18 Del. Admin. Code § 203-7.0

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

Section 203-7.0 - Location of Headquarters

7.1 Timing

7.1.1 Within six months of the Commissioner's approval of any notice filed pursuant to section 5.3 of these regulations, the filing division or subsidiary shall establish a facility within the State of Delaware to serve as its headquarters of day-to-day corporate activity and management.

7.2 Definition

7.2.1 For purposes of this regulation, the term "headquarters of day-to-day corporate activity and management", as used in 18 Del.C. § 534, shall mean a facility of a division or subsidiary of a bank or trust company engaged in insurance activities pursuant to the authority conferred by 5 Del.C. § 761(a)(14) which satisfies the following:

7.2.1.1 Such facility is located within the State of Delaware;

7.2.1.2 The principal books and records of such division or subsidiary are located at such facility unless such insurance activities are conducted through a subsidiary domiciled in another state that requires such principal books and records to be located in its state of domicile, in which event a duplicate set of the principal books and records shall be located at the Delaware facility;

7.2.1.3 A majority of the senior officers of such division or subsidiary, as well as all employees of such division or subsidiary whose duties can reasonably be performed in the State of Delaware, shall maintain their offices or places of employment at such Delaware facility.

18 Del. Admin. Code § 203-7.0