(a) This chapter shall apply only to domestic mutual fire insurers heretofore and now doing business on the assessment premium
plan.
(b) For the purposes of this chapter an insurer "doing business on the assessment premium plan" is one which depends in whole
or substantial part upon special or regular assessments levied upon its members, either prior to or after a loss, for the
payment of losses and expenses. This provision shall not be deemed to prevent any such insurer from collecting from each member
such initial amount as it may deem proper prior to or at the time of the effectuation of the member's insurance and shall
not be deemed to prohibit the acquisition, accumulation and maintenance of surplus or unallocated funds.
18 Del. C. 1953, § 5301; 56 Del. Laws, c. 380, § 1.;
§ 5302. Continuation of existing insurers.
(a) All such insurers holding subsisting certificates of authority from the Commissioner immediately prior to November 1,
1968 may continue to be so authorized so long as qualified therefor under this title.
(b) No new such insurers shall be formed or be newly authorized after November 1, 1968.
18 Del. C. 1953, § 5302; 56 Del. Laws, c. 380, § 1.;
§ 5303. Insuring powers.
(a) Such insurers shall have power to insure only real property and personal property incidental to such real property against
the perils of fire, lightning and windstorm, together with perils customarily included under extended coverages.
(b) The maximum amount of insurance which the insurer shall retain on any 1 subject of insurance, after deduction of applicable
reinsurance, shall not exceed 10% of its admitted assets or $5,000, whichever is the larger amount. For the purposes of this
subsection a "subject of insurance" shall have the meaning ascribed in § 909 (limits of risk) of this title.
18 Del. C. 1953, § 5303; 56 Del. Laws, c. 380, § 1.;
§ 5304. Reinsurance.
Such an insurer may cede reinsurance to any insurer authorized to transact property insurance in this State other than on
the assessment premium plan. An insurer doing business on the assessment premium plan shall not accept reinsurance from other
insurers.
18 Del. C. 1953, § 5304; 56 Del. Laws, c. 380, § 1.;
§ 5305. Records.
Every such insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its
transactions. The books, files and records of the insurer shall be located at its principal place of business in this State
or at such place in this State as may be expressly authorized by the insurer's board of directors with notice thereof in writing
to the Commissioner. The books, files and records of the insurer shall be available for inspection by the insurer's directors
and officers and by the Commissioner at all reasonable times.
18 Del. C. 1953, § 5305; 56 Del. Laws, c. 380, § 1.;
§ 5306. Subject to other provisions.
(a) Such insurers shall be subject to all reasonably applicable provisions of this title except provisions requiring the possession,
maintenance or deposit of surplus.
(b) Such insurers shall expressly be subject to the following provisions of Chapter 49 of this title (Organization and Corporate
Powers, Procedures of Domestic Stock and Mutual Insurers):
(a) This chapter shall apply only to domestic mutual fire insurers heretofore and now doing business on the assessment premium
plan.
(b) For the purposes of this chapter an insurer "doing business on the assessment premium plan" is one which depends in whole
or substantial part upon special or regular assessments levied upon its members, either prior to or after a loss, for the
payment of losses and expenses. This provision shall not be deemed to prevent any such insurer from collecting from each member
such initial amount as it may deem proper prior to or at the time of the effectuation of the member's insurance and shall
not be deemed to prohibit the acquisition, accumulation and maintenance of surplus or unallocated funds.
18 Del. C. 1953, § 5301; 56 Del. Laws, c. 380, § 1.;
§ 5302. Continuation of existing insurers.
(a) All such insurers holding subsisting certificates of authority from the Commissioner immediately prior to November 1,
1968 may continue to be so authorized so long as qualified therefor under this title.
(b) No new such insurers shall be formed or be newly authorized after November 1, 1968.
18 Del. C. 1953, § 5302; 56 Del. Laws, c. 380, § 1.;
§ 5303. Insuring powers.
(a) Such insurers shall have power to insure only real property and personal property incidental to such real property against
the perils of fire, lightning and windstorm, together with perils customarily included under extended coverages.
(b) The maximum amount of insurance which the insurer shall retain on any 1 subject of insurance, after deduction of applicable
reinsurance, shall not exceed 10% of its admitted assets or $5,000, whichever is the larger amount. For the purposes of this
subsection a "subject of insurance" shall have the meaning ascribed in § 909 (limits of risk) of this title.
18 Del. C. 1953, § 5303; 56 Del. Laws, c. 380, § 1.;
§ 5304. Reinsurance.
Such an insurer may cede reinsurance to any insurer authorized to transact property insurance in this State other than on
the assessment premium plan. An insurer doing business on the assessment premium plan shall not accept reinsurance from other
insurers.
18 Del. C. 1953, § 5304; 56 Del. Laws, c. 380, § 1.;
§ 5305. Records.
Every such insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its
transactions. The books, files and records of the insurer shall be located at its principal place of business in this State
or at such place in this State as may be expressly authorized by the insurer's board of directors with notice thereof in writing
to the Commissioner. The books, files and records of the insurer shall be available for inspection by the insurer's directors
and officers and by the Commissioner at all reasonable times.
18 Del. C. 1953, § 5305; 56 Del. Laws, c. 380, § 1.;
§ 5306. Subject to other provisions.
(a) Such insurers shall be subject to all reasonably applicable provisions of this title except provisions requiring the possession,
maintenance or deposit of surplus.
(b) Such insurers shall expressly be subject to the following provisions of Chapter 49 of this title (Organization and Corporate
Powers, Procedures of Domestic Stock and Mutual Insurers):
(a) This chapter shall apply only to domestic mutual fire insurers heretofore and now doing business on the assessment premium
plan.
(b) For the purposes of this chapter an insurer "doing business on the assessment premium plan" is one which depends in whole
or substantial part upon special or regular assessments levied upon its members, either prior to or after a loss, for the
payment of losses and expenses. This provision shall not be deemed to prevent any such insurer from collecting from each member
such initial amount as it may deem proper prior to or at the time of the effectuation of the member's insurance and shall
not be deemed to prohibit the acquisition, accumulation and maintenance of surplus or unallocated funds.
18 Del. C. 1953, § 5301; 56 Del. Laws, c. 380, § 1.;
§ 5302. Continuation of existing insurers.
(a) All such insurers holding subsisting certificates of authority from the Commissioner immediately prior to November 1,
1968 may continue to be so authorized so long as qualified therefor under this title.
(b) No new such insurers shall be formed or be newly authorized after November 1, 1968.
18 Del. C. 1953, § 5302; 56 Del. Laws, c. 380, § 1.;
§ 5303. Insuring powers.
(a) Such insurers shall have power to insure only real property and personal property incidental to such real property against
the perils of fire, lightning and windstorm, together with perils customarily included under extended coverages.
(b) The maximum amount of insurance which the insurer shall retain on any 1 subject of insurance, after deduction of applicable
reinsurance, shall not exceed 10% of its admitted assets or $5,000, whichever is the larger amount. For the purposes of this
subsection a "subject of insurance" shall have the meaning ascribed in § 909 (limits of risk) of this title.
18 Del. C. 1953, § 5303; 56 Del. Laws, c. 380, § 1.;
§ 5304. Reinsurance.
Such an insurer may cede reinsurance to any insurer authorized to transact property insurance in this State other than on
the assessment premium plan. An insurer doing business on the assessment premium plan shall not accept reinsurance from other
insurers.
18 Del. C. 1953, § 5304; 56 Del. Laws, c. 380, § 1.;
§ 5305. Records.
Every such insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its
transactions. The books, files and records of the insurer shall be located at its principal place of business in this State
or at such place in this State as may be expressly authorized by the insurer's board of directors with notice thereof in writing
to the Commissioner. The books, files and records of the insurer shall be available for inspection by the insurer's directors
and officers and by the Commissioner at all reasonable times.
18 Del. C. 1953, § 5305; 56 Del. Laws, c. 380, § 1.;
§ 5306. Subject to other provisions.
(a) Such insurers shall be subject to all reasonably applicable provisions of this title except provisions requiring the possession,
maintenance or deposit of surplus.
(b) Such insurers shall expressly be subject to the following provisions of Chapter 49 of this title (Organization and Corporate
Powers, Procedures of Domestic Stock and Mutual Insurers):