News
June 30, 2009
House Bill No. 285 has been introduced to the Delaware General Assembly by the chairs of the House and Senate Finance Committees. In its current form, the bill would establish an independent appeals process and a period of limitation for unclaimed property. To view this house bill, please click on the link below:
January 15, 2010
Delaware Insurance Commissioner Karen Weldin Stewart announced today that the number of captive insurance companies domiciled in Delaware grew by 20% in 2009. To view the full press release, please click on the link below:
Delaware Captive Insurance Industry Grows Substantially in 2009
January 25, 2010
Delaware Insurance Commissioner Karen Weldin Stewart has announced the licensing of the world’s first serial entity (i.e., series limited liability company) captive. Delaware is only one of seven states whose business laws allow the formation of series limited liability companies or statutory trusts. However, unlike other states, Delaware has a long and well-respected history of business law and permits the serialization of the captive entities to serve as customized risk management solutions. Delaware’s laws allow each series of a limited liability company to hold different liabilities and assets effectively "ring fencing" each of the series. Full text of the announcement can by found by clicking the link below:
February 12, 2010
The State of Delaware and CA, Inc. have entered into a settlement agreement putting an end to a protracted battle over the State’s unclaimed property audit of CA, Inc. and the subsequent assessment of penalties and interest for reporting periods dating back to 1981. The agreement represents major victory for the State which has been widely criticized by holders of unclaimed property who dispute certain methodologies employed by the State to determine amounts and types of property subject to escheat regulations. The full text of the agreement can be viewed by clicking the link below.