DE SB249

Amends Delaware Code Title 18 to allow captive insurance companies' required capital and surplus to be held in financial institutions approved by the Commissioner, not limited to banks chartered or licensed in Delaware.

Removes requirement that minimum capital and surplus be maintained in-state, allowing funds to be held in other financial institutions approved by the Commissioner when appropriate for the type of risk involved.

Maintains specific minimum capital and surplus requirements for different captive insurance company types, ranging from $250,000 for pure captive companies to $1,000,000 for risk retention groups.

Authorizes the Commissioner to impose additional conditions on captive insurance companies related to capital and surplus maintenance to ensure solvency and efficient operations.

Allows minimum capital and surplus to be held as cash, irrevocable letters of credit, or other assets approved by the Commissioner, or as proceeds from surplus notes issued by the captive insurance company.