Tennessee Code 56-46-111 – Foreign insurers

(a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC Report as of the end of the calendar year just ended the later of:

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Terms Used In Tennessee Code 56-46-111

Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
Domestic insurer: means any insurance company domiciled in Tennessee. See Tennessee Code 56-46-102
Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
Foreign insurer: means any insurance company that is licensed to do business in Tennessee under this title but is not domiciled in Tennessee. See Tennessee Code 56-46-102
Property: includes both personal and real property. See Tennessee Code 1-3-105
RBC Plan: means a comprehensive financial plan containing the elements specified in §. See Tennessee Code 56-46-102
RBC Report: means the report required in §. See Tennessee Code 56-46-102
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
Statute: A law passed by a legislature.
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105

(1) The date an RBC Report would be required to be filed by a domestic insurer under this part; or

(2) Fifteen (15) days after the request is received by the foreign insurer.

(b) Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC Plan that is filed with the insurance commissioner of any other state.

(c) In the event of a Company Action Level Event, Regulatory Action Level Event or Authorized Control Level Event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer, or, if no RBC statute is in force in that state, under this part, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC Plan in the manner specified under that state’s RBC statute, or, if no RBC statute is in force in that state, under § 56-46-104, the commissioner may require the foreign insurer to file an RBC Plan with the commissioner. In this event, the failure of the foreign insurer to file an RBC Plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.

(d) In the event of a Mandatory Control Level Event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the chancery court of Davidson County pursuant to chapter 9 of this title with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application.

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Tennessee Code 56-46-111 – Foreign insurers

Terms Used In Tennessee Code 56-46-111

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