Tennessee Code Title 56. Insurance § 56-3-501

(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 optional modes of settlement or under dividend options, which are to be applied to the terms of an individual or group contract issued in connection therewith to fund pension or profit-sharing plans or to provide life insurance or annuity benefits, and benefits incidental to the life insurance or annuities, payable in fixed or in variable amounts, or in both.

(2) If and to the extent so provided under the applicable contracts, the assets of the separate account shall not be chargeable with liabilities arising out of any other business the company may conduct.