§ 6972 — Definitions

As used in this subchapter, unless the context require otherwise:

(1) “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.

(2) “Branch business” means any insurance business transacted by a branch captive insurance company in this State.

(3) “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.

(4) “Branch operations” means any business operations of a branch captive insurance company in this State.

Legislative History

77 Del. Laws, c. 252, § 13