Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-41 - Tennessee Captive Insurance Companies
Section 0780-01-41-.02 - ANNUAL REPORTING AND PREMIUM TAX PAYMENT REQUIREMENTS

Universal Citation: TN Comp Rules and Regs 0780-01-41-.02

Current through September 24, 2024

(1) The report of financial condition required by T.C.A. §§ 56-13-108, 56-13-204(12), 56-13-305 and 56-13-416(d) and shall be made by completing and submitting each of the forms and schedules prescribed by the Tennessee Captive Insurer Annual Report found at Appendix A of this rule, which is incorporated herein by reference.

(2) The OPTins system is hereby designated as the approved method of receiving premium tax, penalty, and interest forms and payments owed by a captive insurance company.

(a) Premium tax forms and payments shall be filed and paid in electronic form through the OPTins system no later than the date such payment is required.

(b) Filings and payments made through OPTins on or before the due date shall be deemed received by the department on the date received by OPTins.

(c) Every filing and payment made through OPTins shall be subject to a convenience fee of up to ten dollars ($10.00) per filing to cover the department's actual costs incurred by accepting electronic payments through OPTins. Such convenience fee shall be assessed in addition to any applicable premium tax, penalty, or interest.

(d) If a tax payment due date falls on a Saturday, Sunday or banking holiday, the electronic payment must be made so that the funds are immediately available on the first business day after the due date.

(e) The commissioner may waive the requirement for electronic payment through OPTins and allow filing and payment by mail on a case by case basis for good cause shown.

(3) For a company that has received approval from the commissioner to utilize an alternative reporting date of its annual report pursuant to T.C.A. § 56-13-108(c), the full estimated premium tax due should be paid to the Department by March 15 of each year along with an estimated premium tax return.

(4) If, in accordance with paragraph (3) above, the paid premium tax is less than eighty percent (80%) of the premium tax due as calculated from the annual report filed at the end of the fiscal year, the commissioner may impose monetary penalties on said company in an amount up to one thousand dollars ($1,000).

Authority: 2011 Public Acts, Chapter 468, T.C.A. §§ 56-13-101 through 56-13-418, 56-13-108, 56-13-114, 56-13-115, 56-13-120, 56-13-121, 56-13-204, 56-13-305, and 56-13-416.

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