Section 0780-01-41-.14 - REGULATION FOR CAPTIVE INSURANCE COMPANIES ISSUING ANNUITIES(1) This Rule 0780-01-41-.14 establishes reserve requirements, separate accounts and the form of the annual statement required of any captive insurance company that issues annuity contracts (which may have life or other benefits that constitute a subsidiary or incidental part of the entire contract).(2) This Rule shall apply to any captive insurance company formed or licensed under the provisions of Title 56, Chapter 13 of the Tennessee Code Annotated issuing annuity contracts (which may have life or other benefits that constitute a subsidiary or incidental part of the entire contract).(3) Any captive insurance company that issues contracts that provide variable benefits shall establish separate accounts. Such accounts shall be subject to the requirements of T.C.A. § 56-3-501.(4) A captive insurance company that issues annuity contracts shall maintain reserves that are actuarially sufficient to support the liabilities provided by the contracts.(5) A captive insurance company that issues annuity contracts shall submit its annual report in the form of the annual statement approved by the National Association of Insurance Commissioners for life insurers, as modified or supplemented by the commissioner.Tenn. Comp. R. & Regs. 0780-01-41-.14
Original rule filed November 30, 2012; effective May 28, 2013. Repeal and new rule filed September 22, 2017; effective 12/21/2017.Authority: 2011 Public Acts, Chapter 468, T.C.A. §§ 56-3-501, 56-13-101 through 56-13-418, 56-13-108, 56-13-115, and 56-13-121.