Title 56, Insurance

(a) A domestic life insurance company may acquire, hold and convey real property only for the following purposes and in the following manner:(1) The land and the building on the land in which it has its principal office and other real property that is requisite for its convenient…

(1) Real property specified in § 56-3-305(a)(2)-(4), which is not necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within five (5) years after the company has acquired title to the property, or within five (5) years afte…

No domestic life insurance company shall invest or loan its funds in any manner except as provided in §§ 56-3-301 — 56-3-306, except that investments of domestic life insurance companies may include electronic computer or data processing machines or systems heretofore or hereafte…

(1) As used in this part, unless the context otherwise requires:(1) “Domestic insurance company” means an insurance company, other than life and fraternal insurance companies, nonprofit hospital and medical service corporations, nonprofit dental service corporations, nonprofit vi…

(1) Domestic insurance companies may invest their assets only as follows:(1) In bonds or other evidences of indebtedness, not in default as to principal or interest, that are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any sta…

(a) Domestic insurance companies may invest in, or otherwise acquire or loan upon, securities and investments in Canada that are substantially of the same kinds, classes and investment grades as those eligible for investment under § 56-3-402; but the aggregate amount of the inves…

(a) Notwithstanding any of the provisions or limitations of this section or of any other section of this code, a domestic insurance company may, at the time of original issue or at any other time, with the approval of the commissioner, acquire and hold:(1) More than fifty percent…

(1) Domestic insurance companies may acquire, hold and convey real property only for the following purposes and in the following manner:(1) The land and the building on the land in which it has its principal office and other real property that is requisite for its convenient acco…

All property specified in § 56-3-405(2)-(4), which is not necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within two (2) years after the company has acquired title to the property, or within two (2) years after the prop…

No domestic insurance company shall invest or loan its funds in any manner except as provided in §§ 56-3-401 — 56-3-406.

(a) No domestic insurance company, whether incorporated by special act or under a general law of this state, shall underwrite or participate in the underwriting of an offering of securities or property by any other person; nor shall the company enter into any agreement to withhol…

Any particular investment that the insurance company held on September 1, 1979, or was obligated to accept by a legally enforceable commitment effectuated prior to September 1, 1979, and that the insurance company was legally entitled to hold immediately prior to September 1, 197…

(a) (1) Any domestic life insurance company may, subject to the approval of the commissioner, establish one (1) or more separate accounts and may allocate to the separate account or accounts any amounts paid to the company, including, but not limited to, proceeds applied under op…

The amounts allocated to each account and accumulations on the account may be invested and reinvested in any class of investments which may be authorized in the agreement without regard to any requirements or limitations prescribed by the laws of this state governing the investme…

The income, if any, and gains and losses, realized or unrealized, on each account shall be credited to or charged against the amounts allocated to the account in accordance with the agreement, without regard to other income, gains or losses of the company.

Assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then in accordance with the terms of the agreement; provided, that the portion of the assets of the separate account at least equal t…

Amounts allocated to a separate account in the exercise of the power granted by this part shall be owned by the company.

If the agreement provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the company in determining the dollar amount of the variable benefits. The agreement, and any certificate in evidence o…

(1) No domestic life insurance company, and no other life insurance company admitted to transact business in this state, shall be authorized to deliver within this state any agreement providing benefits in variable amounts until the company has satisfied the commissioner that its…

The commissioner has the sole authority to regulate the issuance and sale of such agreements and to issue reasonable rules and regulations necessary to carry out the purposes and provisions of this part, including licensing the qualifications of the agents or salespersons.

Except for §§ 56-7-401, 56-7-2307(2), (7), (10) and (12), and 56-7-2309, and except as otherwise provided in this part, all pertinent provisions of the insurance laws of this state apply to separate accounts and agreements issued in connection with the accounts. Any individual va…

As used in this part, “equity security” means any stock or similar security, or any security convertible, with or without consideration, into a stock or similar security, or carrying a warrant or right to subscribe or to purchase a stock or similar security; or a warrant or right…

Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of the company, shall file in the office of the commissioner within ten (10…

(a) For the purpose of preventing the unfair use of information that may have been obtained by the beneficial owner, director, or officer by reason of the relationship to the company, any profit realized by the person from any purchase and sale, or any sale and purchase, of any e…

(1) It is unlawful for the beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company, if the person selling the security or the person's principal:(1) Does not own the security sold; or(2) If owning the security, does not deliver i…

(a) Section 56-3-703 does not apply to any purchase and sale, or sale and purchase, and § 56-3-704 does not apply to any sale of an equity security of a domestic stock insurance company not then or theretofore held by the dealer in an investment account, by a dealer in the ordina…

Sections 56-3-702 — 56-3-704 do not apply to foreign or domestic arbitrage transactions unless made in contravention of the rules and regulations the commissioner adopts in order to carry out the purposes of this part.

(1) Sections 56-3-702 — 56-3-704 do not apply to equity securities of a domestic stock insurance company if:(1) The securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934 (15 U.S.C. § 78l); or(2) The domestic sto…

(a) The commissioner, with the approval of the attorney general and reporter and in conformity with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, has the power to make rules and regulations necessary for the execution of the functions vested in the co…

Any insurance company may deposit and maintain on deposit with the state treasurer, securities as defined in § 56-3-303(a)(1)-(4), (7) and (8), to be held for the exclusive protection of its policyholders and creditors in this state; provided, that the deposit shall not exceed on…

The commissioner is authorized to accept the deposits, and the state treasurer shall hold the deposits in the same manner as other deposits are held under §§ 56-2-104, 56-2-112 and other applicable sections of this title.

Upon a showing that the interest of Tennessee policyholders will in no way be impaired, an insurance company may demand, and, upon receipt of the demand, the commissioner may deliver over to the insurance company all or any portion of the securities deposited by the insurance com…

Consistent with this title, the commissioner may adopt reasonable rules and regulations for the purpose of implementing this part.

The purpose of this part is to authorize insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to rules and regulations promulgated by the commissioner pursuant to this part.

(1) As used in this part:(1) (A) “Clearing corporation” means:(i) A corporation as defined in § 8-102(a) of the Uniform Commercial Code, compiled in § 47-8-102(a), as adopted by the Uniform Law Commission and the American Law Institute, as amended from time to time; and(ii) “Trea…

(a) (1) A domestic insurance company may deposit, or arrange for the deposit of, securities held in or purchased for its general account and its separate accounts in a clearing corporation.(2) When securities are deposited with a clearing corporation:(A) Certificates representing…

(a) (1) Securities qualified for deposit under § 56-2-104 may be deposited with a clearing corporation.(2) Securities deposited with a clearing corporation and used to meet the deposit requirements set forth in § 56-2-104 shall be under the control of the commissioner and shall n…

(a) (1) Securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurance company as a condition of commencing or continuing to do any insurance business in this state may be deposited with a clearing corporation.(2) Securiti…

(a) The commissioner shall collect and pay into the state treasury the following nonrefundable fees:(1) For receiving and reviewing each new application for admission from every foreign or domestic insurance company, including application for eligibility of surplus lines insurers…

(a) The fees for the valuation of life insurance policies, which are provided in § 56-4-101, shall be collected for the use and benefit of the state and shall be held by the commissioner as expendable receipts, and the expense of operation of the department, including the salarie…

Any fraternal insurance societies or companies not subject to valuation fees as provided in § 56-4-101 shall pay a per diem fee and the expense of the actuary on each annual valuation in the same manner that insurance companies are required to pay fees and expenses to the examine…

If the commissioner exacts or receives, either directly or indirectly, any sum of money from any insurance company doing business in this state other than the fees allowed by law, or willfully issues a fraudulent or false certificate of soundness to the company; or, directly or i…

(a) With respect to any revenues or receipts collected by the department, any other law to the contrary notwithstanding, the amounts determined to have been erroneously paid may be refunded by the procedure developed by the commissioner of finance and administration and approved …

With regard to each insurer qualified to transact only the business of reinsuring credit life and credit accident and credit health insurance, the commissioner shall collect a nonrefundable annual regulatory fee of three thousand dollars ($3,000). One-half (½) of the regulatory f…

(a) Every domestic or foreign insurance company writing life, fire, marine, fidelity, surety, casualty, liability, or other forms of insurance shall pay directly to the commissioner the taxes as provided for in this part. (b) As used in this part, “insurance company” means any in…

Sections 56-4-201—56-4-218 do not apply to fraternal benefit associations and societies as defined in chapter 25 of this title, nor to those exempt from the provisions provided in § 56-25-704.