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Friday, January 23, 2015

The Delaware Corporate Legislation Tracker - 148th General Assembly Begins

Earlier this month Delaware lawmakers began the 2015 legislative session as the 148th General Assembly convened.


This year promises to be busy, with a host proposals likely to come before the state legislature. How can you stay on top of what is happening in Delaware Law?

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:

The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 1/22/2015:




SB 11
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

Synopsis:
This bill addresses various aspects regarding the administration of the abandoned or unclaimed property law of the State of Delaware and implements certain recommendations of the Task Force to Study and Make Findings and Recommendations to Improve Fairness and Compliance in Delaware’s Unclaimed Property Program established under the provisions of Delaware Senate Concurrent Resolution No. 59.
The bill limits the total number of audits anyone outside contract can be assigned and requires all contracts with such contract auditors to assure that they will not employ or compensate senior officials from the Department involved with their work for two years after such officials leave state employment.
The bill amends the administrative appeal process regarding the assessment of unremitted abandoned or unclaimed property to provide that the determination of the independent reviewer shall be binding on the Secretary of Finance unless properly appealed to the Delaware Court of Chancery.
The bill amends the statutory provision regarding the period of limitations to assess additional unclaimed property liability in connection with a filed annual unclaimed property report to provide that in the case of a filed report the State Escheator must make a specific finding of fraud before the State is entitled to an unlimited period of limitations with respect to assessment.
Section 2 directs the Secretary of Finance to prepare and promulgate a detailed manual containing procedural guidelines for the conduct of Delaware unclaimed property examinations and to update its regulations accordingly.
Bill History:



Jan 22, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 2 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 2 - Introduced in Senate
Jan 21, 2015 - Amendment SA 1 - Introduced and Placed With the Bill in Senate
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate



The following Legislation affecting Delaware Title 18 - Insurance Code was acted upon by the Legislature on 1/22/2015:




HB 15
Title:  AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE.

Synopsis:
This bill will make captive insurance companies subject to additional sections in Title 18. These additional sections will allow the Commissioner greater regulatory authority and will also clarify that those acting on behalf of the Commissioner for captive insurance have the same level of liability protection as those who act for the Commissioner in the regulation of commercial insurance. The bill adds “foreign branch captive”. The bill adds definition of a “series captive insurance company.” The bill clarifies that the Commissioner may retain legal, financial, and examination services for conducting regulatory reviews, processing, investigations, and examinations and the reasonable expense may be charged to the captive insurance company. The bill adds a new definition and licensing category for series captive insurance company so that series as established in 6 Del. C. § 17-215(b), 6 Del. C. § 218(b), and 12 Del. C. § 3804(a) can be defined as captive insurance companies. The bill makes risk retention groups subject to Article 16A of Title 18 in order to satisfy a NAIC accreditation requirement. The bill increases the captive insurance application fee from $200 to $300. It increases the captive insurance processing fee from $3,000 to $3,200. It increases the annual captive insurance license renewal fee from $300 to $400. The bill makes the premium tax caps for direct business at $200,000 and assumed business at $110,000 and sets the aggregate cap to $200,000. For each series captive insurance company, the bill adds an annual minimum aggregate tax of $3,500. The bill removes the tax benefit for common ownership and control of a captive insurance company. The bill indicates the minimum capital and surplus for a series captive insurance company. The bill makes captives subject to Chapter 3 except for §§ 331, 332, and 333, and § 2716. The bill clarifies that captive insurance companies may become members of the Federal Home Loan Bank system.
Bill History:




Jan 22, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
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