CHAPTER 63

INSURANCE DEPARTMENT - LIFE INSURANCE AND INVESTMENT OF FUNDS OF INSURANCE COMPANIES AND METHOD OF CALCULATING RESERVES

AN ACT TO AMEND CHAPTER 20 OF THE REVISED CODE OF DELAWARE, 1935, AS AMENDED, RELATING TO THE INSURANCE DEPARTMENT AND MORE PARTICULARLY RELATING TO LIFE INSURANCE, IN REFERENCE TO THE INVESTMENT OF FUNDS OF INSURANCE COMPANIES AND THE METHOD OF CALCULATING RESERVES.

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 it hereby is further amended by adding to 493. Sec. 32 of said Chapter a new paragraph numbered (d) reading as follows:

(d) A company doing business in foreign countries and not doing business in any state, territory or district of the United States may calculate its reserves on insurance written in each foreign jurisdiction in accordance with the reserve standards required by such jurisdiction.

Approved May 1, 1951.