CHAPTER 30

INSURANCE - RETALIATING TAXES

AN ACT TO AMEND CHAPTER 27, TITLE 18 OF THE DELAWARE CODE OF 1953, RELATING TO TAXES AND FEES FOR INSURANCE COMPANIES, AGENTS AND BROKERS; RETALIATING TAXES, FEES AND REGULATIONS.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Chapter 27, Title 18 of the Delaware Code of 1953 is amended by adding a new section to be styled § 2709, as follows:

§ 2709. Retaliating taxes, fees and regulations

Notwithstanding any other provision of Title 18 of this Code, when by the existing or future laws of any other state or foreign country any premium, income or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions are imposed upon insurance companies incorporated under the laws of this State doing business, or that might seek to do business in such other state or country, or upon the agents of said insurance companies incorporated under the laws of this State, which in the aggregate are in excess of such taxes, fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions directly imposed upon similar insurance companies of such other state or foreign country under the statutes of this state, so long as such laws continue in force, the same taxes, fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions and restrictions of whatever kind shall be imposed upon similar insurance companies of such other state or foreign country doing business in this state. Any tax, license or other obligation imposed by any city, county or other political subdivision of any other state or foreign country on insurance companies incorporated under the laws of this state or their agents shall be deemed to be imposed by such other state or foreign country within the meaning of this section.

Approved April 9, 1953.