Title 18, Insurance Code

§ 5103. Statement of ownership. Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of a domestic stock insurer or who is a director or an officer of such insurer shall file with the Commissioner within 10 da…

§ 5104. Recovery of profits. (a) For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of such person’s relationship to such insurer, any profit realized by such person from any purchase an…

§ 5105. Unlawful sale of securities. No such beneficial owner, director or officer, directly or indirectly, shall sell any equity security of such insurer if the person selling the security or principal: (1) Does not own the security sold; or (2) If owning the security does not d…

§ 5106. Excepted securities; dealers. (a) Section 5104 of this title shall not apply to any purchase and sale and § 5105 of this title shall not apply to any sale, of an equity security of a domestic stock insurer not then or theretofore held by such insurer in an investment acco…

§ 5107. Arbitrage transactions. Sections 5103, 5104 and 5105 of this title shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the Commissioner may adopt in order to carry out the purposes of this chapter.18 …

§ 5108. Registered or closely held securities. Sections 5103, 5104 and 5105 of this title shall not apply to equity securities of a domestic stock insurer if: (1) Such securities shall be registered or shall be required to be registered, pursuant to § 12 of the Securities Exchang…

§ 5109. Rules and regulations. The Commissioner may make such rules and regulations as may be necessary for the execution of the functions vested in the Commissioner by this chapter and may for such purpose classify domestic stock insurers, securities and other persons or matters…

§ 5301. Scope of chapter; definition. (a) This chapter shall apply only to domestic mutual fire insurers heretofore and now doing business on the assessment premium plan. (b) For the purposes of this chapter an insurer “doing business on the assessment premium plan” is one which …

§ 5302. Continuation of existing insurers. (a) All such insurers holding subsisting certificates of authority from the Commissioner immediately prior to November 1, 1968, may continue to be so authorized so long as qualified therefor under this title. (b) No new such insurers sha…

§ 5303. Insuring powers. (a) Such insurers shall have power to insure only real property and personal property incidental to such real property against the perils of fire, lightning and windstorm, together with perils customarily included under extended coverages. (b) The maximum…

§ 5304. Reinsurance. Such an insurer may cede reinsurance to any insurer authorized to transact property insurance in this State other than on the assessment premium plan. An insurer doing business on the assessment premium plan shall not accept reinsurance from other insurers.18…

§ 5305. Records. Every such insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its transactions. The books, files and records of the insurer shall be located at its principal place of business in this State or at such pla…

§ 5306. Subject to other provisions. (a) Such insurers shall be subject to all reasonably applicable provisions of this title except provisions requiring the possession, maintenance or deposit of surplus. (b) Such insurers shall expressly be subject to the following provisions of…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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 …

§ 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 …

§ 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…

§ 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…

§ 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…

§ 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;

§ 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…

§ 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…

§ 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 …

§ 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 …

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 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…

§ 5601. Short title. This chapter shall be known as the “Delaware Travel Insurance Act.” 84 Del. Laws, c. 40, § 6;

§ 5602. Scope and purposes. (a) The purpose of this chapter is to promote the public welfare by creating a comprehensive legal framework within which travel insurance may be sold in this State. (b) The requirements of this chapter shall apply to travel insurance that covers any r…

§ 5603. Definitions. For purposes of this chapter: (1) “Aggregator site” means a website that provides access to information regarding insurance products from more than 1 insurer, including product and insurer information, for use in comparison shopping. (2) “Blanket travel insur…

§ 5604. Premium tax. (a) A travel insurer shall pay premium tax, as provided in § 702 of this title, on travel insurance premiums paid by any of the following: (1) An individual primary policyholder who is a resident of this State. (2) A primary certificate holder who is a reside…

§ 5605. Travel protection plans. Travel protection plans may be offered for 1 price for the combined features that the travel protection plan offers in this State if: (1) The travel protection plan clearly discloses to the consumer, at or prior to the time of purchase, that it in…

§ 5606. Sales practices. (a) All persons offering travel insurance to residents of this State are subject to the Unfair Trade Practices Act at §§ 2301 et seq. of this title except as otherwise provided in this section. In the event of a conflict between this chapter and other pro…

§ 5607. Travel administrators. (a) Notwithstanding any other provisions of this title, no person shall act or represent itself as a travel administrator for travel insurance in this State unless that person meets at least 1 of the following criteria: (1) Is a licensed property an…

§ 5608. Policy. (a) Notwithstanding any other provision of this title, travel insurance shall be classified and filed for purposes of rates and forms under an inland marine line of insurance, provided, however, that travel insurance that provides coverage for sickness, accident, …

§ 5609. Regulations. The Commissioner may promulgate regulations to implement the provisions of this chapter.84 Del. Laws, c. 40, § 6;