Tennessee Code Title 62. Professions, Businesses and Trades § 62-5-411

(a) Every pre-need seller shall keep and maintain, at a minimum, accurate accounts, books, and records in this state of all pre-need funeral contract and prearrangement insurance policy transactions, copies of all agreements, insurance policies, instruments of assignment, the dates and amounts of payments made and accepted thereon, the names and addresses of the pre-need funeral contract purchasers, the names and addresses of the pre-need funeral contract beneficiaries, the names of the trustees holding pre-need funeral trust funds, copies of the trustee's regular valuations of assets required in § 62-5-408, and the names of insurance companies issuing prearrangement insurance policies. The records shall be kept for a minimum of five (5) years after the death of the pre-need funeral contract beneficiary.

(b) The commissioner may investigate or examine the affairs of any pre-need seller or pre-need sales agent whenever it is deemed appropriate to do so. However, the commissioner shall require an annual examination to ensure that each person, firm, or corporation promising to pay or arrange for funeral services under this part will be able to perform its contract with the purchaser.

(c) The pre-need seller shall pay all costs of any examination conducted under subsection (b), including, but not limited to, the reasonable fees of actuaries, accountants, attorneys and other professionals with whom the commissioner may enter into a contract to perform examination services on behalf of the commissioner.

(d) Trustees of pre-need funeral trusts shall disclose to the commissioner any information regarding pre-need funeral trust accounts overseen by the trustee.

(e) A certified public accountant acting as a trustee pursuant to § 62-5-403(15)(B) shall submit proof of errors and omissions liability coverage with each trustee report to be filed with the commissioner.