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TN Code § 56-36-102 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-102. Applicability

 This chapter does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under the Internal Revenue Code, § 408 (26 U.S.C. § 408), premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced or reversionary annuity, nor to any contract that shall be delivered outside this state through an agent or other representative of the company issuing the contract.
TN Code § 56-36-103 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-103. Nonforfeiture Requirements

  In the case of contracts issued on or after March 12, 2004, no contract of annuity, except as stated in § 56-36-102, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions, which in the opinion of the commissioner are at least as favorable to the contract holder, upon cessation of payment of considerations under the contract:  That upon cessation of payment of considerations under a contract, or upon the written request of the contract owner, the company shall grant a paid-up annuity benefit on a plan stipulated in the contract of the value as is specified in §§ 56-36-105 — 56-36-108 and 56-36-110;   If a contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of any paid-up annuity benefit a cash surrender benefit of the amount as is specified in §§ 56-36-105, 56-36-106, 56-36-108, and 56-36-110. The company may reserve the right to defer the payment of the cash surrender benefit for a period not to exceed six (6) months after demand therefor with surrender of the contract after making written request and receiving written approval of the commissioner. The request shall address the necessity and equitability to all policyholders of the deferral;   A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of the benefits; and   A statement that any paid-up annuity, cash surrender or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which the benefits are altered by the existence of any additional amounts credited by the company to the contract, any indebtedness to the company on the contract, or any prior withdrawals from or partial surrenders of the contract.     Notwithstanding the requirements of this section, any deferred annuity contract may provide that if no considerations have been received under a contract for a period of two (2) full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid prior to the period would be less than twenty dollars ($20.00) monthly, the company may at its option terminate the contract by payment in cash of the then present value of the portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under the contract.
TN Code § 56-36-105 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-105. Computation of Present Value

 Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
TN Code § 56-36-106 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-106. Calculation of Cash Surrender Values

 For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit that would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender, reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under the contracts shall be at least equal to the cash surrender benefit.
TN Code § 56-36-107 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-107. Calculation of Paid-Up Annuity Benefits

 For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, the present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts that do not provide any death benefits prior to the commencement of any annuity payments, the present values shall be calculated on the basis of the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
TN Code § 56-36-108 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-108. Maturity Date

 For the purpose of determining the benefits calculated under §§ 56-36-106 and 56-36-107, in the case of annuity contracts under which an election may be made to have annuity payments commenced at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
TN Code § 56-36-109 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-109. Disclosure of Limited Benefits

 Any contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that the benefits are not provided.
TN Code § 56-36-110 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-110. Inclusion of Lapse of Time Considerations

 Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
TN Code § 56-36-111 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-111. Minimum Forfeiture Benefits

 For any contract that provides, within the same contract by rider or supplemental contract provisions, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding §§ 56-36-105 — 56-36-108 and 56-36-110, additional benefits payable:   In the event of total and permanent disability;   As reversionary annuity or deferred reversionary annuity benefits; or   As other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for the additional benefits;  shall be disregarded in ascertaining the minimum nonforfeiture amount, paid-up annuity, cash surrender and death benefits that may be required by this chapter. The inclusion of the additional benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity cash surrender and death benefits.
TN Code § 56-36-112 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-112. Operative Dates

 After March 13, 1978, any company may file with the commissioner a written notice of its election to comply with this chapter after a specified date, which shall be the operative date of this chapter for the company, and this chapter shall become operative with respect to annuity contracts thereafter issued by the company. If a company makes no election, the operative date of this chapter for the company shall be March 13, 1980, and until the operative date the company shall continue to be governed by § 56-7-112.
TN Code § 56-36-113 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities|§ 56-36-113. Rules and Regulations

 The commissioner may adopt rules and regulations, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to implement this chapter.
TN Code § 56-37-101 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-101. Short Title

 This chapter shall be known and may be cited as the “Premium Finance Company Act of 1980.”
TN Code § 56-37-102 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-102. Chapter Definitions

 As used in this chapter, unless the context otherwise requires:   “Commissioner” means the commissioner of financial institutions;   “Licensee” means a premium finance company holding a license issued under this chapter;   “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized;   “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or producing agent in payment of premiums of an insurance contract, together with interest and a service charge as authorized and limited by this chapter;   “Premium finance company” means a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies; and   “Premiums financed” means any interest assigned pursuant to a premium finance agreement or other assignment in or relating to an insurance policy or contract of insurance, to the extent of the rights retained by an assignor or assignee of that policy or contract of insurance for the refund of premiums and related charges paid.
TN Code § 56-37-103 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-103. License Required — Renewal — Fees — Disclosure — Rules and Regulations

  No person shall engage in the business of a premium finance company in this state without first having obtained a license as a premium finance company from the commissioner.    Licenses issued pursuant to this chapter expire on December 31. A license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of this section and payment of the nonrefundable supervision fee, as provided in § 45-1-118(i). The supervision fee is applicable to each location. A licensee making timely and complete application for renewal of its license may continue to operate under its existing license until its application is approved or denied. The completed renewal application and the payment of the annual supervision fee must be sent to the department on or before December 31, but no earlier than November 1, of each year.   A licensee submitting a renewal application pursuant to this chapter for a license expiring on March 31, 2019, must pay the supervision fee as provided in § 45-1-118(i) for each location. The completed renewal application and payment must be sent to the department on or before March 1, 2019. A renewed license issued under this chapter with a beginning effective date of April 1, 2019, expires on December 31, 2019.     The commissioner has the authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers, and employees, and has discretion to refuse to issue or renew a license in the name of any firm, partnership or corporation if not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.   The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. The rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.   The commissioner may employ persons as necessary to examine or investigate and make reports on alleged violations of this chapter or compliance with the other provisions of this chapter. The costs for an examination or investigation of licensees shall be assessed pursuant to § 45-1-118(i). An unlicensed person subject to the licensing requirements of this chapter, who is examined or investigated in accordance with this chapter, shall pay to the commissioner the reasonable and actual expenses of the investigation or examination.   The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.
TN Code § 56-37-104 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-104. Investigation of Applicants

  Upon the filing of an application and the payment of the nonrefundable supervision fee, as provided in § 45-1-118(i), the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so find, the commissioner shall, at the request of the applicant, give the applicant a full hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.   The commissioner shall issue or renew a license, as may be applied for, when the commissioner is satisfied that the person to be licensed:  Is competent and trustworthy and intends to act in good faith in the capacity involved by the license for which the person applied;   Has a good business reputation and has had experience, training or education so as to be qualified in the business for which the license is required; and   If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
TN Code § 56-37-105 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-105. Revocation or Suspension of License

  The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that:  The license issued to the company was obtained by fraud;   There was any misrepresentation in the application for the license;   The holder of the license has otherwise proven untrustworthy or incompetent to act as a premium finance company; or   The company has violated any of the provisions of this chapter.     Before the commissioner revokes, suspends or refuses to renew the license of any premium finance company, the aggrieved person shall be entitled to a hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing as herein provided, the commissioner may subject the company to a penalty of not more than two hundred dollars ($200) for each offense when the commissioner finds that the public interest would not be harmed by the continued operation of the company. The amount of the penalty shall be paid by the company to the commissioner.   If the commissioner refuses to issue to any person a license as a premium finance company, or revokes, suspends or refuses to renew the license of any premium finance company, or imposes a penalty on the company, after a hearing as provided under subsection (b), the applicant or licensee may appeal from the refusal to issue a license or from the adjudication in accordance with the Uniform Administrative Procedures Act.
TN Code § 56-37-106 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-106. Maintenance and Preservation of Records — Examination

  Every licensee shall maintain corporate and accounting records, including complete records of its premium finance transactions, and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time during regular business hours examine the records at any location at which the records are maintained.   Every licensee shall preserve its records of the premium finance transactions, including cards used in a card system, if any, for at least two (2) years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form shall constitute compliance with this requirement.
TN Code § 56-37-107 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-107. Premium Finance Agreement — Contents

  A premium finance agreement shall:  Be dated and signed by the insured or on behalf of the insured by a power of attorney, and its printed portion shall be in at least eight-point type;   Contain the name and place of business of the insurance agent negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by the insured, the name and place of business of the premium finance company to which payments are to be made, a brief description of the insurance contracts involved and the amount of the premium; and   Set forth the following items where applicable:  The total amount of the premiums;   The amount of the down payment;   The principal balance (the difference between subdivisions (a)(3)(A) and (B));   The amount of the interest;   The balance payable by the insured (sum of subdivisions (a)(3)(C) and (D)); and   The number of installments required, the amount of each installment expressed in dollars, and the due date or period of the installments.       The items set out in subdivision (a)(3) need not be stated in the sequence or order in which they appear in subdivision (a)(3), and additional items may be included to explain the computations made in determining the amount to be paid by the insured. Compliance with the federal Truth In Lending Act (15 U.S.C. § 1601 et seq.), will satisfy disclosure requirements of this section.
TN Code § 56-37-108 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 37 - Premium Finance Company Act of 1980|§ 56-37-108. Interest Charges — Computation — Maximum Rates

  A premium finance company shall not charge, or contract for an interest charge, other than as permitted by this chapter.   The interest is to be computed on the balance of the premiums due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance contract, for which the premiums are being advanced, to and including the date when the final installment of the premium finance agreement is payable.   The maximum effective rate of interest under this chapter shall:  Be determined in accordance with the actuarial method;   In the case of precomputed interest, be calculated and determined as of the effective date of the insurance contract on the assumption that all scheduled payments will be made as contracted; and   Not be affected by the prepayment of the loan, in whole or in part.     The maximum effective rate of interest per annum under this chapter shall not exceed twenty-four percent (24%) per annum.   The term of a loan for the purposes of this section commences on the effective date of the insurance contract for which the premium is being advanced. Differences in the lengths of months are disregarded and, for any period less than a month, each day may be counted as one thirtieth (1/30) of a month.   Notwithstanding any premium finance agreement, any insured may prepay the obligation in full at any time. In this event, the insured shall receive a refund credit, which refund credit shall represent at least as great a proportion of the interest as the sum of the periodic balances after the month in which prepayment is made bears to the sum of all periodic balances under the schedules of installments in the agreement. Where the amount of the refund credit is less than one dollar ($1.00), no refund need be made.