2010 Tennessee Code
Title 56 - Insurance
Chapter 13 - Tennessee Captive Insurance Company Act
56-13-106 - Formation of captive insurance companies.

56-13-106. Formation of captive insurance companies.

(a)  Whenever any number of persons associate to form a captive insurance company, they shall submit to the commissioner the articles of incorporation, which shall be issued in duplicate. After being approved by the commissioner, the articles shall be filed and recorded in the office of the secretary of state who shall issue a certificate of incorporation. A copy of the articles, certified by the secretary of state, shall be filed with the commissioner.

(b)  When no less than the amount required by § 56-13-116 has been paid in by the incorporators and deposited with the commissioner, or when an irrevocable letter of credit in that amount has been filed with and accepted by the commissioner, then the commissioner shall cause an examination to be made, either personally or by an employee of the department appointed by the commissioner for the purpose, and, if this chapter has been complied with by the company, as far as applicable to the company, the person making the examination shall so certify. The department shall be reimbursed the cost of the examination in accordance with § 56-1-413.

(c)  Whenever the captive insurance company thereafter desires to amend its articles of incorporation, it shall file a copy of the amendment with the commissioner for approval before filing the amendment with the secretary of state.

(d)  The principal and home office of every captive insurance company incorporated under this chapter shall be in this state.

[Acts 1978, ch. 616, § 7; T.C.A., § 56-4506.]