AN ACT TO AMEND CHAPTER 20 OF THE REVISED CODE OF DELAWARE, 1935, AS AMENDED, ENTITLED, "INSURANCE DEPARTMENT," WITH REFERENCE TO REINSURANCE OF CERTAIN RISKS IN COUNTRIES OTHER THAN THE UNITED STATES, ITS TERRITORIES, POSSESSIONS, OR THE DISTRICT OF COLUMBIA.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That Chapter 20 of the Revised Code of Delaware, 1935, as amended, be and the same is hereby further amended by adding at the end of 477. Sec. 16 thereof a new paragraph, as follows:
All or any part of the risks assumed by any domestic insurance company in any country other than the United States or a territory or insular possession thereof or the District of Columbia may, with the consent of the Insurance Commissioner, be reinsured in or transferred to any solvent insurance company authorized to transact business in any part of the world. Thereafter such domestic insurance company shall not be required to charge as liabilities the reserves and other liabilities pertaining to risks so transferred and may take credit in its liabilities for reserves and other liabilities maintained by such insurance company pertaining to risks or portions of risks so reinsured.
Approved April 25, 1949.