(a) Except as otherwise provided in this section, chapter 9 of this title shall apply to a protected cell captive insurance company.

Terms Used In Tennessee Code 56-13-207

  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
(b) Upon any order of supervision, rehabilitation, or liquidation of a protected cell captive insurance company, the receiver shall manage the assets and liabilities of the protected cell captive insurance company pursuant to this part.
(c) Notwithstanding chapter 9 of this title:

(1) No assets of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell; and
(2) A protected cell captive insurance company’s capital and surplus shall at all times be available to pay any expenses of or claims against the protected cell captive insurance company.
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