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Tennessee Code Title 56. Insurance § 56-1-310

Current as of January 02, 2024 | Updated by FindLaw Staff

(a) Notwithstanding any law to the contrary, all moneys collected by any board attached to the division of regulatory boards pursuant to § 4-3-1304 shall be deposited in the state general fund and credited to a separate account for each board.

(b)(1) Disbursements from the accounts shall be made solely for the purpose of defraying expenses incurred in the implementation and enforcement of the boards' areas of regulation.

(2) Notwithstanding subdivision (b)(1):

(A) At a board's discretion and upon the approval of the commissioner of commerce and insurance and the commissioner of finance and administration, funds in board accounts may be expended for the following purposes:

(i) Capital purchases, including technology upgrades;

(ii) Communications and marketing programs related to the board's regulated industries, including consumer protection campaigns, public service announcements, and targeted media;

(iii) Educational programs related to the board's regulated industries, including programs regarding consumer awareness, industry best practices, and industry recruitment;

(iv) Payment of legal fees and related costs associated with legal representation by the attorney general and reporter; and

(v) Other initiatives related to the department's strategic plan;

(B) The commissioner of commerce and insurance, with the approval of the commissioner of finance and administration, may in extraordinary circumstances expend reserve funds in a board account for the purpose of administering the corresponding programs of that board; and

(C) On or before December 31 in each year that reserve funds are expended under subdivision (b)(2)(B), the commissioner of commerce and insurance shall report to the chairs of the finance, ways and means committees of the senate and the house of representatives a list containing the name of each regulatory board reserve account for which funds were expended and the amount expended.

(c) The expenses shall not be paid from any other state funds.

(d) Funds remaining in board accounts at the end of any fiscal year shall not revert to the general fund but shall remain available for expenditure in accordance with law.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-1-310 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-1-310/

Read this complete Tennessee Code Title 56. Insurance § 56-1-310 on Westlaw

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