Section 0780-01-78-.02 - DEFINITIONS(1) "Commissioner" means the Commissioner of the Department of Commerce and Insurance;(2) "Compensation expense ratio" means the ratio of the total compensation (including, but not limited to, salaries, commissions, insurance benefits and retirement account contributions, as well as all local, state and federal taxes associated with such compensation) paid to all officers, directors, employees and other individuals who exercise authority over the underwriting decisions of a county mutual insurance company to the gross premium of the county mutual insurance company;(3) "County Mutual Insurance Company" means a person that is authorized to provide insurance coverage under Tenn. Code Ann. § 56-22-101, et seq.;(4) "Department" means the Tennessee Department of Commerce and Insurance;(5) "Gross premium" means maximum gross premiums as provided in the policy contracts, new and renewal, including policy or membership fees, whether paid in part or in whole by cash, automatic premium loans, dividends applied in any manner whatsoever, and without deduction or exclusion of dividends in any manner, but excluding premiums returned on cancelled policies, on account of reduction in rates, or reductions in the amount insured;(6) "NAIC" means the National Association of Insurance Commissioners;(7) "Policyholder" means a person who is insured by a county mutual insurance company;(8) "Premium" means money given in consideration to a county mutual insurance company on account of or in connection with an insurance policy for a specified policy period;(9) "Surplus" means the accumulated assets of a county mutual insurance company that exceed the county mutual insurance company's accrued losses and expenses.Tenn. Comp. R. & Regs. 0780-01-78-.02
Original rule filed October 19, 2007; effective January 2, 2008.Authority: T.C.A. §§ 56-22-109(a)(4), and 56-22-120.