DE SB87

Creates Chapter 5A of Title 18 (Delaware Insurance Code) establishing a Port-of-Entry framework allowing foreign insurers to use Delaware as their entry state into the U.S. market through a U.S. Branch.

Requires foreign insurers to establish and maintain a trust account with a U.S. bank containing assets equal to minimum capital and surplus or authorized control level risk based capital (whichever is greater) required of domestic insurers writing the same types of insurance.

Mandates U.S. Branches file annual and quarterly financial statements with the Delaware Insurance Commissioner and NAIC in the same format as domestic insurers, plus trusteed surplus statements showing the value of trust assets minus U.S. liabilities.

Grants the Insurance Commissioner authority to approve trust deeds, conduct examinations, require documentation from applicants' home jurisdictions, and revoke licenses if trustees fail to comply or trusteed surplus falls below required minimums.

Applies all Delaware insurance laws to U.S. Branches except Chapter 50 (relating to domestic insurer formation), and permits the Commissioner to take action under Chapter 59 (insolvency provisions) if a U.S. Branch becomes hazardous to policyholders or creditors.