(a) There is created a nonprofit legal entity to be known as the Tennessee life and health insurance guaranty association. All member insurers are and shall remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its function under the plan of operation established and approved pursuant to § 56-12-209, and shall exercise its powers through a board of directors established by § 56-12-206. For purposes of administration and assessment, the association shall maintain two (2) accounts:

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Terms Used In Tennessee Code 56-12-205

  • Account: means any of the accounts created under §. See Tennessee Code 56-12-203
  • 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.
  • Association: means the Tennessee life and health insurance guaranty association created under §. See Tennessee Code 56-12-203
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-12-203
  • Insurance: means life, annuity, and health benefits provided under a contract issued by a member insurer. See Tennessee Code 56-12-203
  • State: means a state, the District of Columbia, Puerto Rico, and a United States possession, territory, or protectorate. See Tennessee Code 56-12-203
(1) The life insurance and annuity account, which includes the following subaccounts:

(A) Life insurance account; and
(B) Annuity account, excluding unallocated annuities; and
(2) The health account.
(b) The association is under the immediate supervision of the commissioner and subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened upon majority vote of the board of directors of the association.
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