reglab/housing_qa huggingface dataset:
TN Code § 56-1-414 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-414. Impairment of Capital Stock of Domestic Insurance Company

 When it appears to the commissioner that the capital stock of a domestic insurance company is impaired to the extent of twenty percent (20%) or more, the commissioner shall notify the company that its capital is legally subject to be made good; and, if the company does not, within sixty (60) days after the notice, satisfy the commissioner that it has fully repaired its capital, or reduced its capital as provided by law, the commissioner shall institute proceedings against it.
TN Code § 56-1-415 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-415. Issuance of Policies by Domestic Life Insurance Companies Forbidden When Assets Are Insufficient

 When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities.
TN Code § 56-1-416 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-416. Revocation or Suspension of Certificate of Authority

  The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that:  A foreign insurance company is:  In an unsound condition; or   If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or     A foreign insurance company has:  Failed to comply with the law; or   Its officers or agents have:   Refused to submit to examination;   Refused to perform any legal obligations in relation to examinations; or   Failed to pay any final judgment against the company recovered by a Tennessee citizen.         No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner.
TN Code § 56-1-417 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-417. Notice Required for Revocation or Suspension of Certificate of Authority

 Unless the ground for revocation or suspension relates only to the financial condition or soundness of the company or to a deficiency in its assets, the commissioner shall notify the company no less than ten (10) days before revoking its authority to do business in this state, and the commissioner shall specify in the notice the particulars of the supposed violation.
TN Code § 56-1-418 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-418. Calculation of Disability Benefit Reserves

 The commissioner shall annually cause to be made, or require the insurer to make, calculations of policy and claim reserves for accident and health policies providing disability benefits as defined in § 56-2-201 on the basis of regulations the commissioner prescribes from time to time regarding minimum reserve standards and tables of mortality, morbidity, interest or other contingencies to be used to compute the reserves. From July 1, 1995, until the date of promulgation of rules and regulations, all calculations with respect to policy and claim reserves for accident and health policies providing disability benefits shall be made at a rate of interest not exceeding four and one half percent (4.5%) per annum.
TN Code § 56-1-419 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 4 - Financial Valuations and Examination of Companies|§ 56-1-419. Statement of Actuarial Opinion — Summary — Report and Work Papers — Liability for Errors and Omissions

  Statement of Actuarial Opinion.   On or before March 1, 2012, and annually every year thereafter, every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall submit the opinion of an appointed actuary entitled “Statement of Actuarial Opinion”. This opinion shall be filed with the appropriate National Association of Insurance Commissioners (NAIC) property and casualty annual statement instructions and shall cover the activity of the prior calendar year.   Actuarial Opinion Summary.  Every property and casualty insurance company domiciled in this state that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate NAIC property and casualty annual statement instructions and shall be considered as a document supporting the actuarial opinion required in subsection (a).   A company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.     Actuarial Report and Work Papers.  An actuarial report and underlying work papers as required by the appropriate NAIC property and casualty annual statement instructions shall be prepared to support each actuarial opinion.   If the insurance company fails to provide a supporting actuarial report and/or work papers at the request of the commissioner or the commissioner determines that the supporting actuarial report or work papers provided by the insurance company is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or work papers.     The appointed actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision or conduct with respect to the actuary's opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.
TN Code § 56-1-502 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 5 - Annual Statements|§ 56-1-502. Forfeiture for Failure to File Statement — Suspension of Authority to Do New Business

 Any insurance company that neglects to make and file its annual statement in the form and within the time provided by § 56-1-501 shall forfeit one hundred dollars ($100) for each day neglected, and, upon notice by the commissioner to that effect, its authority to do new business shall cease while the default continues.
TN Code § 56-1-503 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 5 - Annual Statements|§ 56-1-503. False Statement — Penalty — Perjury

  For willfully making a false annual or other statement it is required by law to make, an insurance company, and persons making oath to or subscribing to the statement, shall be severally punished by a fine of not less than five hundred dollars ($500) nor more than one thousand dollars ($1,000).   Any person making oath to the false statement commits perjury.
TN Code § 56-1-601 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 6 - Records and Documents|§ 56-1-601. Duty of Commissioner to Keep Records of Proceedings and Examinations — Commissioner's Report

  The commissioner shall preserve in a permanent form a record of the commissioner's proceedings, including a concise statement of the result of official examinations of insurance companies.   The commissioner shall, annually, and as early as consistent with full and accurate preparation, make a report to the governor of all official transactions, and shall include in the report a statement of the receipts and expenditures of the department for the preceding year, an exhibit of the financial condition and business transactions of the several insurance companies as disclosed by their annual statements, abstracts of which statements shall appear in the report, and other information and comments in relation to insurance and the public interest in insurance the commissioner deems fit to communicate.
TN Code § 56-1-602 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 6 - Records and Documents|§ 56-1-602. Records — Inspection by Public

  The records of the department shall, at all times, be open to the inspection of the public, subject to rules made by the commissioner for their safekeeping, free from any charge whatever.   The commissioner shall, on demand, furnish certified copies of any paper, report, or document on file in the commissioner's office to any person requesting them, upon payment of the fee allowed by law.
TN Code § 56-1-603 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 6 - Records and Documents|§ 56-1-603. Seal of Department

 The commissioner, with the approval of the governor, shall devise a seal, with suitable inscription, for the department, a description of which, with a certificate of approval by the governor, together with an impression of the seal, shall be filed in the office of the secretary of state, and may be renewed whenever necessary.
TN Code § 56-1-604 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 6 - Records and Documents|§ 56-1-604. Documents to Be Recorded by Commissioner or the Commissioner's Chief Deputy — Certified Copies of Records to Be Evidence

 Every certificate, assignment, or conveyance executed by the commissioner or the commissioner's chief deputy, relating to the business of insurance companies, in pursuance of authority conferred by law, and sealed with the seal of office, shall be recorded in the proper recording office in the same manner and with the same effect as a deed regularly acknowledged or proved before an officer authorized by law to take the proof or acknowledgment of deeds, and all copies of papers in the office of the department, certified by the commissioner or the chief deputy, and authenticated by the seal, shall in all cases be evidence equally and in like manner with the original.
TN Code § 56-1-801 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 8 - Penalties|§ 56-1-801. Violation of Insurance Laws — General Penalty

 A violation of this chapter and Chapters 2 4, 7, 11 and 32 of this title, the penalty of which is not specifically provided, is a Class C misdemeanor.
TN Code § 56-1-802 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 8 - Penalties|§ 56-1-802. Recovery of Penalties — Imprisonment for Failure to Pay Penalties

  Every penalty fixed in this title, unless otherwise provided for, shall be sued for and recovered in the name of the state by the district attorney general of the district in which the delinquency occurs, and shall be paid into the state treasury.   Nonpayment of the penalties is a Class C misdemeanor.
TN Code § 56-1-901 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-901. Short Title and Part Definitions

  This part shall be known and may be cited as the “Standard Valuation Law.”   For purposes of this part, the following definitions shall apply on or after the operative date of the valuation manual:  “Accident and health insurance contracts” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness or medical conditions and as may be specified in the valuation manual;   “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in § 56-1-903;   “Company” means an entity that:  Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and has at least one (1) such policy in force or on claim; or   Has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance or deposit-type contracts in this state;     “Deposit-type contract” means contracts that do not incorporate mortality or morbidity risks, and as may be specified in the valuation manual;   “Life insurance” means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual;   “NAIC” means the National Association of Insurance Commissioners;   “Policyholder behavior” means any action a policyholder, contract holder or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this part including, but not limited to, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract;   “Principle-based valuation” means a reserve valuation that uses one (1) or more methods or one (1) or more assumptions determined by the insurer and is required to comply with § 56-1-915 as specified in the valuation manual;   “Qualified actuary” means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries' qualification standards for actuaries signing such statements and who meets the requirements specified in the valuation manual;   “Tail risk” means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude; and   “Valuation manual” means the manual of valuation instructions adopted by the NAIC as specified in this part or as subsequently amended.
TN Code § 56-1-902 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-902. Reserve Valuation

  For policies and contracts issued prior to the operative date of the valuation manual:  The commissioner shall annually value, or cause to be valued, the reserve liabilities (reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after January 1, 1962, and prior to the operative date of the valuation manual. In calculating reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this part.   Sections 56-1-904 — 56-1-913 shall apply to all policies and contracts, as appropriate, subject to this part issued on or after January 1, 1962, and prior to the operative date of the valuation manual and the provisions set forth in §§ 56-1-914 and 56-1-915 shall not apply to any such policies and contracts.   The minimum standard for the valuation of policies and contracts issued prior to January 1, 1962, shall be that provided by the laws in effect immediately prior to that date.     For policies and contracts issued on or after the operative date of the valuation manual:  The commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this part; and   Sections 56-1-914 and 56-1-915 shall apply to all policies and contracts issued on or after the operative date of the valuation manual.
TN Code § 56-1-908 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-908. Reserve Valuation Method — Annuity and Pure Endowment Benefits

  This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts 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 § 408 of the Internal Revenue Code (26 U.S.C. § 408), as amended.   Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.
TN Code § 56-1-909 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-909. Minimum Reserves

  In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after March 13, 1978, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 56-1-907, 56-1-908, 56-1-911 and 56-1-912 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.   In no event shall the aggregate reserves for all policies, contracts and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by § 56-1-903.
TN Code § 56-1-910 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-910. Optional Reserve Calculation

  Reserves for policies and contracts issued prior to March 13, 1978, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to March 13, 1978.   Reserves for any category of policies, contracts or benefits established by the commissioner, issued on or after March 13, 1978, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this part, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.   A company, which adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this part may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided herein; provided that, for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 56-1-903 shall not be deemed to be the adoption of a higher standard of valuation.
TN Code § 56-1-911 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-911. Reserve Calculation — Valuation Net Premium Exceeding the Gross Premium Charged

  If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest and method actually used for the policy or contract; or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in §§ 56-1-904 and 56-1-906.   For a life insurance policy issued on or after January 1, 1986, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value, or a combination, in an amount greater than the excess premium, subsection (a) shall be applied as if the method actually used in calculating the reserve for the policy were the method described in § 56-1-907, without consideration of § 56-1-907(b). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with § 56-1-907, including § 56-1-907(b), and the minimum reserve calculated in accordance with this section.
TN Code § 56-1-912 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 1 - Department of Commerce and Insurance|Part 9 - Standard Valuation Law|§ 56-1-912. Reserve Calculation — Indeterminate Premium Plans

 In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in §§ 56-1-907, 56-1-908 and 56-1-911, the reserves that are held under the plan shall, as determined by regulations promulgated by the commissioner:   Be appropriate in relation to the benefits and the pattern of premiums for that plan; and   Be computed by a method that is consistent with the principles of this part.