Del. Code 18, § 516 : Insurance Code — Authorization Of Insurers And General Requirements — Issuance, refusal of authority; ownership of certificate

2 Sep 2016

Current through 2016 Legislative Session, Act 399

(a) If upon completion of its application the Commissioner finds that the insurer has met the requirements therefor under this title, the commissioner shall issue to the insurer a proper certificate of authority; if he/she does not so find, the Commissioner shall issue his/her order refusing such certificate. The Commissioner shall act upon an application for certificate of authority within a reasonable period after its completion.
(b) The Commissioner shall issue certificates of authority under his/her seal of office, showing the date of actual issuance, the kinds of insurance the insurer is authorized to transact in this State, and such other matters as the Commissioner deems necessary. At the insurer's request, the Commissioner may issue a certificate of authority limited to particular types of insurance or coverages within a kind of insurance as defined in Chapter 9 of this title.
(c) Although issued and delivered to the insurer, the certificate of authority at all times shall be the property of the State. Upon any expiration, suspension or termination thereof the insurer shall promptly deliver the certificate to the Commissioner.
Del. C. § 516
18 Del. C. 1953, § 516; 56 Del. Laws, c. 380, § 1; 70 Del. Laws, c. 186, § 1.;