Bill Text: DE SB263 | 2013-2014 | 147th General Assembly | Draft

Delaware Senate Bill 263 (Prior Session Legislation)

Draft

Bill Title: An Act To Amend Titles 18 And 29 Of The Delaware Code Relating To Amounts Remitted To The City Of Wilmington.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Engrossed - Dead) 2014-06-26 - Defeated by Senate. Votes: Defeated 13 YES 8 NO 0 NOT VOTING 0 ABSENT 0 VACANT [SB263 Detail]

Download: Delaware-2013-SB263-Draft.html

SPONSOR:	Sen. McDowell & Rep. J. Johnson
	Sens. Henry, Marshall; Reps. Brady, Keeley

DELAWARE STATE SENATE

147th GENERAL ASSEMBLY

SENATE BILL NO. 263

AN ACT TO AMEND TITLES 18 AND 29 OF THE DELAWARE CODE RELATING TO AMOUNTS REMITTED TO THE CITY OF WILMINGTON.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each house thereof concurring therein):

Section 1. Amend Chapter 69, Title 18, of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§6917 Captive insurance regulatory and supervision fund.

(b)At the end of each fiscal year, the balance in the captive insurance regulatory and supervision fund, in excess of such amount reasonably necessary to finance the Commissioner's administration of this chapter during the upcoming fiscal year, shall be transferred ~~to the General Fund.~~ as follows:

(1)An amount up to, but not exceeding, One Million Dollars ($1,000,000) shall be transferred by the Department of Insurance directly to the treasury of the City of Wilmington for the specific use of economic development; and

(2)Any remaining balance shall be transferred to the General Fund.

(c)Within 30 days after the end of each fiscal year, the Commissioner shall submit to the Secretary of Finance of this State a written report stating:

(1)The total amount of taxes and other amounts paid to the Department pursuant to this chapter during such fiscal year, and the total amount of the Commissioner's costs and expenses to administer this chapter during such fiscal year; ~~and~~

(2) The Commissioner's estimate of the total amount of the Commissioner's costs and expenses to administer this chapter during the current fiscal year.; and

(3) The amount of funds transferred to the treasury of the City of Wilmington pursuant to Section 6917(b)(1) of this title.

Section 2. Amend Chapter 23, Title 29, of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§2311.Disposition of moneys received; Division of Corporations Corporate Revolving Fund; Secretary of State Special Operations Fund.

(a) All fees which are by law taxable by and payable to the Secretary of State, except those fees collected pursuant to §9-525(d)(3) of Title 6, §15-207(b) of Title 6, §17-1107(b) of Title 6, � 18-1105(b) of Title 6, §3813(b) of Title 12, §391(h) of Title 8 and §2318 and §4307 of this title, shall be collected by the Secretary of State and paid into the State Treasury, provided however that an amount equal to 23% of all fees assessed pursuant to §9-525 of Title 6 (excluding any fees assessed pursuant to §9-525(d)(3) of Title 6 and any fees assessed pursuant to � 9-525(a)(2) in excess of $15), and an annual amount not to exceed the difference between $1 million and the amount distributed to the treasury of the City of Wilmington by the Insurance Commissioner pursuant to Section 6917(b)(1) of Title 18, ~~equal to the sum of:~~ from

~~(1)~~ ~~All fees and taxes collected pursuant to Chapter 69 of Title 18 required by law to be transferred to the General Fund, and~~

~~(2)~~ ~~Those~~ those fees collected pursuant to §3813(a)(2) and §3862(1) of Title 12,

shall be remitted monthly to the treasury of the City of Wilmington.To ensure implementation of this subsection, the Insurance Commissioner shall, transfer any amounts collected subsequent to June 30, 2007, pursuant to Chapter 69 of Title 18 and required by law to be transferred to the General Fund to the Secretary of State.

Section 3.This Act shall take effect immediately upon its enactment.

SYNOPSIS

This bill will eliminate the added step of transferring monies through the Secretary of State and enable the Department of Insurance to remit funds up to $1M dollars directly to the City of Wilmington in a more efficient and timely manner.The bill further defines how the transferred funds are to be utilized by the City of Wilmington as was intended under the current law.

Author: Senator McDowell