Title 56, Insurance

(a) If any employer covered by the Workers' Compensation Law, compiled in title 50, chapter 6, carries its own insurance as provided by that chapter, the employer shall pay to the commissioner four percent (4%) on the premium that the employer would be required to pay if the empl…

(a) In addition to the premium taxes levied by § 56-4-205, all companies writing fire insurance and lines of business having fire coverages as a part of the risk rate shall pay three-fourths of one percent (0.75%) on that portion of the premium applicable to the fire risk for the…

(a) As used in this chapter, “Tennessee securities” means real estate owned by an insurance company described in subdivision (b)(1) in this state; bonds of the state of Tennessee; bonds or interest- bearing warrants of any county, city, town, school district, municipality or subd…

The charge for valuation of life policies as contained in § 56-4-101 shall be allowed as a credit against the premium taxes collected under this part whenever the charges are paid to the commissioner as provided by that section; provided, that no credit shall be allowed for any v…

The taxes imposed under this part shall be for the privilege of transacting business for each calendar quarter of each year but shall be measured by the gross premiums and consideration received by the respective companies during the quarter immediately preceding.

(a) The payment of the taxes provided in this part shall be in lieu of all other taxes, except as provided in § 56-4-217, except ad valorem taxes upon real and personal property, and except fees required by law of the companies. (b) Nothing in this section shall be construed to p…

Any insurance company ceasing for any cause to transact new business in this state shall continue to pay the taxes provided in this part in accordance with § 56-4-215.

(a) A foreign insurance company that takes out or renews a license to transact business in this state shall, upon the expiration of their license for any cause, or upon their ceasing to transact new business in this state, continue to pay the same tax upon its business remaining …

(a) (1) Any foreign or domestic company failing and neglecting to make returns and payments promptly and correctly as provided by § 56-4-205 shall forfeit and pay to the state, in addition to the amount of these taxes, an amount equal to five percent (5%) for the first month or f…

(a) The amount of the premium taxes collected under §§ 56-4-201 — 56-4-214 shall be a single credit against the sum total of the taxes imposed by the Franchise Tax Law, compiled in title 67, chapter 4, part 21, and by the Excise Tax Law, compiled in title 67, chapter 4, part 20. …

(a) When, by the laws of any other state or foreign country, any premium or income or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other obligations, prohibitions or restrictions are imposed upon Tennessee insurance companies doing business in the…

(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 …

(a) The rate of taxation shall be zero (0) on all premiums or considerations under life insurance policies or annuity contracts issued in connection with any pension plan, annuity plan or profit-sharing plan qualified for federal income tax advantages under the Internal Revenue C…

(a) An in-state insurance company that has an insurance company affiliate may enter into reinsurance agreements with the affiliate, pursuant to which the tax imposed on gross premiums under § 56-4-205 is allocated from the ceding company to the reinsuring company. The reinsurance…

(a) Every corporation, company, partnership, or individual writing, issuing, servicing and/or collecting installments on contracts now being written or issued or contracts heretofore written, issued and sold in this state, commonly known as income reserve contracts, installment i…

(a) The business declared in this part to be a privilege is for state purposes only and taxable as a privilege by the state alone, and no county or municipality may impose any tax upon the privilege, or upon the privilege of conducting business or acting as agent or representativ…

(a) Each investment company issuing its certificates, investment contracts, income reserve contracts, or instruments of like nature, pursuant to applications or orders for certificates, investment contracts, income reserve contracts, or instruments of like nature, solicited withi…

(a) Each investment company, as defined in §§ 56-4-301 and 56-4-303, shall pay annually to the commissioner of revenue the tax provided under this part, which tax shall be measured as to each investment company engaged in business wholly within this state, by the entire gross pro…

(a) “Gross profits or income,” as used in this part, means gross income from all sources, except as provided in subsection (b), including income on tax exempt securities, loans, dividends and interest on stocks, bonds or other investments, plus net rentals on real estate, less th…

The portion of the gross profits or income of the investment company to be allocated to the state where the investment company is engaged in business or operating partly within and partly without the state shall be the proportion of the gross profits or income of the investment c…

(a) An annual report shall be filed with the commissioner on or before the first day of the fourth month following the close of the investment company's fiscal year. (b) The close of the investment company's fiscal year for purposes of this part shall coincide with the close of t…

(a) The commissioner is vested with the following powers:(1) To examine at the expense of the investment company, subject to this part, the books and records, for the purpose of determining the amount of taxes due, in the event of the failure of the investment company to make its…

The net amount of all taxes collected under this part shall be payable by the commissioner to the state treasurer, and shall become part of the general funds of the state.

As used in this part, unless the context otherwise requires, “production credit association” means a corporation organized and chartered pursuant to [former] § 20 of the Farm Credit Act of 1933, Act June 16, 1933, ch. 98, § 20, 48 Stat. 259 [repealed], engaged in business in this…

(a) The business declared to be taxable in this part is for state purposes only and taxable by the state alone and no county or municipality may impose any taxes upon the business, except ad valorem taxes upon real estate and tangible personal property owned by the production cre…

(a) Each production credit association shall pay annually to the commissioner of revenue the specified privilege tax provided under this part, which tax is to be measured by the income of the association, and shall be computed at the rate of three and three-fourths percent (3.75%…

(a) The annual tax to be levied and collected under this part shall be levied as of December 31 in each and every year, and shall be due and payable by not later than March 1 in each and every year. (b) On or before March 1 in each and every year, each association shall make a sw…

(a) The commissioner is vested with the following powers:(1) To examine the books and records of the production credit association for the purpose of determining the amount of taxes due, in the event of the failure of the association to make its return or for the purpose of verif…

The net amount of all taxes collected under this part shall be payable by the commissioner to the state treasurer, and shall become part of the general funds of the state.

(1) This part applies to all kinds of insurance written on risks in this state by any insurer authorized to do business in this state, except:(1) Life insurance;(2) Annuities;(3) Disability insurance;(4) Ocean marine insurance;(5) Reinsurance;(6) Aircraft liability and aircraft h…

(1) As used in this part, unless the context otherwise requires:(1) “Advisory organization” means any person or organization, other than a rate service organization, that assists insurers as authorized by § 56-5-111;(2) “Advisory prospective loss costs” means historical aggregate…

(a) General. Rates:(1) Shall not be excessive, inadequate or unfairly discriminatory; or(2) In the case of an advisory prospective loss costs filing, shall reasonably reflect projected losses and loss adjustment expenses. (1) Shall not be excessive, inadequate or unfairly discrim…

(1) Basic Factors in Rates. In determining whether rates comply with the standards set forth in § 56-5-103, the following criteria shall apply:(1) Basic Factors in Rates. Due consideration shall be given to: (A) Past and prospective loss and expense experience within and outside …

(a) Every insurer of personal risk insurance shall file with the commissioner all rates, supplementary rate information, supporting information, policy forms, and endorsements at least thirty (30) days before the proposed effective date. (b) The commissioner may give written noti…

(a) (1) Except as provided in subsections (b), (c), and (d), every insurer of commercial risk insurance shall file with the commissioner all rates, supplementary rate information, policy forms and endorsements, not later than fifteen (15) days after the effective date; provided, …

(a) Filings Open to Inspection. All rates, supplementary rate information, policy forms, endorsements, and any supporting information filed under this part shall, as soon as filed, be open to public inspection at any reasonable time, except any information that is a trade secret …

(a) Basis for Disapproval. The commissioner shall disapprove a rate if:(1) The commissioner finds that the rate is excessive, inadequate or unfairly discriminatory; or(2) In the case of an advisory prospective loss costs filing, the commissioner finds the filing does not reasonab…

(a) Information to Be Furnished Insureds. Every insurer or rate service organization shall, within a reasonable time after receipt of a written request and upon payment of a reasonable charge, furnish to any insured affected by a rate published by it, all pertinent information as…

(a) License Required. No rate service organization shall provide any service relating to the rates of any insurance subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license under subsecti…

(a) Registration Required. No advisory organization shall provide any service relating to the rates of any insurer subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has registered under subsection (d). (…

(a) Insurers shall file with the commissioner, and the commissioner shall review, reasonable rules and plans for recording and reporting of loss and expense experience in appropriate form and detail. The commissioner may designate one (1) or more rate service organizations or adv…

(a) Except as provided in this chapter, no insurer may agree with any other insurer or with a rate service organization or an advisory organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses the material is not suf…

(a) Authorization. Notwithstanding § 56-5-113(a), insurers participating in joint underwriting, pools or residual market mechanisms may, in connection with the activity, act in cooperation with each other in the making of rates, supplementary rate information, policy forms, under…

(a) The commissioner may examine any insurer, advisory organization, rate service organization, pool or residual market mechanism to ascertain compliance with this part. (b) Every insurer, advisory organization, rate service organization, pool and residual market mechanism shall …

Nothing in this part shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers. A plan for the payment of dividends, savings, or unabsorbed premium de…

(a) If the commissioner finds that any person or organization has violated this part, the commissioner may impose a penalty of not more than five hundred dollars ($500) for each violation, to be recovered for the use of the state in a civil action brought in the name of the state…