SENATE BILL NO. 317
AN ACT TO AMEND CHAPTER 13, PART I, TITLE 18, DELAWARE CODE, RELATING TO INVESTMENTS OF INSURANCE COMPANIES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §1305(2), Chapter 13, Part I, Title 18 of the Delaware Code by striking said paragraph (2y in its entirety and substituting in lieu thereof a new paragraph (2) to read as follows:
"(2) Voting Stock - An insurer may invest in and hold at any time not more than fifty percent (50%) of the outstanding voting stock of any corporation, except as to voting rights of preferred stock during periods of defaults of dividends. This restriction shall not apply to stock of a subsidiary of the insurer acquired under §1313 of this Title, or to controlling stock of an insurer acquired under §1312(b) of this Title. The aggregate value of all stock acquired and held under this section shall not exceed forty percent (40%) of the insurer's assets."
Approved July 14, 1977.