No captive insurance company shall pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by the commissioner. A captive insurance company may otherwise make such distributions as are in conformity with its purposes and approved by the commissioner.
Structure 2021 Tennessee Code
Chapter 13 - Revised Tennessee Captive Insurance Act
§ 56-13-102. Chapter Definitions
§ 56-13-106. Restrictions on Dividends on or Distributions From Capital or Surplus
§ 56-13-115. Adoption and Amendment of Rules by Commissioner
§ 56-13-116. Applicable Provisions
§ 56-13-117. Establishment of Standards Regarding Risk Management