Small Business Reading Room


Friday, January 29, 2010

Delaware Corporate Legislation Tracker

Stay on top of changes to the DGCL with the Delaware Corporate Legislation Tracker. This is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations. Here's what's been happening this past week:


The following Legislation affecting Title 29 - State Government and Title 30 - State Taxes was acted upon by the General Assembly on 1/28/2010:

SB 194
Title: AN ACT TO AMEND TITLES 29 AND 30 OF THE DELAWARE CODE RELATING TO ECONOMIC DEVELOPMENT INCENTIVES


Synopsis:
Section 1 of this Act establishes the Job Incentive Fund, which is designed to provide grants to firms that expand and diversify the most vital components of Delaware’s economy.
Section 2 of this Act provides a multi-year funding source for the grants by earmarking Abandoned Property revenues.
Section 3 of this Act sunsets the State’s current employment and investment tax incentives.


Bill History:

Jan 28, 2010 - Assigned to Labor & Industrial Relations Committee in Senate




The following Legislation affecting Title 18 - Insurance Code was acted upon by the General Assembly on 1/27/2010:

HB 314
Title: AN ACT TO AMEND TITLE 18 RELATING TO CAPTIVE INSURANCE COMPANIES

Synopsis:
This legislation amends chapter 69 of title 18 of the Delaware Code by adding two types of captive insurance companies to those that can currently be licensed in Delaware. The two new forms of captive insurance companies are “agency captive insurance companies” and “branch captive insurance companies.” Agency captive insurance companies are reinsurance companies owned by insurance agents or brokers who underwrite and place insurance policies for conventional insurance companies. In an agency captive structure, the insurance risk on some of these policies is reinsured to the agency captive, thereby allowing the agents or brokers that placed the policies to share in the profits or losses attributable to these policies. Branch captive insurance companies are divisions of offshore captives that establish a business unit onshore. Many U.S. based companies have captive insurers organized in offshore jurisdictions such as Bermuda. In recent years, it has become attractive to issue certain coverages through the offshore captive insurers owned by these employers yet have these coverages regulated by an onshore insurance regulator. The solution is to bring an operating division of the captive – the branch – to the onshore jurisdiction and regulate this division in many respects as if it were a standalone entity. By adding agency and branch captive insurance companies to the list of captive insurance companies authorized in Delaware, this legislation will enhance the economic development potential of Delaware’s captive insurance laws.

Section 11 of this legislation makes a technical change to the delinquency provisions applicable to sponsored captive insurance companies.


Bill History:

Jan 27, 2010 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 6 Favorable, 1 On Its Merits

Jan 26, 2010 - Introduced in House and assigned to Economic Development/Banking/Insurance/Commerce Committee

Jan 26, 2010 - Assigned to Economic Development/Banking/Insurance/Commerce Committee in House



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