(a) The purpose of this part is to:

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Terms Used In Tennessee Code 56-2-902

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-2-903
  • Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in §. See Tennessee Code 56-2-903
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Provide the commissioner a summary of an insurer or insurance group‘s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s corporate governance framework;
(2) Outline the requirements for completing a corporate governance annual disclosure with the commissioner; and
(3) Provide for the confidential treatment of the corporate governance annual disclosure and related information.
(b) Nothing in this part prescribes or imposes corporate governance standards and internal procedures beyond that which is required under applicable law. Notwithstanding this section, nothing in this part limits the commissioner’s authority or the rights or obligations of third parties under §§ 56-1-408 – 56-1-413.
(c) This part applies to all insurers domiciled in this state, except for:

(1) Captive insurance companies licensed under the Revised Tennessee Captive Insurance Act, compiled in chapter 13 of this title; and
(2) Risk retention groups licensed under chapter 45 of this title.
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