Title 18 — Insurance Code
83 chapters · 1,008 sections in this title.
18 Del. C. § 1301. Scope of chapter.
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§ 1301. Scope of chapter. Except as to § 1329 of this title, this chapter applies to domestic insurers only.18 Del. C. 1953, § 1301; 56 Del. Laws, c. 380, § 1;
18 Del. C. § 1302. Eligible investments.
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§ 1302. Eligible investments. (a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this chapter. (b) Any particular investment held by an insurer on November 1, 1968, which was a legal i…
18 Del. C. § 1303. General qualifications.
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§ 1303. General qualifications. (a) No security or investment, other than real and personal property acquired under § 1324 (real estate) of this title, shall be eligible for acquisition, unless it is interest bearing or interest accruing or entitled to dividends or is otherwise i…
18 Del. C. § 1304. Authorization; record of investments.
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§ 1304. Authorization; record of investments. An insurer shall not make any investment or loan (other than policy loans or annuity contract loans of a life insurer) unless the same is authorized or approved by the insurer’s board of directors or by a committee thereof charged wit…
18 Del. C. § 1305. Diversification.
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§ 1305. Diversification. An insurer shall invest in or hold as admitted assets categories of investments within applicable limits as follows only: (1) One person. — An insurer shall not at any 1 time have any combination of investments in or loans upon the security of obligations…
18 Del. C. § 1306. Public obligations.
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§ 1306. Public obligations. An insurer may invest in bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any state thereof, or by Canada o…
18 Del. C. § 1307. Obligations and stock of certain federal and international agencies.
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§ 1307. Obligations and stock of certain federal and international agencies. An insurer may invest in the obligations and/or stock where stated, issued, assumed or guaranteed by the following agencies of the government of the United States of America, or in which such government …
18 Del. C. § 1308. Corporate obligations.
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§ 1308. Corporate obligations. (a) An insurer may invest any of its funds in obligations rated 1 or 2 by the SVO if they are issued, assumed or guaranteed by any solvent institution created or existing under the laws of the United States or Canada or of any state, district, provi…
18 Del. C. § 1309. Corporate obligations; terms defined.
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§ 1309. Corporate obligations; terms defined. (a) Certain terms used are defined for the purposes of this chapter as follows: (1) “Fixed charges” includes interest on funded and unfunded debt, amortization of debt discount and rentals for leased properties, except that interest p…
18 Del. C. § 1310. Preferred or guaranteed stocks.
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§ 1310. Preferred or guaranteed stocks. An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or of Canada, or of any state or province thereof, if all of the prior obligations and prior preferred…
18 Del. C. § 1311. Common stocks; limited partnerships.
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§ 1311. Common stocks; limited partnerships. An insurer may invest in common stocks, other than insurance stocks, of any solvent institution organized and existing under the laws of the United States or Canada, or of any state or province thereof, if during a period of 7 fiscal y…
18 Del. C. § 1312. Insurance stocks.
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§ 1312. Insurance stocks. (a) An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of §§ 1310 (preferred or guaranteed stock) and 1311 (common stocks) of this title. (b) With th…
18 Del. C. § 1313. Stock of subsidiaries.
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§ 1313. Stock of subsidiaries. (a) An insurer may invest in: (1) The stock of subsidiary insurance corporations formed or acquired by it; or, (2) in addition to the right to own stock in other corporations given insurers in § 1305(2) of this title, it may also invest in not less …
18 Del. C. § 1314. Common trust funds; mutual funds.
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§ 1314. Common trust funds; mutual funds. An insurer may invest in: (1) A bank’s common trust fund as defined in § 584 of the United States Internal Revenue Code of 1954 [26 U.S.C. § 584]; and (2) The securities of any open-end or closed-end management type investment company or …
18 Del. C. § 1315. Bankers’ acceptances; bills of exchange.
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§ 1315. Bankers’ acceptances; bills of exchange. An insurer may invest in bankers’ acceptances and bills of exchange of the kinds and maturities made eligible by law for rediscount with Federal Reserve Banks, and generally accepted by banks or trust companies which are members of…
18 Del. C. § 1316. Equipment trust certificates.
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§ 1316. Equipment trust certificates. An insurer may invest in equipment trust obligations or certificates adequately secured and evidencing an interest in transportation equipment used wholly or in part within the United States of America or Canada, which obligations or certific…
18 Del. C. § 1317. Policy loans.
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§ 1317. Policy loans. A life insurer may lend to its policyholder upon pledge of the policy as collateral security any sum not exceeding the cash surrender value of the policy, or may lend against pledge or assignment of any of its supplementary contracts or other contracts or ob…
18 Del. C. § 1318. Collateral loans.
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§ 1318. Collateral loans. An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 100% of the market value of such collateral pledged. The amount so loaned shal…
18 Del. C. § 1319. Savings and share accounts.
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§ 1319. Savings and share accounts. An insurer may invest in share or savings accounts of savings and loan or building and loan associations, or in savings accounts of banks; and in any 1 such institution only to the extent that the investment is insured by the federal savings an…
18 Del. C. § 1320. Miscellaneous investments.
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§ 1320. Miscellaneous investments. (a) An insurer may make loans or investments not otherwise expressly permitted under this chapter, in an aggregate amount not over 10% of the insurer’s assets, if such loan or investment fulfills the requirements of § 1303 of this title and othe…
18 Del. C. § 1321. Investments in foreign countries.
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§ 1321. Investments in foreign countries. (a) An insurer transacting insurance in a foreign country may invest funds required to meet its obligations in such country and in conformity with the laws thereof in the same kinds of securities and investments of or in such country as t…
18 Del. C. § 1322. Special investments of title insurers.
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§ 1322. Special investments of title insurers. Repealed by 74 Del. Laws, c. 214, § 6, effective March 30, 2004.
18 Del. C. § 1323. Real estate mortgages.
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§ 1323. Real estate mortgages. (a) An insurer may invest in bonds, notes or other evidences of indebtedness secured by first or second mortgages or deeds of trust representing first or second liens upon real estate, perpetual leases thereon or leasehold estates when the remaining…
18 Del. C. § 1324. Real estate.
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§ 1324. Real estate. (a) A domestic insurer may invest in real estate only if used for the purposes or acquired in the manners, and within the limits, as follows: (1) The building in which it has its principal office, the land upon which the building stands, and such other real e…
18 Del. C. § 1325. Time limit for disposal of real estate.
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§ 1325. Time limit for disposal of real estate. (a) Except as stated in subsection (b) of this section, or unless the insurer elects to hold the real estate as an investment under § 1324(a)(7) of this title: (1) An insurer shall dispose of real estate acquired under § 1324(a)(1) …
18 Del. C. § 1326. Time limit for disposal of other ineligible property and securities.
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§ 1326. Time limit for disposal of other ineligible property and securities. Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within 5 …
18 Del. C. § 1327. Failure to dispose of real estate or securities; effect; penalty.
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§ 1327. Failure to dispose of real estate or securities; effect; penalty. (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…
18 Del. C. § 1328. Prohibited investments and investment underwriting.
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§ 1328. Prohibited investments and investment underwriting. (a) In addition to investments excluded pursuant to other provisions of this title, an insurer shall not invest in or lend its funds upon the security of: (1) Issued shares of its own capital stock, except: a. For the pu…
18 Del. C. § 1329. Investments of foreign insurers.
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§ 1329. Investments of foreign insurers. The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers.18 Del. C. 1953, §…
18 Del. C. § 1330. Personal property.
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§ 1330. Personal property. An insurer may invest in tangible personal property, or interests therein evidenced by trust certificates or other instruments, and a right to receive rental, charter hire, purchase or other payments for the use or purchase of such personal property ade…
18 Del. C. § 1331. Secured obligations.
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§ 1331. Secured obligations. (a) An insurer may invest in obligations which are secured by: (1) An assignment of a right to receive rental, charter hire, purchase or other payments for the use or purchase of real or personal property adequate to return the investment and payable …
18 Del. C. § 1332. Production payments.
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§ 1332. Production payments. Production payments, or interests therein evidenced by trust certificates or other instruments, payable from oil, gas or other hydrocarbons in producing properties located in the United States or Canada or the adjacent continental shelf if an obligati…
18 Del. C. § 1333. Rules and regulations [For application of this section, see 79 Del. Laws, c. 207, § 3].
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§ 1333. Rules and regulations [For application of this section, see 79 Del. Laws, c. 207, § 3]. The Commissioner may issue such reasonable rules, regulations and orders as the Commissioner may deem necessary or desirable to effectuate the purposes of this chapter, including setti…
18 Del. C. § 1334. Additional investments.
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§ 1334. Additional investments. An insurer may make additional loans or investments in excess of any aggregate investment limitation contained in this chapter in accordance with paragraph (1) of this section except for the aggregate limitations contained in §§ 1305(1) and 1313 of…