The bill defines a dormant captive insurance company as one that (1) did not contract for any direct premium or reinsurance premium for a full calendar year, (2) is not obligated as an insurance company under any contract of insurance or reinsurance during any year it is a dormant captive, and (3) has provided written notice to the Commissioner of its intent to be a dormant captive. Among various provisions, the bill requires a dormant captive to possess and maintain $25,000 in unimpaired capital and surplus (or such other amount determined by the Commissioner), and exempts a dormant captive from the payment of premium tax, the filing of annual statements, the preparing of audited financial statements, and obtaining statements of actuarial opinion. Del. HB 87 (eff. Aug. 31, 2017).
