Delaware Senate Bill 249

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Engrossed on April 25 2024 - 50% progression
Action: 2024-05-02 - Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Pending: House Economic Development/Banking/Insurance & Commerce Committee
Text: Latest bill text (Draft #1) [HTML]

This bill amends Chapter 69 of Title 18 relating to captive insurance to provide the Commissioner with additional flexibility to approve those types of financial institutions that would be authorized to hold required capital and surplus of captive insurance companies. This change would recognize the current financial environment and practices of financial institutions and captive insurers. Assets can be safely held in financial institutions other than banks and do not need to be held in Delaware in many circumstances where the type of risk does not require it, and the Commissioner will be authorized to impose additional conditions on captives related to capital and surplus to ensure the solvency and efficient operations of captives.

An Act To Amend Title 18 Of The Delaware Code Relating To Captive Insurance.

Sen. Spiros Mantzavinos [D]

Rep. William Bush [D]

Sen. Jack Walsh [D]

2024-04-25 - Senate - Senate Third Reading (Y: 19 N: 1 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2024-05-02		Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
2024-04-25		Passed By Senate. Votes: 19 YES 1 NO 1 ABSENT
2024-04-17		Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 5 On Its Merits
2024-03-21		Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

Type	Source
Summary	https://legis.delaware.gov/BillDetail?LegislationId=141122
Text	https://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=141122&legislationTypeId=1&docTypeId=2&legislationName=SB249
Roll Call	https://legis.delaware.gov/json/RollCall/GetRollCallVoteByRollCallId#55538