PocketLaw | Delaware Code | Organization and Corporate Powers;

Organization and Corporate Powers; Procedures of Domestic Stock and Mutual Insurers

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Scope of chapter.

“Stock,” “mutual” insurer, definitions.

General corporation statutes; applicability.

Insurance business exclusive.

Mutual insurers — Initial qualifications.

Mutual insurers — Permit; deposit.

Mutual insurers — Qualifying applications for insurance.

Mutual insurers — Trust deposit of qualifying premiums; issuance of policies.

Mutual insurers — Failure to qualify.

Mutual insurers — Additional kinds of insurance.

Membership in mutual.

Bylaws of mutual insurer.

Minutes of corporate meetings of mutual insurers.

Contingent liability of mutual members.

Levy of contingent liability.

Enforcement of contingent liability.

Nonassessable policies, mutual insurers; revocation of authority.

Information to stockholders and proxy regulations.

Change of directors, officers; notice.

Prohibited pecuniary interest of officials.

Management and exclusive agency contracts.

Dividends to stockholders.

Participating policies.

Dividends to policyholders.

Solicitation of business; issuance of policies in other jurisdictions.

Payment of taxes; exoneration.

Impairment of capital or assets.

Mutualization of stock insurer.

Conversion to ordinary business corporation.

Merger, consolidation of stock insurers.

Affiliation of stock insurers.

Acquisition of controlling stock.

Converting mutual insurer.

Merger, consolidation — Allowable circumstances; “surviving insurer” defined.

Merger, consolidation of mutual insurers — Approval of merger; consolidation agreement by boards of directors.

Merger, consolidation of mutual insurers — Effectuation; disapproval by Commissioner.

Merger, consolidation of mutual insurers — Approval by members.

Merger, consolidation of mutual insurers — Impaired mutuals.

Merger, consolidation of mutual insurers — Articles of merger, consolidation, mutual insurers.

Merger, consolidation of mutual insurers — Filing of articles of merger or consolidation; payment of fees; approval by Secretary of State.

Merger, consolidation of mutual insurers — Issuance of certificate of merger or consolidation; effective date.

Merger, consolidation of mutual insurers — Effect of merger or consolidation.

Preservation of old charter in merger or consolidation.

Bulk reinsurance.

Mutual member's share of assets on liquidation.

Redomestication; approval as domestic insurer; conversion to foreign insurer; rules and regulations.