§ 6980 Federal Home Loan Bank membership.
A captive insurance company may apply for and become a member of a Federal Home Loan Bank, as defined in 12 U.S.C. § 1422(1)(A). The Commissioner may issue such reasonable rules, regulations and orders as the Commissioner may deem necessary or desirable to effectuate the purposes of this section, including setting standards for captive insurance companies qualifying for, entering into, and reporting advance agreements with Federal Home Loan Banks.
§ 6981 Repeals; effective date; applicability.
(a) Except as provided in subsection (b) of this section, this chapter shall apply to all captive insurance companies.
(b) Chapter 69 of this title as in effect prior to July 11, 2005, chapter is hereby repealed, except as set forth in the next sentence. Chapter 69 of this title as in effect on July 11, 2005, shall apply to any captive insurance company licensed under such chapter as of such date that has not submitted a written notice to the Commissioner under subsection (c) of this section.
(c) Any captive insurance company licensed in this State as of July 11, 2005, that otherwise would be subject to the application of Chapter 69 of this title as in effect on such date may elect to become subject to the application of this chapter instead by submitting to the Commissioner a written notice to that effect.
§ 6982 Reserved power of this State to alter or repeal chapter.
All provisions of this chapter may be altered from time to time or repealed.
§ 6983 Short title.
This chapter may be cited as the "Delaware Revised Captive Insurance Company Act.''