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Tenn. Code Ann. § 56-10-201

Part definitions

Known as the Tennessee Insurance Law

The act spans §§ 56–56 (1,220 sections).

Acts 1969, ch. 271, § 2; impl. am

As used in this part, unless the context otherwise requires:

(1) “Commissioner” means the commissioner of commerce and insurance;

(2) “Control” means actual working control, in whatever manner exercised. If, as a result of the consummation of any acquisition, any person would own in excess of ten percent (10%) of the voting security of a domestic insurer, it shall be presumed that the person could, directly or indirectly, acquire control of the insurer. Any such presumption may be rebutted by evidence, at a hearing called by the commissioner at the request of the person against whom the presumption operates, but the presumption shall continue until a determination to the contrary is made;

(3) “Domestic insurance company” means: An insurance company incorporated under the laws of this state;

(4) An insurance company having its principal office or place of business in this state; or

(5) An “insurance holding company system,” as defined in § 56-11-101, having its principal office or place of business in this state or that controls an insurance company incorporated under the laws of this state; and

(6) A corporation shall be deemed a “person”; and

(7) When two (2) or more persons act as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring securities of the insurer, the group shall be deemed a “person,” and the information called for by § 56-10-202(a)(1)-(5) shall be given with respect to each member of the group.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.