Tennessee Code 56-13-304 – Petition for certificate of authority
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Terms Used In Tennessee Code 56-13-304
- Alien: means a company formed according to the legal requirements of a foreign country. See Tennessee Code 56-13-102
- 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. See Tennessee Code 56-13-302
- 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. See Tennessee Code 56-13-302
- Branch operations: means any business operations of a branch captive insurance company in this state. See Tennessee Code 56-13-302
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
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.