Delaware § 1327 Failure to dispose of real estate or securities; effect; penalty

Delaware Statutes

§ 1327 — Failure to dispose of real estate or securities; effect; penalty

Delaware·Title 18·Part Insurance·Ch. 13 INVESTMENTS

(a)Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the Commissioner as provided in §§ 1325 and 1326 of this title, shall not be allowed as an asset of the insurer.

(b)The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the Commissioner shall suspend or revoke the insurer’s certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the Commissioner may, by his or her order, specify.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the Commissioner as provided in §§ 1325 and 1326 of this title, shall not be allowed as an asset of the insurer.

(b) The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the Commissioner shall suspend or revoke the insurer’s certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the Commissioner may, by his or her order, specify.

Delaware § 1327 (Failure to dispose of real estate or securities; effect; penalty) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.