Delaware Insurance Commissioner Trinidad Navarro published a Bulletin addressed to the captive insurance industry operating in Delaware, clarifying the conditions required for holding minimum capital and surplus in a brokerage account.
Delaware Code 18 Del. C. § 6905(c) states that minimum capital and surplus requirements required in the state may be in the form of cash, an irrevocable letter of credit issued by a financial institution chartered by or licensed to do banking business in the state, or by any other financial institution approved by the Commissioner, or such other assets as may be approved by the Commissioner.
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