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the Unemployment Compensation Fund established by this title to which all assessments required and from which all benefits provided under this chapter shall be paid. See Delaware Code Title 19 Sec. 3302
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gratuities: means voluntary monetary contributions received by an employee from a guest, patron or customer for services rendered. See Delaware Code Title 19 Sec. 901
  • Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:

    a. See Delaware Code Title 18 Sec. 8002

  • Hazardous occupation: means an occupation declared to be dangerous by this chapter, by the Secretary of Labor of the State or by the Secretary of Labor of the United States pursuant to the provisions of the Fair Labor Standards Act [29 U. See Delaware Code Title 19 Sec. 502
  • Hospital: means an institution which has been licensed, certified or approved by the Department of Health and Social Services as a hospital. See Delaware Code Title 19 Sec. 3302
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Information security program: means the administrative, technical, and physical safeguards that a licensee uses to access, collect, distribute, process, protect, store, use, transmit, dispose of, or otherwise handle nonpublic information. See Delaware Code Title 18 Sec. 8603
  • Information system: means a discrete set of electronic information resources organized for the collection, processing, maintenance, use, sharing, dissemination, or disposition of electronic information, and a specialized system such as an industrial or process controls system, telephone switching and private branch exchange system, or environmental control system. See Delaware Code Title 18 Sec. 8603
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this State;

    (6) "Liability":

    a. See Delaware Code Title 18 Sec. 8002

  • insurance group: shall mean those insurers and affiliates included within an insurance holding company system as defined in Chapter 50 of this title. See Delaware Code Title 18 Sec. 8403
  • insurance group: shall mean those insurers and affiliates included within an insurance holding company system as defined in Chapter 50 of this title. See Delaware Code Title 18 Sec. 8503
  • insurance policy: means an individual or group policy, group certificate, contract, or arrangement of life insurance owned by a resident of this State, regardless of whether delivered or issued for delivery in this State. See Delaware Code Title 18 Sec. 7502
  • Insurance score: means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of an individual applicant or insured. See Delaware Code Title 18 Sec. 8303
  • Insurer: includes an insurer, health service corporation, managed care organization, or health maintenance organization licensed under this title. See Delaware Code Title 18 Sec. 8603
  • 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.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • lender: means any person duly licensed or regulated by the Commissioner pursuant to this chapter and, in addition, means any person or class of persons exempt from any or all of the provisions of this chapter in accordance with § 2202(b) of this title, to the extent and for such purposes as determined by the Commissioner in order to effectuate the purposes of this chapter. See Delaware Code Title 5 Sec. 2201
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person who is licensed, authorized to operate, or registered, or required to be licensed, authorized, or registered, under the insurance laws of this State. See Delaware Code Title 18 Sec. 8603
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life insurance producer: means any person licensed in this State as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to Chapter 17 of this title. See Delaware Code Title 18 Sec. 7502
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mass transportation system: means transportation of the public by bus, rail or any other means of conveyance serving the general public and moving under prescribed routes. See Delaware Code Title 19 Sec. 801
  • Minor: means a person under the age of 18 years;

    (5) "Secretary" means the Secretary of Labor for the State or the Secretary's authorized representative. See Delaware Code Title 19 Sec. 502

  • Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Multi-factor authentication: means authentication through verification of at least 2 of the following types of authentication factors:

    a. See Delaware Code Title 18 Sec. 8603

  • NAIC: shall mean the National Association of Insurance Commissioners. See Delaware Code Title 18 Sec. 8503
  • National Defense Act: means an act of Congress, entitled, "An Act for making further and more effectual provisions for the national defense, and for other purposes" approved by the President, June 3, 1916, and any and all acts amendatory and supplementary thereto. See Delaware Code Title 20 Sec. 102
  • Nonpublic information: means electronic information that is not publicly-available information and is at least 1 of the following:

    a. See Delaware Code Title 18 Sec. 8603

  • 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.
  • Occupation: means any occupation, service, trade, business, industry or branch or group of industries or employment or class of employment in which employees are gainfully employed. See Delaware Code Title 19 Sec. 901
  • ORSA: shall mean a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks. See Delaware Code Title 18 Sec. 8403
  • ORSA Guidance Manual: shall mean the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. See Delaware Code Title 18 Sec. 8403
  • ORSA summary report: shall mean a confidential high-level summary of an insurer or insurance group's ORSA. See Delaware Code Title 18 Sec. 8403
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, association, corporation, statutory trust, business trust, legal representative or any organized group of persons. See Delaware Code Title 19 Sec. 101
  • Person: means an individual, corporation, partnership or any other business entity or group or combination of individuals however organized. See Delaware Code Title 5 Sec. 2201
  • Person: means a legal entity, including an individual, partnership, limited liability company, association, trust, corporation, or other legal entity. See Delaware Code Title 18 Sec. 7502
  • Person: means as defined in § 102 of this title. See Delaware Code Title 18 Sec. 8603
  • Personal property: All property that is not real property.
  • Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from personal, familial or household responsibilities or activities, rather than from responsibilities or activities referred to in paragraph (6) of this section;

    (8) "Plan of operation or a feasibility study" means an analysis which presents the expected activities and results of a risk retention group including, at a minimum:

    a. See Delaware Code Title 18 Sec. 8002

  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred;

    (10) "Purchasing group" means any group which:

    a. See Delaware Code Title 18 Sec. 8002

  • Program: means the Delaware Health Insurance Individual Market Stabilization Reinsurance Program created by § 9903(g) of Title 16. See Delaware Code Title 18 Sec. 8701
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Publicly-available information: means information that a licensee has a reasonable basis to believe is lawfully made available to the general public, including any of the following:

    1. See Delaware Code Title 18 Sec. 8603

  • Recess: A temporary interruption of the legislative business.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Regular benefits: means benefits payable to an individual under this chapter or under any other state law (including benefits payable to federal civilian employees and to ex-service persons pursuant to 5 U. See Delaware Code Title 19 Sec. 3302
  • Related provider trust: means a titling trust or other trust established by a licensed viatical settlement provider or a financing entity for the sole purpose of holding the ownership or beneficial interest in purchased policies in connection with a financing transaction. See Delaware Code Title 18 Sec. 7502
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Risk assessment: means the action that a licensee is required to take under § 8604(c) of this title. See Delaware Code Title 18 Sec. 8603
  • Risk retention group: means any corporation or other limited liability association:

    a. See Delaware Code Title 18 Sec. 8002

  • Secretary of Labor: shall mean the Secretary of Labor or the Secretary's authorized designee, provided, that any such delegation of authority is consistent with Chapter 85 of Title 29. See Delaware Code Title 19 Sec. 101
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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 any state of the United States or the District of Columbia. See Delaware Code Title 18 Sec. 8002
  • States: includes , in addition to the states of the United States of America, the District of Columbia, the Commonwealth of Puerto Rico and Virgin Islands. See Delaware Code Title 19 Sec. 3302
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • 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
  • Substitute notice: means all of the following:

    A. See Delaware Code Title 18 Sec. 8603

  • Summons: Another word for subpoena used by the criminal justice system.
  • Terminally ill: means having an illness or sickness that can reasonably be expected to result in death in 24 months or fewer. See Delaware Code Title 18 Sec. 7502
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Third-party service provider: means a person who is not a licensee and who contracts with a licensee to maintain, process, store, or otherwise is permitted access to nonpublic information through the person's provision of services to the licensee. See Delaware Code Title 18 Sec. 8603
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • 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.
  • Unit: shall mean any part of the Delaware National Guard designated a "unit" by order of the Adjutant General. See Delaware Code Title 20 Sec. 102
  • United States: includes the states, the District of Columbia and the Commonwealth of Puerto Rico. See Delaware Code Title 19 Sec. 3302
  • United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
  • valid claim: is a ny claim for benefits made in accordance with § 3317 of this title if the individual has been paid wages for employment required under § 3315(5) of this title. See Delaware Code Title 19 Sec. 3302
  • Venue: The geographical location in which a case is tried.
  • Viatical settlement broker: means a person, including a life insurance producer as provided for in § 7503 of this title, who working exclusively on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate viatical settlement contracts between a viator and 1 or more viatical settlement providers or 1 or more viatical settlement brokers. See Delaware Code Title 18 Sec. 7502
  • Viatical settlement contract: includes a premium finance loan made for a life insurance policy by a lender to viator on, before, or after the date of issuance of the policy where any of the following are met:

    1. See Delaware Code Title 18 Sec. 7502

  • Viatical settlement provider: means a person, other than a viator, that enters into or effectuates a viatical settlement contract with a viator resident in this State. See Delaware Code Title 18 Sec. 7502
  • Viatical settlement purchaser: means a person who provides a sum of money as consideration for a life insurance policy or an interest in the death benefits of a life insurance policy, or a person who owns or acquires or is entitled to a beneficial interest in a trust that owns a viatical settlement contract or is the beneficiary of a life insurance policy that has been or will be the subject of a viatical settlement contract, for the purpose of deriving an economic benefit. See Delaware Code Title 18 Sec. 7502
  • Viaticated policy: means a life insurance policy or certificate that has been acquired by a viatical settlement provider pursuant to a viatical settlement contract. See Delaware Code Title 18 Sec. 7502
  • Viator: means the owner of a life insurance policy or a certificate holder under a group policy who resides in this State and enters or seeks to enter into a viatical settlement contract. See Delaware Code Title 18 Sec. 7502
  • Wage: means compensation due to an employee by reason of the employee's employment, payable in legal tender of the United States or check or bank convertible into cash on demand at full face value, subject to such deductions, charges or allowances as may be permitted by the regulations of the Department under this chapter. See Delaware Code Title 19 Sec. 901
  • Wages: means all remuneration for personal services, including commissions, bonuses, dismissal payments, holiday pay, back pay awards and the cash value of all remuneration in any medium other than cash. See Delaware Code Title 19 Sec. 3302
  • Week: means calendar week, ending at midnight Saturday, but all work performed and wages earned during a working shift which starts before midnight Saturday shall be included in the week in which such shift begins. See Delaware Code Title 19 Sec. 3302
  • Work: means service, including service in interstate commerce, performed for wages or under any contract of hire, written or oral, express or implied. See Delaware Code Title 19 Sec. 3302
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302