Tennessee Code 56-6-116 – Fiduciary duty
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Terms Used In Tennessee Code 56-6-116
- Fiduciary: A trustee, executor, or administrator.
- Insurance: means any of the lines of authority in §. See Tennessee Code 56-6-102
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance. See Tennessee Code 56-6-102
- License: means a document issued by this state's commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Tennessee Code 56-6-102
Any money that an insurance producer receives for soliciting, negotiating or selling insurance shall be held in a fiduciary capacity, and shall not be misappropriated, converted or improperly withheld. Any violation of this section shall be considered grounds for the denial, suspension, or revocation of the insurance producer‘s license and shall subject the insurance producer to the sanctions and penalties set forth under § 56-6-112.