18 Del. Admin. Code § 203-5.0

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

Section 203-5.0 - Notice Requirements

5.1 Notice required

5.1.1 Any division or subsidiary of a bank or trust company intending to exercise any powers under the authority of 5 Del.C. § 761(a)(14), whether within or without the State of Delaware, must notify this office of its intention to do so, even if such division or subsidiary holds a license or certificate of authority from this office to transact the business of insurance in Delaware and the proposed activities under 5 Del.C. § 761(a)(14) would be consistent with the terms of such license or certificate of authority.

5.2 Time of notice

5.2.1 The notice required by section 5.1 of these regulations must be filed with this office by a division or subsidiary of a bank or trust company prior to its transaction of any insurance activities pursuant to the authority conferred by 5 Del.C. § 761(a)(14).

5.3 Form of notice

5.3.1 The notice required by section 5.1 of these regulations must contain the following information:

5.3.1.1 The name of the division or subsidiary, and all trade names under which it proposes to transact the business of insurance;

5.3.1.2 The date on which such division or subsidiary was formed or organized, the manner in which it was so formed or organized, and the state in which it was so formed or organized;

5.3.1.3 The nature of the affiliation between the division or subsidiary and the bank or trust company with which such division or subsidiary is affiliated;

5.3.1.4 The most recent Annual Statement and quarterly financial statement;

5.3.1.5 The names and home addresses of all senior officers or directors of such division or subsidiary, and of all persons or entities beneficially owning 10% or more of any class of the capital stock or other equity securities or interest of such division or subsidiary;

5.3.1.6 The address of every facility owned or used by such subsidiary or facility for the transaction of business, whether within or without the State of Delaware;

5.3.1.7 The location within the State of Delaware at which such division or subsidiary intends to maintain its principal books and records;

5.3.1.8 The exact nature of all activities in which such division or subsidiary intends to engage pursuant to the authority conferred by 5 Del.C. § 761(a)(14), including but not limited to:

5.3.1.8.1 All types or lines of insurance, if any, that the division or subsidiary intends to underwrite or sell, and the extent to which the underwriting or sale of any such types or lines of insurance is authorized by an existing certificate of authority or license issued by this office; and

5.3.1.9 The mechanisms by and the personnel through which the division or subsidiary intends to sell insurance (if at all) to the Delaware public; and

5.3.1.10 If any such subsidiary is not incorporated in Delaware, a plan which the subsidiary believes satisfies the requirements of the subsidiary's then-current state of domicile in accordance with section 3.0 of these regulations, which plan shall include the procedures to be employed to accomplish the proposed redomestication of the insurance subsidiary to the State of Delaware, and the timetable therefor, and which plan shall thereafter be supplemented by quarterly and annual reports regarding the status of such redomestication plan, such status reports to be filed contemporaneously with any quarterly and annual financial statements of the insurance subsidiary.

18 Del. Admin. Code § 203-5.0