§ 56-13-118 — Approval of material change of plan of operation - Filing of change of information

(a) No captive insurance company shall make any material change or changes to its plan of operation until the department has approved the change or changes. (b) Each subsequent material change of plan of operation filed during each year is subject to the fee described in § 56-4-101(a)(8) . (c) For purposes of this section and § 56-4-101(a)(8) , the "plan of operation" and "business plan" have the same meaning. (d) (1) A change in any information filed with the application that does not constitute a material change, or a change otherwise requiring commissioner approval, must be filed with the commissioner within thirty (30) days, but does not require prior approval under this section. (2) For purposes of this chapter, a material change does not include adding an additional line of coverage or increasing or decreasing premiums for a line of coverage, provided such increase or decrease is less than fifteen percent (15%).

Legislative History

Amended by 2024 Tenn. Acts, ch. 643,s 12, eff. 4/4/2024. Added by 2019 Tenn. Acts, ch. 452, s 5, eff. 5/22/2019. Prior version repealed by 2017 Tenn. Acts, ch. 354, s 2, eff. 5/11/2017.