Spiros Mantzavinos
- Democratic
- Senator
- District 7
Primary
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.
Signed by Governor
Passed By House. Votes: 40 YES 1 ABSENT
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 7 On Its Merits
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Passed By Senate. Votes: 19 YES 1 NO 1 ABSENT
Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 5 On Its Merits
Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate
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