18 Del. Admin. Code § 203-3.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 203-3.0 - Corporate Domicile Requirements

3.1 No subsidiary of a bank or trust company intending to transact the business of insurance under the authority of 5 Del.C. § 761(a)(14), whether within or without Delaware, may do so unless such subsidiary;

3.1.1 was initially incorporated and chartered under the laws of the State of Delaware and remains at all times a corporation validly existing, in good standing and duly chartered to transact the business of insurance under the laws of the State of Delaware; or

3.1.2 while incorporated under the laws of a state other than Delaware, has agreed to and has taken reasonable steps to transfer its domicile into the State of Delaware, and has submitted a plan to do so to the Delaware Insurance Department and to the insurance department of its state of domicile, which plan the subsidiary represents satisfies the requirements of both states; and further, while such transfer of domicile is pending, has submitted to regulatory control of the Delaware State Insurance Department which is equivalent to the regulatory control which the Commissioner would exercise if such subsidiary were presently domiciled in Delaware.

3.2 A subsidiary of a bank or trust company identified in section 3.1.2 may transact the business of insurance under the authority of 5 Del.C. § 761(a)(14) for a period not to exceed 48 months, by which time such subsidiary shall have either completed the transfer of its domicile into the State of Delaware, or ceased doing business. Prior to the completion of such change in domicile, the Commissioner has the right to condition, limit or stop the activities authorized by a certificate of authority hereunder if the subsidiary's then-current state of domicile rejects such change of domicile or the Commissioner determines that the subsidiary is not proceeding in good faith to accomplish the plan consistent with this regulation.

Amended May 3, 1993, effective 30 days after Commissioner's signature.

18 Del. Admin. Code § 203-3.0