(a) A licensee shall make and keep books, accounts, and other records in a form and manner that the commissioner may require. The records shall be kept at the place and shall be preserved for the length of time that the commissioner may specify.
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Terms Used In Tennessee Code 45-8-215

  • Capital: means equity investments evidenced by stock, paid-in capital (amounting to, but not less than, fifty percent (50%) of its stock) and undivided profits. See Tennessee Code 45-8-203
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-8-203
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Licensee: means a Tennessee corporation that is licensed under this part. See Tennessee Code 45-8-203
(b) Not more than ninety (90) days after the close of each fiscal year of a licensee, or a longer period if specified by the commissioner, a licensee shall file with the commissioner an audited report containing the following:

(1) Financial statements, including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position;
(2) A report, certificate, or opinion of an independent certified public accountant or independent public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and
(3) Other information that the commissioner may require.
(c) In addition to the audited report required by subsection (b), a licensee shall file with the commissioner other reports and at times that the commissioner may require. Any report required by the commissioner under this section shall be in a form and shall contain information that the commissioner may specify.
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