As used in this part, unless the context requires otherwise:

(1) “General account” means all assets and liabilities of a protected cell captive insurance company not attributable to a protected cell;

Terms Used In Tennessee Code 56-13-202

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Captive insurance company: means any pure captive insurance company, association captive insurance company, agency captive insurance company, industrial insured captive insurance company, risk retention group, protected cell captive insurance company, incorporated cell captive insurance company, or special purpose financial captive insurance company formed or licensed under this chapter. See Tennessee Code 56-13-102
  • Commissioner: means the commissioner of the department, or the commissioner's designee. See Tennessee Code 56-13-102
  • Contract: A legal written agreement that becomes binding when signed.
  • General account: means all assets and liabilities of a protected cell captive insurance company not attributable to a protected cell. See Tennessee Code 56-13-202
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Participant: means a person or an entity, authorized to be a participant by §. See Tennessee Code 56-13-202
  • Participant contract: means a contract by which a protected cell captive insurance company insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one (1) or more protected cells identified in such participant contract. See Tennessee Code 56-13-202
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • Protected cell: means a separate account established by a protected cell captive insurance company formed or licensed under this chapter, in which an identified pool of assets and liabilities are segregated and insulated by means of this chapter from the remainder of the protected cell captive insurance company's assets and liabilities in accordance with the terms of one (1) or more participant contracts to fund the liability of the protected cell captive insurance company with respect to the participants as set forth in the participant contracts. See Tennessee Code 56-13-202
  • Protected cell captive insurance company: means any captive insurance company:
    (A) In which the minimum capital and surplus required by this chapter are provided by one (1) or more sponsors. See Tennessee Code 56-13-202
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) “Participant” means a person or an entity, authorized to be a participant by § 56-13-205, and any affiliate of a participant, that is insured by a protected cell captive insurance company, if the losses of the participant are limited through a participant contract;
(3) “Participant contract” means a contract by which a protected cell captive insurance company insures the risks of a participant and limits the losses of each such participant to its pro rata share of the assets of one (1) or more protected cells identified in such participant contract;
(4) “Protected cell” means a separate account established by a protected cell captive insurance company formed or licensed under this chapter, in which an identified pool of assets and liabilities are segregated and insulated by means of this chapter from the remainder of the protected cell captive insurance company’s assets and liabilities in accordance with the terms of one (1) or more participant contracts to fund the liability of the protected cell captive insurance company with respect to the participants as set forth in the participant contracts;
(5) “Protected cell assets” means all assets, contract rights, and general intangibles identified with and attributable to a specific protected cell of a protected cell captive insurance company;
(6) “Protected cell captive insurance company” means any captive insurance company:

(A) In which the minimum capital and surplus required by this chapter are provided by one (1) or more sponsors;
(B) That is formed or licensed under this chapter;
(C) That insures the risks of separate participants through participant contracts; and
(D) That funds its liability to each participant through one (1) or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the protected cell captive insurance company’s general account;
(7) “Protected cell liabilities” means all liabilities and other obligations identified with and attributed to a specific protected cell of a protected cell captive insurance company; and
(8) “Sponsor” means any person or entity that is approved by the commissioner to provide all or part of the capital and surplus required by this chapter and to organize and operate a protected cell captive insurance company.
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