AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE.
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SB 249 — AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE.
Last action — Signed by Governor
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced March 21, 2024. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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3 sponsors
3 primary, 0 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (3 D).
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Cleared a recorded vote
Passed 2 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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.
Bill Text
- Bill Text View text Current pdf
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill provides the Commissioner with additional flexibility to approve various financial institutions for holding the required capital and surplus of captive insurance companies.
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§ 6905
or such other amount determined by the CommissionerAllows the Commissioner to determine alternative minimum capital amounts for branch captive insurance companies.
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§ 6905
Minimum capital and surplus described in this section held in the form of cash or other assets approved by the Commissioner shall be maintained in a financial institution approved by the Commissioner and in compliance with any condition imposed by the Commissioner.Streamlines requirements for maintaining minimum capital and surplus in approved financial institutions.
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§ 6905
notwithstanding the foregoing, the minimum capital and surplus funds may be proceeds received by the captive insurance company resulting from the issuance by the captive insurance company of a surplus note as approved by the Commissioner.Clarifies that surplus note proceeds can be considered minimum capital and surplus by the Commissioner.
Action History
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Signed by Governor
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Passed By House. Votes: 40 YES 1 ABSENT
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Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 7 On Its Merits
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Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
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Passed By Senate. Votes: 19 YES 1 NO 1 ABSENT
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Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 5 On Its Merits
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Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate
Sponsors
- John "Jack" Walsh · Primary
- William Bush · Primary
- Spiros Mantzavinos · Primary
Sponsorship breakdown
Export CSV (upgrade) →3 sponsors · 0 co-sponsors · 59 not signed on · 1 voted No
Sponsors (3)
- John "Jack" Walsh Democratic
- William Bush Democratic
- Spiros Mantzavinos Democratic
Co-sponsors (0)
None.
Not signed on (59)
59 members have not signed on to this bill.
Show all 59 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 6 | 0 | 0 | 1 |
| Democratic | 20 | 0 | 0 | 0 |
| Republican | 14 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 1 |
| % of votes cast | 98% | 0% | 0% | 2% |
How each member voted (41)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 13 | 0 | 0 | 0 |
| Republican | 4 | 1 | 0 | 1 |
| Unaffiliated | 2 | 0 | 0 | 0 |
| Total | 19 | 1 | 0 | 1 |
| % of votes cast | 90% | 5% | 0% | 5% |
How each member voted (21)
| Member | Party | Vote |
|---|---|---|
| Kyle Evans Gay | — | Yea |
| Sarah McBride | — | Yea |
| Bryan Townsend | Democratic | Yea |
| Darius J. Brown | Democratic | Yea |
| David P. Sokola | Democratic | Yea |
| John "Jack" Walsh | Democratic | Yea |
| Kyra L. Hoffner | Democratic | Yea |
| Laura V. Sturgeon | Democratic | Yea |
| Marie Pinkney | Democratic | Yea |
| Nicole Poore | Democratic | Yea |
| Russell Huxtable | Democratic | Yea |
| S. Elizabeth Lockman | Democratic | Yea |
| Spiros Mantzavinos | Democratic | Yea |
| Stephanie L. Hansen | Democratic | Yea |
| Trey Paradee | Democratic | Yea |
| Brian Pettyjohn | Republican | Not Voting |
| Bryant L. Richardson | Republican | Nay |
| Dave G. Lawson | Republican | Yea |
| David L. Wilson | Republican | Yea |
| Eric Buckson | Republican | Yea |
| Gerald W. Hocker | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 249 do?
- 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.
- Who sponsors SB 249?
- SB 249 is sponsored by John "Jack" Walsh (Democratic), William Bush (Democratic), and Spiros Mantzavinos (Democratic).
- What is the current status of SB 249?
- This bill has been enacted into law. Introduced March 21, 2024. Enacted.
- Where can I track SB 249?
- Track SB 249 free on One Click Politics — get push/email alerts when it moves.
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