Title 18 — Insurance Code
83 chapters · 1,008 sections in this title.
18 Del. C. § 5501. Scope of chapter; provisions exclusive.
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§ 5501. Scope of chapter; provisions exclusive. (a) This chapter applies only to domestic mutual benefit associations as defined in § 5502 of this title. (b) This title shall not apply to such associations unless contained or referred to in this chapter.18 Del. C. 1953, § 5501; 5…
18 Del. C. § 5502. “Mutual benefit association” defined.
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§ 5502. “Mutual benefit association” defined. As used in this chapter: (1) “Association” means a mutual benefit association as defined in this section. (2) “Mutual benefit association” means a corporation, society, order or association which has no capital stock, which issues cer…
18 Del. C. § 5503. Exempt associations.
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§ 5503. Exempt associations. A mutual benefit association whose membership is confined to employees or former employees of common carriers engaged in interstate commerce or any association which administers 2 or more such associations is not subject to the provisions of this chap…
18 Del. C. § 5504. Incorporation; prerequisites.
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§ 5504. Incorporation; prerequisites. The Secretary of State shall not file a certificate of incorporation for any mutual benefit association unless accompanied by a certificate duly signed by the Commissioner setting forth that a deposit of $25,000 has been made with the Commiss…
18 Del. C. § 5505. Certificate of authority required; foreign operations.
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§ 5505. Certificate of authority required; foreign operations. (a) No association shall directly or indirectly issue any certificate of membership without being so authorized by a valid and subsisting certificate of authority issued to it by the Commissioner. (b) No association s…
18 Del. C. § 5506. Certificate of authority — Application.
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§ 5506. Certificate of authority — Application. (a) No certificate of authority shall be issued to any association unless it files with the Commissioner: (1) A certified copy of its certificate of incorporation or charter; (2) A copy of its constitution and bylaws; (3) A copy of …
18 Del. C. § 5507. Certificate of authority — Issuance; renewal.
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§ 5507. Certificate of authority — Issuance; renewal. (a) The Commissioner shall issue a certificate of authority to every mutual benefit association complying with this chapter upon payment of the fee therefor in the amount specified in § 5520 of this title. (b) The certificate …
18 Del. C. § 5508. Certificate of authority — Revocation.
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§ 5508. Certificate of authority — Revocation. The Commissioner shall forthwith revoke the certificate of authority of an association if, from an examination of the affairs of the association or for other cause and after notice to the association and a hearing before the Commissi…
18 Del. C. § 5509. Guaranty fund.
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§ 5509. Guaranty fund. (a) Each mutual benefit association before receiving a certificate of authority shall deposit with the Commissioner $25,000 in cash and/or securities approved by the Commissioner. (b) The deposit shall constitute a guaranty fund and shall remain in trust wi…
18 Del. C. § 5510. Benefit fund.
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§ 5510. Benefit fund. (a) Every association shall deposit in a bank or trust company approved by the Commissioner a sum not less than 50% of all dues collected by the association or by any agent thereof on all certificates of membership. This shall constitute a benefit fund for t…
18 Del. C. § 5511. Investments.
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§ 5511. Investments. An association may invest its funds in such investments as are eligible for investment of the funds of domestic life insurers under Chapter 13 (Investments) of this title.18 Del. C. 1953, § 5511; 56 Del. Laws, c. 380, § 1;
18 Del. C. § 5512. Annual statement.
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§ 5512. Annual statement. (a) Each association shall annually on or before March 1 file with the Commissioner its financial statement on forms furnished by the Commissioner and subscribed and sworn to by its president and secretary or in their absence by 2 of its principal office…
18 Del. C. § 5513. Examination of association — Timing; responsibility.
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§ 5513. Examination of association — Timing; responsibility. (a) The Commissioner shall examine the affairs of each association as to its financial condition at least once in 3 years. The commissioner shall also make an examination of any such association whenever the commissione…
18 Del. C. § 5514. Examination of association — Access to books and records; witnesses.
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§ 5514. Examination of association — Access to books and records; witnesses. For the purpose of the examination under § 5513 of this title, the person making the examination shall have free access to all the books and papers of the association relating to its business and to the …
18 Del. C. § 5515. Examination of association — Refusal to permit; revocation of certificate of authority.
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§ 5515. Examination of association — Refusal to permit; revocation of certificate of authority. The refusal of any association to submit to and provide for the examination under § 5513 of this title or to exhibit its books and records for inspection shall be presumptive evidence …
18 Del. C. § 5516. Domestic associations; situs of business; reports and fees.
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§ 5516. Domestic associations; situs of business; reports and fees. Any mutual benefit association organized under the general corporation law of this State with its principal office situated in this State shall be regarded as doing business in this State regardless of whether or…
18 Del. C. § 5517. Certificate of membership — Approval; terms.
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§ 5517. Certificate of membership — Approval; terms. (a) No certificate of membership providing for sick, accident and/or death benefits to members or their beneficiaries, as hereinafter provided, shall be issued by any association unless the form of the same shall first be filed…
18 Del. C. § 5518. Certificate of membership — Limitations on benefits.
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§ 5518. Certificate of membership — Limitations on benefits. No certificate of membership issued by any association shall provide for death benefits in excess of $100,000 or sickness or accident disability benefits in excess of $1,000 per week. No association shall issue more tha…
18 Del. C. § 5519. Agreement between association and members; binding effect.
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§ 5519. Agreement between association and members; binding effect. The certificate of membership, the certificate of incorporation and any amendments thereto, the bylaws of the association and the provisions of this chapter shall constitute an agreement between the association as…
18 Del. C. § 5520. Fees; costs; in lieu of provision.
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§ 5520. Fees; costs; in lieu of provision. (a) Each association shall pay to the Commissioner fees and costs as follows: (1) For issuance of original certificate of authority $25 (2) For each annual renewal thereof 25 (3) For filing of annual statement 25 (4) For filing, reviewin…
18 Del. C. § 5521. Merger; reinsurance; transfers with other associations.
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§ 5521. Merger; reinsurance; transfers with other associations. Every association may merge, insure, reinsure or accept the transfer of membership or funds with any other like association under such reasonable rules and regulations for the protection of members as the Commissione…
18 Del. C. § 5522. Dissolution.
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§ 5522. Dissolution. Upon the withdrawal of its guaranty fund deposit as provided in § 5509(e) of this title, the directors or governing body of the association shall forthwith cause the association to be dissolved in accordance with the applicable laws of this State and shall fi…
18 Del. C. § 5523. Penalties.
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§ 5523. Penalties. (a) Any corporation, society, order or association which shall organize and/or transact the business of a mutual benefit association in this State contrary to the provisions of this chapter or any mutual benefit association which shall directly or indirectly tr…
18 Del. C. § 5524. Other provisions applicable.
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§ 5524. Other provisions applicable. The following additional chapters of this title shall also apply as to mutual benefit associations to the extent so applicable and not inconsistent with the express provisions of this chapter and the reasonable implications of such express pro…