Unum 2012 Annual Report Download - page 159
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UNUM 2012 ANNUAL REPORT 157
Statutory capital and surplus is as follows:
December 31
(in millions of dollars) 2012 2011
Combined Capital and Surplus
Traditional U.S. Insurance Subsidiaries $3,426.5 $3,461.3
Tailwind Re and Northwind Re $1,188.4 $1,226.5
Restrictions under applicable state insurance laws limit the amount of dividends that can be paid to a parent company from its
insurance subsidiaries in any 12-month period without prior approval by regulatory authorities. For life insurance companies domiciled in
the United States, that limitation generally equals, depending on the state of domicile, either ten percent of an insurer’s statutory surplus
with respect to policyholders as of the preceding year end or the statutory net gain from operations, excluding realized investment gains
and losses, of the preceding year.
The payment of dividends to a parent company from its insurance subsidiaries is generally further limited to the amount of unassigned
statutory surplus. Based on the restrictions under current law, $623.7 million is available during 2013 for the payment of ordinary dividends
to Unum Group from its traditional U.S. insurance subsidiaries, which exclude Tailwind Re and Northwind Re. The ability of Tailwind Re and
Northwind Re to pay dividends to their respective parent companies, Tailwind Holdings and Northwind Holdings, wholly-owned subsidiaries
of Unum Group, will depend on their satisfaction of applicable regulatory requirements and on the performance of the business reinsured
by Tailwind Re and Northwind Re.
We also have the ability to receive dividends from our United Kingdom insurance subsidiary, Unum Limited, subject to applicable
insurance company regulations and capital guidance in the United Kingdom. Approximately £144.7 million is available for the payment
of dividends from Unum Limited during 2013, subject to regulatory approval.
Deposits
At December 31, 2012 and 2011, our U.S. insurance subsidiaries had on deposit with U.S. regulatory authorities securities with a book
value of $277.5 million and $294.3 million, respectively, held for the protection of policyholders.