Delaware House Bill 15 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: Passed on June 24 2015 - 100% progression
Action: 2015-06-24 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

This bill will make captive insurance companies subject to additional sections in Title 18. These additional sections will allow the Commissioner greater regulatory authority and will also clarify that those acting on behalf of the Commissioner for captive insurance have the same level of liability protection as those who act for the Commissioner in the regulation of commercial insurance. The bill adds “foreign branch captive”. The bill adds definition of a “series captive insurance company.” The bill clarifies that the Commissioner may retain legal, financial, and examination services for conducting regulatory reviews, processing, investigations, and examinations and the reasonable expense may be charged to the captive insurance company. The bill adds a new definition and licensing category for series captive insurance company so that series as established in 6 Del. C. 17-215(b), 6 Del. C. 218(b), and 12 Del. C. 3804(a) can be defined as captive insurance companies. The bill makes risk retention groups subject to Article 16A of Title 18 in order to satisfy a NAIC accreditation requirement. The bill increases the captive insurance application fee from $200 to $300. It increases the captive insurance processing fee from $3,000 to $3,200. It increases the annual captive insurance license renewal fee from $300 to $400. The bill makes the premium tax caps for direct business at $200,000 and assumed business at $110,000 and sets the aggregate cap to $200,000. For each series captive insurance company, the bill adds an annual minimum aggregate tax of $3,500. The bill removes the tax benefit for common ownership and control of a captive insurance company. The bill indicates the minimum capital and surplus for a series captive insurance company. The bill makes captives subject to Chapter 3 except for 331, 332, and 333, and 2716. The bill clarifies that captive insurance companies may become members of the Federal Home Loan Bank system.

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

Rep. Bryon Short [D]	Sen. Brian Bushweller [D]	Rep. Paul Baumbach [D]	Rep. William Carson [D]
Rep. Quinton Johnson [D]	Rep. Helene Keeley [D]	Rep. Sean Matthews [D]	Sen. Bruce Ennis [D]
Sen. Ernesto Lopez [R]	Sen. Harris McDowell [D]

2015-06-17 - Senate - Senate Third Reading (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2015-06-24	House	Signed by Governor
2015-06-17	Senate	Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2015-05-14	Senate	Reported Out of Committee (INSURANCE & TELECOMMUNICATIONS) in Senate with 6 On Its Merits
2015-05-01	Senate	Assigned to Insurance & Telecommunications Committee in Senate
2015-04-30	House	Passed by House of Representatives. Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2015-01-28	House	Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 9 On Its Merits
2015-01-22	House	Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis148.nsf/2bede841c6272c888025698400433a04/21684d0639c66b3285257dcc006cf5b5?OpenDocument
Text	http://legis.delaware.gov/LIS/lis148.nsf/vwLegislation/HB+15/$file/legis.html?open
Roll Call	http://legis.delaware.gov/LIS/lis148.nsf/7712cf7cc0e9227a852568470077336f/f02e52fc317248a885257e6700708547?OpenDocument