Tennessee § 56-46-102 - Part definitions.

§ 56-46-102. Part definitions.

As used in this part, unless the context otherwise requires: “Adjusted RBC Report” means an RBC report that has been adjusted by the commissioner in accordance with § 56-46-103(e); “Corrective order” means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required; “Domestic insurer” means any insurance company domiciled in Tennessee; “Foreign insurer” means any insurance company that is licensed to do business in Tennessee under this title but is not domiciled in Tennessee; “Life and/or health insurer” means any insurance company licensed for those lines in Tennessee, or a property and casualty insurer writing only accident and health insurance; “NAIC” means the National Association of Insurance Commissioners; “Negative trend” means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the “Trend Test Calculation” included in the RBC Instructions; “Property and casualty insurer” means any insurance company licensed in those lines in Tennessee, but does not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers; “RBC Instructions” means the RBC Report including risk-based capital instructions adopted by the NAIC, as the RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC; “RBC Level” means an insurer's Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC where: “Authorized Control Level RBC” means the number determined under the risk-based capital formula in accordance with the RBC Instructions; “Company Action Level RBC” means, with respect to any insurer, the product of 2.0 and its Authorized Control Level RBC; “Mandatory Control Level RBC” means the product of 0.70 and the authorized Control Level RBC; and “Regulatory Action Level RBC” means the product of 1.5 and its authorized Control Level RBC; “RBC Plan” means a comprehensive financial plan containing the elements specified in § 56-46-104(b). If the commissioner rejects the RBC Plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan shall be called the “Revised RBC Plan”; “RBC Report” means the report required in § 56-46-103; and “Total adjusted capital” means the sum of: An insurer's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed pursuant to § 56-1-501; and The other items, if any, that the RBC Instructions may provide. Acts 1996, ch. 750, § 3; 2014, ch. 559, §§ 1, 2.