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Tennessee Code Title 56. Insurance § 56-10-201

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

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:

(A) An insurance company incorporated under the laws of this state;

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

(C) 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

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

(B) 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.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-10-201 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-10-201/

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