CHAPTER 148

FORMERLY

HOUSE BILL NO. 453

AS AMENDED BY HOUSE AMENDMENT NO. 1

AND SENATE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 11, TITLE 12, DELAWARE CODE, RELATING TO UNCLAIMED LIFE INSURANCE FUNDS.

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

Section 1. Amend §1187, Chapter 11, Title 12, Delaware Code, by striking the words:

out of the Special Trust Fund in his custody or, in the event such Special Trust Fund shall be insufficient,.

Section 2. Amend §1188, Chapter 11, Title 12, Delaware Code, by striking said section in its entirety.

Section 3. Amend §1190, Chapter 11, Title 12, Delaware Code, by striking the words:

Out of the Special Trust Fund in his custody or, in the event such Special Trust Fund shall be insufficient, it shall be paid.

Section 4. Amend §1193, Chapter 11, Title 12, Delaware Code, by striking said section in its entirety and substituting in lieu thereof a new §1193 to read as follows:

Any life insurance company failing to render any report required by this Chapter shall pay a civil penalty of $25.00 for each day such report is withheld, not to exceed $2,500.00; provided, however, that the State Escheator may extend the time for filing any such report and may waive all or any portion of the penalty if the failure is due to reasonable cause.

Section 5. This Act shall take effect on July 1, 1973.

Approved July 6, 1973.