Accredited Reinsurer Renewal

Accredited Reinsurer Annual Filing Requirements:

‘Renewal’ of recognition: Accredited Reinsurer recognitions are issued on a ‘perpetual’ rather than ‘annual’ basis, subject to fulfillment of annual filing requirements each year.

Annual filing requirements for Accredited Reinsurers:

1.          Per TCA § 56-2-208(b)(3)(D), “File annually with the commissioner a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement.”

              These items must be filed electronically into the NAIC I-SITE database on or before March 1st and June 1st, respectively, each year. (Such filed items as thus will be considered also having been ‘filed with the insurance department of its state of domicile.’)

              The Annual Statement filing due March 1st is subject to a $100/day late fee. See TCA § 56-1-502.

2.           Per TCA § 56-4-101(a)(4), “For each company's annual statement, five hundred fifteen dollars ($515).”

              OPTINS FILING REQUIREMENTS: The Insurance Division of the Tennessee Department of Commerce and Insurance has implemented rules requiring insurance companies to submit their premium tax returns and payments electronically through OPTins (Online Premium Tax for Insurance). Visit www.optins.org to set up an account to file and pay your annual fees electronically. Make sure you are in the Tennessee Premium Tax section to submit the payment. If you need any help getting set up, contact OPTins help desk at 816-783-8500 or email optinshelp@naic.org. They are available from 7:00 am to 7:00 pm CST.

Note: The annual filing requirements are applicable to Accredited Reinsurers that were recognized during the prior year (even as late as effective December 31st). If an Accredited Reinsurer becomes initially recognized during this year (even as early as January 1st), it will not be subject to these ‘annual filing requirements’ until the following year.

Feel free to direct any inquiries to company.licensing@tn.gov or to [company licensing analyst] phil.adams@tn.gov.