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DE SB263
Bill
Status
6/26/2014
Primary Sponsor
Harris McDowell
Click for details
AI Summary
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Amends Title 18 § 6917 to transfer excess captive insurance regulatory fund balances directly to the City of Wilmington's treasury, up to $1,000,000 annually for economic development purposes, with any remaining balance going to the General Fund.
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Requires the Insurance Commissioner to report annually to the Secretary of Finance on total taxes collected, administrative costs, and the amount transferred to Wilmington.
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Modifies Title 29 § 2311 to adjust the monthly remittance amount to Wilmington by reducing it based on amounts the Insurance Commissioner transfers under the revised Title 18 provision.
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Eliminates the requirement for the Insurance Commissioner to transfer captive insurance funds through the Secretary of State, enabling direct remittance to Wilmington for more efficient fund distribution.
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Takes effect immediately upon enactment.
Legislative Description
An Act To Amend Titles 18 And 29 Of The Delaware Code Relating To Amounts Remitted To The City Of Wilmington.
Last Action
Defeated by Senate. Votes: Defeated 13 YES 8 NO 0 NOT VOTING 0 ABSENT 0 VACANT
6/26/2014