§ 56-3-905. Deposit of Securities by Insurance Companies
Securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurance company as a condition of commencing or continuing to do any insurance business in this state may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements […]
§ 56-3-707. Conditions Exempting Equity Securities
Sections 56-3-702 — 56-3-704 do not apply to equity securities of a domestic stock insurance company if: The securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934 (15 U.S.C. § 78l ); or The domestic stock insurance company does not have any class of […]
§ 56-3-708. Rules and Regulations
The commissioner, with the approval of the attorney general and reporter and in conformity with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, has the power to make rules and regulations necessary for the execution of the functions vested in the commissioner by §§ 56-3-701 — 56-3-707, and may for that purpose […]
§ 56-3-801. Voluntary Deposit of Securities for Protection of State Policyholders and Creditors
Any insurance company may deposit and maintain on deposit with the state treasurer, securities as defined in § 56-3-303(a)(1)-(4), (7) and (8), to be held for the exclusive protection of its policyholders and creditors in this state; provided, that the deposit shall not exceed one hundred percent (100%) of that portion of the insurance company’s […]
§ 56-3-802. Authority to Hold Securities
The commissioner is authorized to accept the deposits, and the state treasurer shall hold the deposits in the same manner as other deposits are held under §§ 56-2-104, 56-2-112 and other applicable sections of this title.
§ 56-3-803. Delivery Back to Insurance Company
Upon a showing that the interest of Tennessee policyholders will in no way be impaired, an insurance company may demand, and, upon receipt of the demand, the commissioner may deliver over to the insurance company all or any portion of the securities deposited by the insurance company.
§ 56-3-804. Rules and Regulations
Consistent with this title, the commissioner may adopt reasonable rules and regulations for the purpose of implementing this part.
§ 56-3-901. Purpose
The purpose of this part is to authorize insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to rules and regulations promulgated by the commissioner pursuant to this part.
§ 56-3-902. Part Definitions
As used in this part: “Clearing corporation” means: A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time; and “Treasury/reserve automated debt entry securities system” and […]
§ 56-3-903. Use of Book-Entry Systems
A domestic insurance company may deposit, or arrange for the deposit of, securities held in or purchased for its general account and its separate accounts in a clearing corporation. When securities are deposited with a clearing corporation: Certificates representing securities of the same class of the same issuer may be merged and held in bulk […]