§ 56-49-110. Payment in Event of Loss
In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss: The cost to repair the collateral less any applicable deductible; The actual cash value of the collateral less any […]
§ 56-49-111. Creditor Right to Require Insurance
In order for the creditor to place insurance on the collateral pledged by the debtor and pass the cost of the insurance on to the debtor: The creditor must have a security interest in the personal property; The credit agreement must require the debtor to maintain insurance on the collateral to protect the creditor’s interest; […]
§ 56-49-112. Premium Remittance — Commissions
The entire amount of the premium due from a creditor shall be remitted to the insurer or its agent in accordance with the insurer’s requirements. No commissions may be paid to, or retained by, a person or entity except a licensed and appointed insurance agent. The retention by the creditor of unearned premiums upon cancellation […]
§ 56-49-113. Disclosure of Insurance Requirement
A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless adequate disclosure of the requirement to maintain insurance has been made to the debtor. Adequate disclosure is accomplished if the following occurs: The credit agreement sets forth the requirement that the debtor […]
§ 56-49-114. Investigations — Hearings and Proceedings — Penalties for Violations
The commissioner may conduct investigations or examinations of insurers and agents to ensure compliance with and enforcement of this chapter or any rule, regulation or order under this chapter. The examination or investigation shall be conducted and subject to § 56-1-411 and chapter 8, part 1 of this title. The commissioner may by order, deny, […]
§ 56-49-115. Rules and Regulations
The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. All rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
§ 56-50-101. Scope and Short Title
This chapter applies to life settlements as defined in this chapter and shall be known and may be cited as the “Tennessee Viatical Settlement Act of 2009.”
§ 56-50-102. Chapter Definitions
As used in this chapter: “Advertising” means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or similar communications media, including film strips, motion pictures and videos, published, disseminated, circulated or placed directly before the public in this state for the purpose […]
§ 56-50-103. License and Bond Requirements
A person shall not operate as a viatical settlement provider or viatical settlement broker without first obtaining a license from the commissioner of the state of residence of the viator. A person shall not operate as a viatical settlement investment agent without first obtaining a license from the commissioner of the state of residence of […]
§ 56-50-104. License Revocation and Denial
The commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider, viatical settlement broker or viatical settlement investment agent if the commissioner finds that: There was any material misrepresentation in the application for the license; The licensee or any officer, partner, member or key management personnel has […]