CHAPTER 90 - INSURANCE DEPARTMENT - RELATING TO MUTUAL COMPANIES

AN ACT TO AMEND CHAPTER XX OF TITLE 6 OF THE REVISED CODE OF THE STATE OF DELAWARE RELATING TO INSURANCE.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That 580 Section 9 of the Revised Code of the State of Delaware of 1915 as amended by Chapter 52, Volume 37 of the Session Laws of the State of Delaware, be amended by inserting at the end of Paragraph 3 (b) and immediately thereafter the following:

If a mutual company for reinsurance, it shall have in force, or bona fide applications for, insurance covering not less than one hundred separate risks to be issued to not less than three members, which members shall be insurance companies authorized to do business in the State of ,Delaware or in any other State of the United States, and shall have collected in cash at least one full annual premium on such insurance or the policies to be issued pursuant to such applications.

Approved April 18, 1935.