reglab/housing_qa huggingface dataset:
TN Code § 56-13-205 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 2 - Protected Cell Captive Insurance Companies|§ 56-13-205. Participation in a Protected Cell Captive Insurance Company

  Associations, corporations, limited liability companies, partnerships, trusts, and other business entities may be participants in any protected cell captive insurance company formed or licensed under this chapter.   A sponsor may be a participant in a protected cell captive insurance company.   A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.   A participant shall insure only its own risks through a protected cell captive insurance company, unless otherwise approved by the commissioner.
TN Code § 56-13-206 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 2 - Protected Cell Captive Insurance Companies|§ 56-13-206. Combining Assets

 Notwithstanding § 56-13-204, the assets of two (2) or more protected cells may be combined for purposes of investment, and such combination shall not be construed as defeating the segregation of such assets for accounting or other purposes. Notwithstanding any other provision of this title, the commissioner may approve the use of alternative reliable methods of valuation and rating.
TN Code § 56-13-207 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 2 - Protected Cell Captive Insurance Companies|§ 56-13-207. Application of Rehabilitation and Liquidation Provisions

  Except as otherwise provided in this section, chapter 9 of this title shall apply to a protected cell captive insurance company.   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.   Notwithstanding chapter 9 of this title:  No assets of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell; and   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.
TN Code § 56-13-208 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 2 - Protected Cell Captive Insurance Companies|§ 56-13-208. Pleadings Against Protected Cell Captive Insurance Company

  The pleadings in any legal action brought by or against a protected cell captive insurance company shall specify which protected cell or cells are or should be named a party to the suit. If the general account is party to this suit, it likewise shall be separately identified in the pleadings as if it were a protected cell.   A legal action brought against a protected cell captive insurance company that does not specify one (1) or more protected cells shall be deemed to have been brought against the general account only.   Any protected cell that is not named in the pleadings of the legal action shall not be deemed to be a party to the legal action. Any protected cell that is erroneously named as a party or named without proper cause shall be entitled to prompt dismissal from the legal action.   Unless specified by the plan of operation, participant contract, or other prior contractual agreement, the assets of one (1) protected cell may not be encumbered or seized to satisfy the obligations of or a judgment against any other protected cell. No protected cell has a duty to defend the rights and obligations of any other protected cell.   In any legal action involving a protected cell captive insurance company or a protected cell, any papers, documents, or property of a nonparty protected cell shall be afforded the same status during discovery as the documents or property of any other unrelated third party. A nonparty protected cell shall have standing to appear and petition for any appropriate relief to protect the confidentiality of its papers or documents.
TN Code § 56-13-301 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-301. Establishment of Branch Captive Insurance Companies

  A branch captive insurance company may be established in this state, in accordance with this chapter, to write in this state any insurance or reinsurance of the employee benefit business of its parent and affiliated companies that is subject to the Employee Retirement Income Security Act of 1974, as amended, or any insurance or reinsurance permitted to be written by captive insurance companies pursuant to this chapter. In addition to any applicable provisions of this chapter, this part shall apply to branch captive insurance companies.   No branch captive insurance company shall do any insurance business in this state unless it maintains the principal place of business for its branch operations in this state.
TN Code § 56-13-302 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-302. Part Definitions

 As used in this part, unless the context requires otherwise:   “Alien captive insurance company” means any insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting the business of insurance in such jurisdiction;   “Branch business” means any insurance business transacted by a branch captive insurance company in this state;   “Branch captive insurance company” means any alien captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. A branch captive insurance company is a pure captive insurance company with respect to operations in this state, unless otherwise permitted by the commissioner; and   “Branch operations” means any business operations of a branch captive insurance company in this state.
TN Code § 56-13-303 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-303. Security for Payment of Liabilities

  No branch captive insurance company shall be issued a license by the commissioner unless it possesses and maintains, as security for the payment of liabilities attributable to the branch operations:  An amount equal to the amount set forth in § 56-13-105 as the minimum capital requirement for a pure captive insurance company; and   Reserves on such insurance policies or such reinsurance contracts as may be issued or assumed by the branch captive insurance company through its branch operations, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations; provided, however, that, the commissioner may permit a branch captive insurance company to credit against any such reserve requirement any security for loss reserves that the branch captive insurance company may post with a ceding insurer or that may be posted by a reinsurer with the branch captive insurance company, and in either case if such security remains posted.     Subject to the prior approval of the commissioner, the amounts required in subsection (a) may be held in the form of:  A trust formed under a trust agreement and funded by assets acceptable to the commissioner;   An irrevocable letter of credit issued or confirmed by a bank approved by the commissioner;   With respect to the amounts required in subdivision (a)(1) only, cash on deposit with the commissioner; or   Any combination of subdivisions (b)(1)-(3).
TN Code § 56-13-304 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-304. Petition for Certificate of Authority

 In the case of a captive insurance company seeking to become licensed as a branch captive insurance company, the alien captive insurance company shall petition the commissioner to issue a certificate setting forth the commissioner's finding that, after considering the character, reputation, financial responsibility, insurance experience, and business qualifications of the officers and directors of the alien captive insurance company, the licensing and maintenance of the branch operations will promote the general good of this state. The alien captive insurance company in this state after the commissioner's certificate of authority is issued shall also comply with titles 48 and 61.
TN Code § 56-13-305 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-305. Filing of Reports and Statements

 Prior to March 1 of each year, or with the approval of the commissioner within sixty (60) days after its fiscal year-end, a branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two (2) of its executive officers. If the commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.
TN Code § 56-13-306 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-306. Examination of a Branch Captive Insurance Company

  The examination of a branch captive insurance company pursuant to § 56-13-109 shall be of branch business and branch operations only, if the branch captive insurance company provides annually to the commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.   As a condition of licensure, an alien captive insurance company shall grant authority to the commissioner for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
TN Code § 56-13-307 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 3 - Branch Captive Insurance Companies|§ 56-13-307. Taxation

 In the case of a branch captive insurance company, the tax provided for in § 56-13-114 shall apply only to the branch business of such company.
TN Code § 56-13-401 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-401. Creation of Special Purpose Financial Captives

 This part provides for the creation of “special purpose financial captives” (SPFCs) exclusively to facilitate the securitization of one (1) or more risks, as a means of accessing alternative sources of capital and achieving the benefits of securitization. SPFCs are created for the limited purpose of entering into SPFC contracts and insurance securitization transactions and into related agreements to facilitate the accomplishment and execution of those transactions. The creation of SPFCs is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden sources of capital for insurers, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic development and expand the interest of this state through its captive insurance program.
TN Code § 56-13-403 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-403. Controlling Provisions When Conflict Exists — Exemptions

  No provisions of this title, other than those expressly provided in this part, shall apply to an SPFC, and those provisions apply only as modified by this part. If a conflict occurs between this title and this part, this part shall control.   The commissioner, by rule, regulation, or order, may exempt an SPFC or its protected cells, on a case-by-case basis, from this chapter if the commissioner determines regulation under this chapter to be inappropriate given the nature of the risks to be insured.
TN Code § 56-13-405 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-405. Organization of Spfc

  An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner.   The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this part.   The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this state. Any name adopted by an SPFC shall comply with titles 48 and 61.   An SPFC shall have at least three (3) incorporators or organizers, of whom at least two (2) shall be residents of this state.   At least one (1) of the members of the management of the SPFC shall be a resident of this state.   An SPFC formed pursuant to this part has the privileges of and is subject to all other requirements of this state's law applicable to its formation, as well as the applicable provisions contained in this part; provided, that this part controls if a conflict exists in this state's law.
TN Code § 56-13-406 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-406. Minimum Capitalization

  An SPFC shall initially possess and maintain, minimum capitalization of not less than two hundred and fifty thousand dollars ($250,000). All of the minimum initial capitalization shall be in cash. All other funds of the SPFC in excess of its minimum initial capitalization shall be in the form of cash, cash equivalent, or securities invested as approved by the commissioner.   Additional capitalization for the SPFC shall be determined, if so required, by the commissioner after giving due consideration to the SPFC's plan of operation, feasibility study, pro-formas, and the nature of the risks being insured or reinsured, which may be prescribed in formulas approved by the commissioner.
TN Code § 56-13-407 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-407. Authorized Activities

  An SPFC shall only insure the risks of a counterparty.   No SPFC shall issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third party reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the commissioner.   An SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this part. Those activities may include, but are not limited to:  Entering into SPFC contracts;   Issuing SPFC securities in accordance with applicable securities law;   Complying with the terms of such contracts or securities;   Entering into trust, guaranteed investment contract, letter of credit, swap, tax, administration, reimbursement, or fiscal agent transactions; and   Complying with trust indenture, reinsurance, or retrocession; and agreements necessary or incidental to effectuate an insurance securitization in compliance with this part or the plan of operation approved by the commissioner.      An SPFC shall discount its reserves at discount rates as approved by the commissioner.   An SPFC shall maintain reserves that are actuarially sufficient to support the liabilities incurred by SPFC in reinsuring life insurance policies.   An SPFC shall file annually with the commissioner an actuarial opinion on reserves provided by an approved independent actuary.
TN Code § 56-13-410 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-410. Issuing Securities

  An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved plan of operation, and its organizational documents.   An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of these securities.   Subject to the approval of the commissioner, an SPFC may lawfully:  Account for the proceeds of surplus notes as surplus and not as debt for purposes of statutory accounting; and   Submit for prior approval of the commissioner periodic written requests for payments of interest on and repayments of principal of surplus notes. In lieu of approval of periodic written requests for authorization to make payments of interest on and repayments of principal of surplus notes and other debt obligations issued by the SPFC, the commissioner may approve a formula or plan, which shall be included in the SPFC's plan of operation as amended from time to time, for payment of interest, principal, or both with respect to such surplus notes and debt obligations.     The commissioner, without otherwise prejudicing the commissioner's authority, may approve formulas for an ongoing plan of interest payments or principal repayments, or both, to provide guidance in connection with the commissioner's ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes.   The obligation to repay principal or interest, or both, on the securities issued by the SPFC must reflect the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract.
TN Code § 56-13-411 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-411. Asset Management Agreements

 An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses or managing asset, credit, or interest rate risk of the investments to ensure that the investments are sufficient to assure payment or repayment of the securities, and related interest or principal payments, issued pursuant to an SPFC insurance securitization transaction or the obligations of the SPFC under the SPFC contract.
TN Code § 56-13-413 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-413. No Securities Considered to Be Insurance or Reinsurance Contracts

 No securities issued by an SPFC pursuant to an insurance securitization shall be considered to be insurance or reinsurance contracts. No investor in these securities or a holder of these securities, by sole means of this investment or holding, shall be considered to be transacting the business of insurance in this state. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this part shall not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with an insurance securitization.
TN Code § 56-13-414 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-414. Preservation and Administration of Assets — Disclosures — Restrictions on Investments

  The assets of an SPFC shall be preserved and administered by or on behalf of the SPFC to satisfy the liabilities and obligations of the SPFC incident to the reinsurance contract, the insurance securitization, and other related agreements.   In the insurance securitization, the security offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of such insurance securitization will be used to fund the SPFC's obligations to the ceding insurer.   No SPFC shall be subject to any restriction on investments other than the following:  The commissioner may limit investments by an SPFC to those categories and amounts of authorized investments delineated in chapter 3, parts 3 or 4 of this title, as applicable and as amended from time to time;   No SPFC shall make a loan to any person other than as permitted under its plan of operation or as otherwise approved in advance by the commissioner; and   The commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the SPFC unless the investment is otherwise approved in its plan of operation or in an order issued to the SPFC pursuant to § 56-13-404, as either is amended from time to time.
TN Code § 56-13-415 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-415. Dividends

  No SPFC shall declare or pay dividends in any form to its owners other than in accordance with the insurance securitization transaction agreements, and in no extent shall the dividends decrease the capital of the SPFC below two hundred fifty thousand dollars ($250,000). After giving effect to the dividends, the assets of the SPFC, including assets held in trust pursuant to the terms of the insurance securitization, shall be sufficient to satisfy the commissioner that the SPFC can meet its obligations. Approval by the commissioner of an ongoing plan for the payment of dividends or other distribution by an SPFC must be conditioned upon the retention, at the time of each payment, of capital or surplus equal to or in excess of amounts specified by, or determined in accordance with formulas approved for the SPFC by the commissioner.   The dividends may be declared by the management of the SPFC if the dividends do not violate this part or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or any related transaction and other provisions of this part.