(a)

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Terms Used In Tennessee Code 56-18-105

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) All directors, as provided in § 56-18-104, shall be elected at an annual meeting of the policyholders of the company, and other questions at the meeting shall be determined, in the manner and subject to the regulations prescribed.
(2)

(A) For the purposes of the meeting or election, “policyholder” means:

(i) A person insured by the corporation under an individual life insurance policy or pure endowment contract;
(ii) A person to whom the corporation has issued an individual annuity contract, or a policy of noncancelable and guaranteed renewable accident and health insurance; or
(iii) Any employer, including the mutualized corporation itself, or other person, firm, corporation or association, some or all of whose employees or members are covered by the corporation with a group life insurance plan or contract or with a group annuity plan or contract;
(B) In all cases, the person shall be qualified as a policyholder under this section only so long as the policy or contract so qualifying the person remains in full force other than as reduced paid-up insurance or extended insurance on the date of the meeting or election, and shall have been so in full force for at least one (1) year prior to that date; and
(C) Every policyholder shall be entitled to one (1) vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws.
(b) Any vacancy occurring on the board of directors may be filled by a majority vote of the board for the unexpired term to which the vacancy relates.
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