(a) No captive insurance company shall make any material change or changes to its plan of operation until the department has approved the change or changes.

Terms Used In Tennessee Code 56-13-118

  • 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
  • Department: means the department of commerce and insurance. See Tennessee Code 56-13-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) Each subsequent material change of plan of operation filed during each year is subject to the fee described in § 56-4-101(a)(8).
(c) For purposes of this section and § 56-4-101(a)(8), the “plan of operation” and “business plan” have the same meaning.
(d)

(1)A change in any information filed with the application that does not constitute a material change, or a change otherwise requiring commissioner approval, must be filed with the commissioner within thirty (30) days, but does not require prior approval under this section.
(2) For purposes of this chapter, a material change does not include adding an additional line of coverage or increasing or decreasing premiums for a line of coverage, provided such increase or decrease is less than fifteen percent (15%).
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