18 Del. Admin. Code § 2001-4.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2001-4.0 - Termination and Transfer of Licenses

4.1 Death of a proprietor shall terminate the license; provided, however, that if notice of such death is furnished to the Commissioner and the Commissioner is satisfied, by examination or otherwise, that the interests of insureds and insurers have been adequately protected, he may issue a temporary license:

4.1.1 To the executor or administrator of the estate of a deceased proprietor; or

4.1.2 To a surviving next of kin of such deceased proprietor if no administrator or executor has been appointed or qualified, but any such license issued shall be revoked upon issuance of a license to an administrator or executor under subsection 4.1.1 of this regulation.

4.2 Death or withdrawal of a partner shall suspend the license if the licensee is a partnership; provided, however, that if notice of such death or withdrawal is provided to the Commissioner within 30 days of the event and the Commissioner is satisfied by examination or otherwise, that the interests of insureds and insurers have been adequately protected, he may reinstate the suspended license.

4.3 Licenses are not transferable, except that the withdrawal of a partner from a licensed partnership or the admission of a new partner shall not require a new license for the new partnership provided that the new partnership complies with Section 4.0 of this regulation.

18 Del. Admin. Code § 2001-4.0

23 DE Reg. 129 (8/1/2019) (final)