Tennessee Department of Commerce & Insurance
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1 Tennessee Department of Commerce & Insurance Captive Insurance Department Tennessee Captive Insurance Association December 7, 2011
2 TDCI s Focus Two primary objectives: 1. Monitoring the solvency and standards of captive insurance companies. 2. Ensuring regulation does not hinder the fair operation of the market.
3 Agenda A. Regulatory Team B. Captive Assessment C. Application D. Forms E. Q & A
4 Regulatory Team Larry Knight Assistant Insurance Commissioner Lacosta Wix Senior Counsel Michael Corbett Director Captive Insurance
5 The Insurance Division Financial Affairs Section The Financial Affairs Section regulates the financial and operational condition of captive companies. It is comprised of examination, analysis and statistical oversight provided by: Mark Jaquish Financial Affairs Director Horace Gaddis Chief Examiner Robert Ribe Chief Analyst and Statistician
6 Captive Assessment Conduct a feasibility analysis to determine if a captive insurance company is the right tool for the management of your company or group's risk. Select a captive management firm that is authorized by the State of Tennessee.
7 Captive Assessment (continued) Arrange a meeting, including your captive manager, with the Director and staff to discuss the proposed captive and obtain initial reactions from the department. In the case of association or risk retention group captives, the Director will want to meet with key officers prior to licensing. Risk retention group captives must have a feasibility study for this meeting.
8 Application Process Two-track process: 1. Prepare documents necessary for incorporation. The services of a local lawyer may be desirable. 2. Prepare documents necessary for application to the Department. *Submit three copies of all materials. Include an application fee of $675.
9 Application
10 Application Submit Organizational Documents ( (c) (1) (a)) File Evidence of: Liquidity of assets Adequacy of management Soundness of plan of operation Adequacy of loss prevention programs Other factors determined by the Department
11 Application (continued) Deposit with TDCI unimpaired capital requirements (or letter of credit): Pure - $250,000 Association - $500,000 Industrial - $500,000 RRG - $1,000,000 Protected Cell - $500,000
12 Application (continued) Submit to the TDCI a description of coverage limits, rates and any additional information required.
13 Application (continued) Other requirements: Have your CPA complete the necessary form for authorization to perform audits. Have your actuary complete the necessary form for authorization to render opinions on reserves. The Department may perform an organizational exam shortly after issuing the Certificate of Authority.
14 Forms & Information Forms & information available online ( Application form Biographical affidavit Letter of credit form Approval forms for managers, actuaries & CPA firms List of currently approved managers, actuaries & CPAs
15 Panel Discussion: Larry Knight - Assistant Insurance Commissioner Lacosta Wix - Senior Counsel
16 Question: Why did the Department decide to update its captive law in the previous legislative session?
17 Question: What was the legislative attitude toward captive legislation?
18 Question: How will the Department of Commerce and Insurance carry out the Commissioner s plan to make Tennessee an attractive domicile?
19 Question: Initial meeting prior to submission of applications. What and whom should be brought to this meeting?
20 Question After meetings and submission of application, what should owners expect by way of process?
21 Comments, Questions & Suggestions
22 Tennessee Department of Commerce & Insurance Captive Insurance Department Tennessee Captive Insurance Association December 7, 2011
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