Section 0780-01-41-.15 - REGULATION FOR CAPTIVE INSURANCE COMPANIES REINSURING LIFE INSURANCE POLICIES(1) This Rule 0780-01-41-.15 establishes reserve requirements and the form of the annual report required of a captive insurance company that reinsures life insurance policies, including term, universal and variable life policies, and related guarantees and riders (collectively, "Life Insurance Policies").(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 that reinsures Life Insurance Policies, with respect to fiscal years ending on and after December 31, 2013.(3) A captive insurance company described in rule 0780-01-41-.15(2) shall maintain reserves that are actuarially sufficient to support the liabilities incurred by the captive insurance company in reinsuring Life Insurance Policies.(4) For purposes of the annual report required by Tenn. Code Ann. § 56-13-108(b): (a) A captive insurance company described in rule 0780-01-41-.15(2) that uses statutory accounting principles (i.e., the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual, including any appropriate or necessary modifications or adaptations thereto approved by the Commissioner of Commerce and Insurance) shall submit the 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, unless the commissioner requires or approves a different form of annual report; and(b) A captive insurance company described in rule 0780-01-41-.15(2) that uses generally accepted accounting principles, including any appropriate or necessary modifications or adaptations thereto approved by the commissioner, shall submit the annual report in the form approved by the commissioner.Tenn. Comp. R. & Regs. 0780-01-41-.15
Original rule filed November 30, 2012; effective February 28, 2013. Repeal and new rule filed September 22, 2017; effective 12/21/2017.Authority: 2011 Public Acts, Chapter 468, T.C.A. §§ 56-13-101 through 56-13-418, 56-13-108, 56-13-115, and 56-13-121.