5 Del. Admin. Code § 706-1.0 - Notice Requirements

1.1 Notice Required

1.1.1 Any bank or trust company intending to transact the business of insurance in Delaware under the authority of 5 Del.C. § 761 (a)(14), whether itself (through a division) or through a subsidiary, must notify this office in writing of its intention to do so.

1.2 Time of Notice

1.2.1 The notice required by section 1.1 of these regulations must be filed with this office by the bank or trust company prior to its transaction of any insurance activities pursuant to the authority conferred by 5 Del.C. § 761 (a)(14), whether through a division or subsidiary.

1.3 Form of Notice

1.3.1 The notice required by section 1.1 of these regulations shall be an identical copy of that notice required to be filed with the Delaware State Insurance Commissioner by the proposed insurance division of the bank itself or the subsidiary of the bank or trust company pursuant to regulations promulgated by the Insurance Commissioner under the Act. In addition, such notice shall be supplemented with the following additional information:

1.3.1.1 Complete information regarding the capitalization of each of the bank or trust company and its insurance division or subsidiary (to the extent not contained in the financial statements included in the notice filed with the State Insurance Commissioner), including the following:

1.3.1.1.1 the amount and sources of paid-in capital and surplus for each of the bank or trust company and its insurance division or subsidiary;

1.3.1.1.2 the allocations of capital, surplus and undivided profits made by such bank and trust company to its insurance division or subsidiary in each of the three (3) years preceding the filing of the notice required under these regulations;

1.3.1.1.3 the relationship, expressed as a percentage, between the capital, surplus and undivided profits of the bank or trust company and those of its insurance subsidiary or division; and

1.3.1.1.4 the allocations of capital, surplus and undivided profits expected to be made by such bank or trust company to its insurance division or subsidiary in the one (1) year period following the filing of the notice required under these regulations.

1.3.1.2 The location of any office in Delaware to be open to the public and at which such bank and trust company proposes to engage in the business of insurance, whether itself (through a division) or through a subsidiary, and, if applicable, a copy of the lease agreement, mortgage, or deed by which such division or subsidiary occupies each such office.

1.3.1.3 In addition, if such bank or trust company proposes to act as insurer then there shall be filed with this office a copy of a written communication from the bank or trust company to the Federal Deposit Insurance Corporation ("FDIC"), informing the FDIC of the nature and scope of the proposed activity.

1.4 Supplementary Notices

1.4.1 A supplementary notice in the form set forth in section 1.3 of these regulations, subject to such timeframes as may be applicable, shall be filed with this office each time, subsequent to the filing of the notice requirement by section 1.1 of these regulations, that:

(1) the insurance subsidiary or division of the filing bank or trust company proposes to engage in any insurance activity authorized by 5 Del.C. § 761 (a)(14) not previously disclosed to this office; or

(2) the filing bank or trust company proposes to allocate any additional amount of its capital, surplus and undivided profits to its insurance subsidiary or division. Any such supplementary notice shall be filed prior to the commencement of any activity described herein. If, at the time such supplementary notice is to be filed with this office, a similar supplementary notice has not been filed with the State Insurance Commissioner in the form described in the regulations promulgated by the Insurance Commissioner under the Act, the supplementary notice to be filed with this office shall contain, in addition to the specific information set forth in section 1.3 above, all information required to be contained in any original application to the Insurance Commissioner by the insurance subsidiary or division of a bank or trust company to transact the business of insurance under the authority of 5 Del.C. § 761 (a)(14).

Notes

5 Del. Admin. Code § 706-1.0