Delaware § 4907 Mutual insurers — Qualifying applications for insurance

Delaware Statutes

§ 4907 — Mutual insurers — Qualifying applications for insurance

Delaware·Title 18·Part Insurance·Ch. 49 ORGANIZATION AND CORPORATE POWERS; PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

(a)Upon receipt of the Commissioner’s approval of the deposit as provided in § 4906 of this title, the directors and officers of the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as they may accept and may receive deposits of premiums thereon.

(b)All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this State.

(c)All such applications shall provide that:

(1)Issuance of the policy is contingent upon the insurer’s qualifying for and receiving a certificate of authority;

(2)No insurance is in effect unless and until the certificate of authority has been issued; and

(3)The prepaid premium or deposit and membership or policy fee, if a

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

(a) Upon receipt of the Commissioner’s approval of the deposit as provided in § 4906 of this title, the directors and officers of the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as they may accept and may receive deposits of premiums thereon.

(b) All such applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this State.

(c) All such applications shall provide that:

(1) Issuance of the policy is contingent upon the insurer’s qualifying for and receiving a certificate of authority;

(2) No insurance is in effect unless and until the certificate of authority has been issued; and

(3) The prepaid premium or deposit and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date, which date shall be not later than 1 year after the date of the solicitation permit.

(d) All qualifying premiums collected shall be in cash.

(e) Solicitation for such qualifying applications for insurance shall be by licensed agents of the corporation, and the Commissioner shall, upon the corporation’s application therefor, issue temporary agent’s licenses, expiring on the date specified pursuant to paragraph (c)(3) of this section above, to individuals qualified for an agent’s license. The Commissioner may suspend or revoke any such license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents in general under Chapter 17 of this title.

Delaware § 4907 (Mutual insurers — Qualifying applications for insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.