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Tennessee Statutes, Title 56

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Your Policy Risk Impact Agent

Tennessee/Statutes

← All Tennessee coverage

Title 56, Insurance

59 chapters · 1,882 sections in this title.

All chapters in Title 561,882 Ch 7, Policies and Policyholders389 Ch 6, Agents, Solicitors and Administrators133 Ch 2, Insurance Companies97 Ch 1, Department of Commerce and Insurance84 Ch 9, Insurers Rehabilitation and Liquidat…71 Ch 3, Operation of Insurance Companies61 Ch 13, Revised Tennessee Captive Insurance Act59 Ch 51, Tennessee Prepaid Limited Health Ser…55 Ch 26, Accident and Sickness Insurance42 Ch 4, Fees and Taxes41 Ch 12, Insurance Guaranty Associations41 Ch 25, Fraternal Benefit Societies38 Ch 35, Title Insurance Law38 Ch 30, Dental Service Plan Law, 196135

71 sections·Filtered byTitle 56✕Ch 9✕

Tenn. Code Ann. § 56-9-101 Short title — Liberal construction — Purpose
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(a) This chapter is known and may be cited as the “Insurers Rehabilitation and Liquidation Act.” (b) This chapter shall not be interpreted to limit the powers granted the commissioner by other provisions of the law. (c) This chapter shall be liberally construed to effect the purp…
Tenn. Code Ann. § 56-9-102 Applicability
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(1) The proceedings authorized by this chapter may be applied to:(1) All insurers who are doing, or have done, an insurance business in this state, and against whom claims arising from that business may exist now or in the future;(2) All insurers who purport to do an insurance bu…
Tenn. Code Ann. § 56-9-103 Chapter definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Ancillary state” means any state other than a domiciliary state;(2) “Commissioner” means the commissioner of commerce and insurance;(3) “Creditor” is a person having any claim, whether matured or unmatured, l…
Tenn. Code Ann. § 56-9-104 Delinquency proceeding — Commencement — Jurisdiction
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(a) No delinquency proceeding shall be commenced under this chapter by anyone other than the commissioner and no court has jurisdiction to entertain, hear or determine any proceeding commenced by any other person. (b) No court of this state has jurisdiction to entertain, hear or …

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Tenn. Code Ann. § 56-9-105 Receivers — Restraining order and injunctive relief — Federal home loan bank

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(a) Any receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, the restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:(1) The trans…

Tenn. Code Ann. § 56-9-106 Obligation to cooperate with commissioner — Obstruction of, or interference with, commissioner — Penalties

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(a) (1) Any officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over, or in charge of, any segment of the insurer's affairs, shall cooperate with the commissioner in any proceeding under this chapter or any investigati…

Tenn. Code Ann. § 56-9-107 Applicability

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Every proceeding heretofore commenced under the laws in effect before July 1, 1991, shall be deemed to have commenced under this chapter for the purpose of conducting the proceeding henceforth, except that, in the discretion of the commissioner, the proceeding may be continued, i…

Tenn. Code Ann. § 56-9-108 Insurers subject to delinquency proceedings — Restrictions

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(1) No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall:(1) Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;(2) Be permitted to solici…

Tenn. Code Ann. § 56-9-109 Authentication of documents — Petitions and exhibitions — Cost of reproducing records

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(a) The receivership court shall receive as self-authenticated any of the following when offered by the commissioner:(1) Certified copies of the financial statements made by the insurer; and(2) Certified copies of examination reports of the insurer made by or on behalf of the com…

Tenn. Code Ann. § 56-9-201 Grounds for filing by commissioner — Court order

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(a) The commissioner may file in the chancery court of Davidson County a petition alleging, with respect to a domestic insurer:(1) That there exists any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this part;(2) That the in…

Tenn. Code Ann. § 56-9-202 Records of delinquency proceedings — Confidentiality

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(a) In all proceedings and judicial reviews under § 56-9-201, all records of the insurer, other documents, and all insurance department files and court records and papers, so far as they pertain to, or are a part of, the record of the proceedings, shall be and remain confidential…

Tenn. Code Ann. § 56-9-301 Rehabilitation of insurers — Grounds for filing petition

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(1) The commissioner may apply by petition to the chancery court of Davidson County for an order authorizing the commissioner to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one (1) or more of the following grounds:(1) The insurer is in such …

Tenn. Code Ann. § 56-9-302 Order to rehabilitate business of insurer — Effect

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(a) (1) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and the commissioner's successors in office the rehabilitator, and shall direct the rehabilitator immediately to take possession of the…

Tenn. Code Ann. § 56-9-303 Rehabilitator — Duties and authority

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(a) The commissioner as rehabilitator may appoint one (1) or more special deputies, who have all the powers and responsibilities of the rehabilitator granted under this section, and the commissioner may employ such counsel, clerks and assistants as deemed necessary. The compensat…

Tenn. Code Ann. § 56-9-304 Rehabilitation order — Stay of pending action or proceeding — Tolling of statute of limitations — Laches unavailable — Standing — Federal home loan bank

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(a) Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for ninety (90) days and any additional …

Tenn. Code Ann. § 56-9-305 Order of liquidation — Termination of rehabilitation

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(a) Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the commissioner may petition the chancery court of Davidson County for an order of liqu…

Tenn. Code Ann. § 56-9-306 Grounds for order of liquidation

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(1) The commissioner may petition the chancery court of Davidson County for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:(1) Of any ground for an order of rehabilitation as specified in § 56-9-301, wh…

Tenn. Code Ann. § 56-9-307 Order of liquidation — Effect — Declaration of insolvency — Financial reports — Appeal pendency plan

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(a) An order to liquidate the business of a domestic insurer shall appoint the commissioner and the commissioner's successors in office as liquidator and shall direct the liquidator immediately to take possession of the assets of the insurer and to administer them under the gener…

Tenn. Code Ann. § 56-9-308 Liquidation order — Continuation or termination of insurance policies

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(a) All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation, shall continue in force only for the lesser of:(1) A period of thirty (30) days from the date of en…

Tenn. Code Ann. § 56-9-309 Liquidation of insurer — Dissolution of corporate existence

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The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time the commissioner applies for a liquidation order. The court shall order dissolution of the corpo…

Tenn. Code Ann. § 56-9-310 Powers and authority of liquidator

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(a) The liquidator has the power to:(1) Appoint a special deputy or deputies to act for the liquidator under this chapter, and determine the deputy's reasonable compensation. The special deputy has powers of the liquidator granted by this section. The special deputy shall serve a…

Tenn. Code Ann. § 56-9-311 Notice of liquidation order — Method — Contents — Effect of notice

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(a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible by:(1) First class mail and either telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing bus…

Tenn. Code Ann. § 56-9-312 Notice of liquidation order — Response by agents of insurer — Penalty for failure to respond

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(a) (1) Every person who receives notice in the form prescribed in § 56-9-311 that an insurer that the person represents as an agent is the subject of a liquidation order shall, within thirty (30) days of the notice, provide to the liquidator, in addition to the information the p…

Tenn. Code Ann. § 56-9-313 Effect of issuance of order appointing liquidator — Statute of limitation and laches — Standing

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(a) (1) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer or liquidator, whether in this state or elsewhere, nor shall any such …

Tenn. Code Ann. § 56-9-314 List of insurer's assets — Where filed — Liquidation of assets

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(a) As soon as practicable after the liquidation order, but not later than one hundred twenty (120) days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determi…

Tenn. Code Ann. § 56-9-315 Fraudulent transfers — Effect — When transfer made

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(a) (1) Every transfer made or suffered and every obligation incurred by an insurer within one (1) year prior to the filing of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors, if made or incurred wi…

Tenn. Code Ann. § 56-9-316 Transfers of property after filing of petition for rehabilitation or liquidation — Effect

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(a) (1) After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fa…

Tenn. Code Ann. § 56-9-317 Preferences — Definition — Avoidance by liquidator — When transfer is made or perfected — Liens — Jurisdiction of chancery court — Preferences in favor of attorneys or insiders of insurer — Federal home loan bank

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(a) (1) A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one (1) year before the filing of a successful petition for liquidation under this chapter,…

Tenn. Code Ann. § 56-9-318 Claims of creditors

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(a) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under this chapter shall be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the a…

Tenn. Code Ann. § 56-9-319 Mutual debts and credits — When offset allowed

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(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b). (b…

Tenn. Code Ann. § 56-9-320 Assessment — Liquidator to make report to court — Levy of assessment on members of insurer — Enforcement

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(a) As soon as practicable, but not more than two (2) years from the date of an order of liquidation under § 56-9-307 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:(1) The reasonable value of the assets of the insurer;(2)…

Tenn. Code Ann. § 56-9-321 Obligation to pay earned premiums to insurer — Penalties for failure to pay — Proceedings to collect unpaid premiums — Appeal from proceedings — Limitations on claims of insurer against insured

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(a) (1) An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium is obligated to pay any earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the insurer. Th…

Tenn. Code Ann. § 56-9-322 Liquidator's proposal to disburse assets — Required provisions of proposal — Application to court for approval of proposal — Notice of application

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(a) Within one hundred twenty (120) days of a final determination of insolvency of an insurer by a court of competent jurisdiction of this state, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshalled assets, from time t…

Tenn. Code Ann. § 56-9-323 Proof of claims — When filed — Late filings

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(a) Proof of all claims shall be filed with the liquidator in the form required by § 56-9-324, on or before the last day for filing specified in the notice required under § 56-9-311, except that proof of claims for cash surrender values or other investment values in life insuranc…

Tenn. Code Ann. § 56-9-324 Proof of claim — Form — Information to be included in form

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(a) Proof of claim shall consist of a statement, signed by the claimant, that includes all of the following that are applicable:(1) The particulars of the claim including the consideration given for it;(2) The identity and amount of the security on the claim;(3) The payments made…

Tenn. Code Ann. § 56-9-325 Contingent claims — Claims made under employment contracts

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(a) The claim of a third party which is contingent only on the third party's first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. (b) A claim may be allowed even if contingent, if it is filed in accordance with § 56-…

Tenn. Code Ann. § 56-9-326 Third party actions against insureds — Claims by insured — Allowance of claim by insured — Multiple claims under one policy

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(a) Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator. (b) Whether or not the third party files a claim, the insured may file a claim on the insured's own behalf in the liquidat…

Tenn. Code Ann. § 56-9-327 Denial of claim by liquidator — Notice — Hearing — Final disposition — Rules of procedure

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(a) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or the claimant's attorney by first class mail at the address shown in the proof of claim. Within thirty (30) days from the mailing of the notice, …

Tenn. Code Ann. § 56-9-328 Claims of creditors secured by undertakings of other persons

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(a) Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the c…

Tenn. Code Ann. § 56-9-329 Valuation of security held by secured creditors

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(a) The value of any security held by a secured creditor shall be determined in one (1) of the following ways, as the court may direct:(1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors; or(2…

Tenn. Code Ann. § 56-9-330 Distribution of claims — Priority

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(a) The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is set forth in this section. Every claim in each class shall be paid in full or adequate funds retained for the payment before the members of …

Tenn. Code Ann. § 56-9-331 Liquidator's report on claims — Review of report by court — When liquidator may treat claims as allowed

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(a) The liquidator shall review all claims duly filed in the liquidation and shall make further investigation as the liquidator deems necessary. The liquidator may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court, …

Tenn. Code Ann. § 56-9-332 Payment of distributions by liquidator

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Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, in…

Tenn. Code Ann. § 56-9-333 Unclaimed funds — Disposition

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(a) All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall b…

Tenn. Code Ann. § 56-9-334 Application for order of discharge

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(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any…

Tenn. Code Ann. § 56-9-335 Post-liquidation and discharge proceedings

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After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the chancery court of Davidson County to reopen the proceedings for good cause, including the discovery of additional assets. If…

Tenn. Code Ann. § 56-9-336 Records of insurer

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Whenever it appears to the commissioner that the records of any insurer in process of liquidation, or completely liquidated, are no longer useful, the commissioner may recommend to the court, and the court shall direct, what records should be retained for future reference and wha…

Tenn. Code Ann. § 56-9-337 Books of receivership — Audit

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The chancery court of Davidson County may, as it deems desirable, cause audits to be made of the books of the commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the commissioner and with the court. The books, r…

Tenn. Code Ann. § 56-9-338 Netting agreements and qualified financial contracts with insurers

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(a) (1) Notwithstanding any other provision of this chapter, including any other provision of this chapter permitting the modification of contracts, or any other state law to the contrary, no person shall be stayed or prohibited from exercising:(A) A contractual right to cause th…

Tenn. Code Ann. § 56-9-339 Federal home loan bank's secured claim on insurer subject to delinquency proceeding

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(a) Notwithstanding any other provision of this title, any secured claim that a federal home loan bank has on an insurer who is subject to a delinquency proceeding under this chapter is governed exclusively by this section. (b) Notwithstanding any other provision of this title, a…