HOUSE BILL NO. 307
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 23, TITLE 18 OF THE DELAWARE CODE RELATING TO POLITICAL CONTRIBUTIONS BY INSURERS.
BE IT ENACTED BY THE GENERAL. ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §2304(6), Chapter 23, Title 18 of the Delaware Code by striking said subsection in its entirety and by substituting in lieu thereof the following:
"(6) Prohibited political contributions penalty.
(a) No insurer shall directly or indirectly pay or use, or offer, consent or agree to pay or use, any money or property for or in aid of any candidate for the office of Insurance Commissioner of the State of Delaware, or for nomination for such office, or for the reimbursement or indemnification of any person for money or property so used.
(b) Any officer, director, stockholder or agent of any insurer which violates any of the provisions of this section, who participates In, aids, abets, or advises or consents to any such violation, or any person who solicits or knowingly receives any money or property in violation of this section, shall, in addition to any other penalties imposed by law, be punished by imprisonment for not more than 1 year and a fine of not more than $1,000; and any officer or director abetting in any contribution made in violation of this section shall be liable to the insurer for the amount so contributed."
Approved July 19, 1985.