Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-63 - CREDIT FOR REINSURANCE
Section 0780-01-63-.05 - CREDIT FOR REINSURANCE - REINSURER DOMICILED AND LICENSED IN ANOTHER STATE

Universal Citation: TN Comp Rules and Regs 0780-01-63-.05

Current through September 24, 2024

(1) Pursuant to T.C.A. § 56-2-208(b)(4) the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that as of any date on which statutory financial statement credit for reinsurance is claimed:

(a) Is domiciled in (or, in the case of a United States branch of an alien assuming insurer, is entered through) a state that employs standards regarding credit for reinsurance substantially similar to those applicable under T.C.A. §§ 56-2-208 and 56-2-209 and this chapter;

(b) Maintains a surplus as regards policyholders in an amount not less than twenty million dollars ($20,000,000); and

(c) Files a properly executed Form AR-1 (Appendix A of this chapter) with the commissioner as evidence of its submission to this state's authority to examine its books and records.

(2) The provisions of this rule relating to surplus as regards policyholders shall not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system. As used in this rule, "substantially similar" standards means credit for reinsurance standards that the commissioner determines in the commissioner's sole discretion to equal or exceed the standards of T.C.A. §§ 56-2-208 and 56-2-209 and this chapter.

Authority: T.C.A. §§ 56-2-208, 56-2-209, and 56-2-301.

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