reglab/housing_qa huggingface dataset:
TN Code § 56-3-403 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-403. Investments in Foreign Securities and Investments

  Domestic insurance companies may invest in, or otherwise acquire or loan upon, securities and investments in Canada that are substantially of the same kinds, classes and investment grades as those eligible for investment under § 56-3-402; but the aggregate amount of the investments that are held at any time by the company shall not exceed ten percent (10%) of its admitted assets, except where a greater amount is permitted pursuant to subsection (b), in which case this subsection (a) shall not be applicable.   Any domestic insurance company that is authorized to do business in a foreign country or that has outstanding insurance, or reinsurance contracts or risks, resident or located in a foreign country may invest in, or otherwise acquire or loan upon, securities and investments in the foreign country that are substantially of the same kinds, classes and investment grades as those eligible for investment under § 56-3-402; but the aggregate amount of the investments in a foreign country and of cash in the currency of the country that is at any time held by the company shall not, except as provided in § 56-3-404(a)(1), exceed one and one half (1.5) times the amount of its reserves and other obligations under the contracts or the amount that the company is required by law to invest in the country, whichever is greater.   In addition to the foreign investments permitted under § 56-3-404(a)(1) and (2), any domestic insurance company may invest in, or otherwise acquire or loan upon, securities and investments in foreign countries that are substantially of the same kinds, classes and investment grades as those eligible for investment under § 56-3-402; but the aggregate amount of the investments made pursuant to this subsection (c) shall not exceed one percent (1%) of its admitted assets.
TN Code § 56-3-404 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-404. Acquisition of Stock

  Notwithstanding any of the provisions or limitations of this section or of any other section of this code, a domestic insurance company may, at the time of original issue or at any other time, with the approval of the commissioner, acquire and hold:  More than fifty percent (50%) of the shares of outstanding voting stock of any other solvent insurance company, domestic or foreign;   More than fifty percent (50%) of the shares of outstanding voting stock of any domestic or foreign business corporation other than an insurance company, which corporation was formed or acquired for, and necessary and incidental to, the convenient operation of its insurance business, the administration of any of its lawful investments or the lawful business of any affiliated company; provided, that the stock or shares in any real estate company and the real property owned by the company shall be subject to §§ 56-3-405 and 56-3-406, and the amount invested in the stock or shares shall be included with the aggregate of all the insurance company's holdings and investments for the purposes of § 56-3-405(6); or   Stock of an insurance company formed under the laws of a foreign country, but the aggregate amount of the holdings shall not exceed five percent (5%) of the admitted assets of the insurance company.     The total holdings of a domestic insurance company of shares of voting stock authorized to be acquired and held under this section, together with the investments made under the authority of § 56-3-402(3) and (4), shall not at any time exceed the amount by which the capital and surplus of the company exceed the minimum capital and surplus required for the kind of insurance it is authorized to transact in this state; provided, that for purposes of determining the holdings of the stock pursuant to this section, the value of the stock shall be computed at cost or at market value on the December 31 preceding, whichever is lower and that, if there is no market on that date, then at cost or book value on that date, whichever is lower.
TN Code § 56-3-405 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-405. Acquisition and Conveyance of Real Property

 Domestic insurance companies may acquire, hold and convey real property only for the following purposes and in the following manner:   The land and the building on the land in which it has its principal office and  other real property that is requisite for its convenient accommodations in the transaction of its insurance business, the amount not to exceed ten percent (10%) of its admitted assets, subject, however, to the limitations of § 56-3-406;   Real property that has been mortgaged to it in good faith by way of security for loans previously contracted or for moneys due;   Real property that has been conveyed to it in satisfaction of debts previously contracted in the course of its dealings;   Real property that has been purchased at sales on judgments, decrees, or mortgages obtained or made for those debts;   Real property that has been acquired for investment purposes; provided, that:  No real property may be acquired or held under the authority of this section unless at the time of acquisition it is already improved and income-producing or unless it is improved with due diligence after acquisition so as to produce an income;   The company shall not at any one (1) time have more than two percent (2%) of its admitted assets invested in a single piece or adjoining pieces of real property acquired or held under the authority of this section; and   No investments under the authority of this section shall be made in hotels, club houses, garages, schools, factories erected and designed for special purposes or agricultural properties, without specific approval in advance by the commissioner; and     In no event shall the aggregate of all of a company's holdings and investments, under the authority of §§ 56-3-401 — 56-3-404, this section and §§ 56-3-406 and 56-3-407, exceed ten percent (10%) of the company's admitted assets; provided, that nothing in this section shall prevent the acquisition by the company of any property under subdivisions (2)-(4), but properties so acquired shall be held under § 56-3-406, and the company shall list the book value of the properties as assets not admitted, to the extent the aggregate of the book value of real estate exceeds ten percent (10%) of the company's admitted assets.
TN Code § 56-3-406 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-406. Disposition of Real Property

 All property specified in § 56-3-405(2)-(4), which is not necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within two (2) years after the company has acquired title to the property, or within two (2) years after the property has ceased to be necessary for the accommodation of its business; and it shall not hold the property for a longer period unless it procures a certificate from the commissioner authorizing an extension of time for the sale of the property. The commissioner is authorized to issue such a certificate extending the time for the sale of such property if in the commissioner's judgment it appears that the interest of the company will suffer materially by a forced sale of the property.
TN Code § 56-3-407 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-407. Manner of Investment Exclusive

 No domestic insurance company shall invest or loan its funds in any manner except as provided in §§ 56-3-401 — 56-3-406.
TN Code § 56-3-408 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-408. Prohibited Actions and Transactions

  No domestic insurance company, whether incorporated by special act or under a general law of this state, shall underwrite or participate in the underwriting of an offering of securities or property by any other person; nor shall the company enter into any agreement to withhold from sale any of its property, but the disposition of its property shall be at all times within the control of its board of directors.    No investment or loan, except premium finance loans, shall be made by any such insurance company, unless the investment or loan has first been authorized by the board of directors or by a committee appointed by the board and charged with the duty of supervising the investment or loan.   Membership on the board of directors shall not be a requirement for eligibility to membership on the committee.
TN Code § 56-3-409 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 4 - Investments of Other Domestic Insurance Companies|§ 56-3-409. Eligible Investments

 Any particular investment that the insurance company held on September 1, 1979, or was obligated to accept by a legally enforceable commitment effectuated prior to September 1, 1979, and that the insurance company was legally entitled to hold immediately prior to September 1, 1979, shall be deemed to be an eligible investment.
TN Code § 56-3-501 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-501. Separate Accounts — Allocation

   Any domestic life insurance company may, subject to the approval of the commissioner, establish one (1) or more separate accounts and may allocate to the separate account or accounts any amounts paid to the company, including, but not limited to, proceeds applied under optional modes of settlement or under dividend options, which are to be applied to the terms of an individual or group contract issued in connection therewith to fund pension or profit-sharing plans or to provide life insurance or annuity benefits, and benefits incidental to the life insurance or annuities, payable in fixed or in variable amounts, or in both.   If and to the extent so provided under the applicable contracts, the assets of the separate account shall not be chargeable with liabilities arising out of any other business the company may conduct.     The company may provide for the owners of the contracts voting rights with respect to management of the separate accounts and investment of the assets of the accounts, and shall have the power to do all things necessary under any applicable state or federal law in order that the contracts may be lawfully sold or offered for sale.   This section shall not in any way affect existing laws pertaining to the voting rights of the company's policyholders.
TN Code § 56-3-502 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-502. Investment of Amounts Allocated to Separate Accounts

 The amounts allocated to each account and accumulations on the account may be invested and reinvested in any class of investments which may be authorized in the agreement without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies; provided, that to the extent that the company's reserve liability with regard to benefits guaranteed as to amount and duration and funds guaranteed as to principal amount or stated rate of interest is maintained in any separate account, a portion of the assets of the separate account at least equal to the reserve liability shall be invested in accordance with the laws of this state governing the investments of life insurance companies. The investments in the separate account or accounts shall not be taken into account in applying the investment limitations applicable to other investments of the company.
TN Code § 56-3-503 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-503. Gains and Losses Credited to or Charged Against Allocation

 The income, if any, and gains and losses, realized or unrealized, on each account shall be credited to or charged against the amounts allocated to the account in accordance with the agreement, without regard to other income, gains or losses of the company.
TN Code § 56-3-504 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-504. Valuation of Assets Allocated to Separate Account

 Assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then in accordance with the terms of the agreement; provided, that the portion of the assets of the separate account at least equal to the company's reserve liability with regard to the guaranteed benefits and funds referred to in § 56-3-502, if any, shall be valued in accordance with the rules otherwise applicable to the company's assets.
TN Code § 56-3-505 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-505. Amounts Allocated to Be Company Owned

 Amounts allocated to a separate account in the exercise of the power granted by this part shall be owned by the company.
TN Code § 56-3-506 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-506. Agreements Providing for Annuity Benefits on a Variable Basis — Statements Required

 If the agreement provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the company in determining the dollar amount of the variable benefits. The agreement, and any certificate in evidence of variable benefits issued under the agreement, shall state that the dollar amount may decrease or increase and shall contain on its first page a statement that the benefits under the agreement are on a variable basis.
TN Code § 56-3-507 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-507. Authorization for Delivery of Agreements Providing Benefits on a Variable Basis — Determination of Qualification

 No domestic life insurance company, and no other life insurance company admitted to transact business in this state, shall be authorized to deliver within this state any agreement providing benefits in variable amounts until the company has satisfied the commissioner that its condition or methods of operation in connection with the issuance of the agreements will not render its operation hazardous to the public or its policyholders in this state. In determining the qualification of a company requesting authority to deliver the agreements within this state, the commissioner shall consider, among other things:   The history and financial condition of the company;   The character, responsibility and general fitness of the officers and directors of the company; and   In the case of a company other than a domestic company, whether the statutes and regulations of the jurisdiction of its incorporation provide a degree of protection to policyholders and the public that is substantially equal to that provided by this part and the rules and regulations issued under this part.
TN Code § 56-3-508 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-508. Regulation of Agreements — Rulemaking Power — Licensing

 The commissioner has the sole authority to regulate the issuance and sale of such agreements and to issue reasonable rules and regulations necessary to carry out the purposes and provisions of this part, including licensing the qualifications of the agents or salespersons.
TN Code § 56-3-509 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 5 - Separate Accounts and Allocations|§ 56-3-509. Separate Accounts — Insurance Laws Applicable — Required Provisions of Variable Life Agreements

 Except for §§ 56-7-401, 56-7-2307(2), (7), (10) and (12), and 56-7-2309, and except as otherwise provided in this part, all pertinent provisions of the insurance laws of this state apply to separate accounts and agreements issued in connection with the accounts. Any individual variable life insurance agreement delivered or issued for delivery in this state shall contain grace, reinstatement and nonforfeiture provisions appropriate to the agreement. The reserve liability for variable benefits shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
TN Code § 56-3-701 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-701. “Equity Security” Defined

 As used in this part, “equity security” means any stock or similar security, or any security convertible, with or without consideration, into a stock or similar security, or carrying a warrant or right to subscribe or to purchase a stock or similar security; or a warrant or right; or any other security that the commissioner deems to be of similar nature and considers necessary or appropriate, by rules and regulations the commissioner prescribes in the public interest or for the protection of investors, to treat as an equity security.
TN Code § 56-3-702 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-702. Equity Securities of Domestic Stock Insurance Companies — Statements of Beneficial Owners, Directors and Officers

 Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of the company, shall file in the office of the commissioner within ten (10) days after the person becomes the beneficial owner, director, or officer, a statement, in the form the commissioner prescribes, of the amount of all equity securities of the company of which the person is the beneficial owner, and within ten (10) days after the close of each calendar month thereafter, if there has been a change in ownership during that month, shall file in the office of the commissioner a statement, in the form the commissioner prescribes, indicating the ownership at the close of the calendar month and the changes in ownership that have occurred during that calendar month.
TN Code § 56-3-703 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-703. Profits From Unfair Use of Information Recoverable — Exceptions

  For the purpose of preventing the unfair use of information that may have been obtained by the beneficial owner, director, or officer by reason of the relationship to the company, any profit realized by the person from any purchase and sale, or any sale and purchase, of any equity security of the company within any period of less than six (6) months, unless the security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of the beneficial owner, director, or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months.   Suit to recover the profit may be instituted at law or in equity in any court of competent jurisdiction by the company or by the owner of any security of the company in the name and in behalf of the company, if the company fails or refuses to bring suit within sixty (60) days after request or fails diligently to prosecute it thereafter; but no suit shall be brought more than two (2) years after the date the profit was realized.   This section shall not be construed to cover any transaction where the beneficial owner was not the beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions that the commissioner by rules and regulations exempts as not comprehended within the purpose of this section.
TN Code § 56-3-704 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-704. Restrictions on Sale of Equity Securities

 It is unlawful for the beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company, if the person selling the security or the person's principal:   Does not own the security sold; or   If owning the security, does not deliver it against the sale within twenty (20) days thereafter, or does not within five (5) days after the sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if the person proves that, notwithstanding the exercise of good faith, the person was unable to make the delivery or deposit within that time, or that to do so would cause undue inconvenience or expense.
TN Code § 56-3-705 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-705. Purchases and Sales Which Are Exempt

  Section 56-3-703 does not apply to any purchase and sale, or sale and purchase, and § 56-3-704 does not apply to any sale of an equity security of a domestic stock insurance company not then or theretofore held by the dealer in an investment account, by a dealer in the ordinary course of business and incident to the establishment or maintenance by the dealer of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.), for the security.   The commissioner may, by rules and regulations the commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
TN Code § 56-3-706 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 56-3-706. Foreign and Domestic Arbitrage Transactions Exempt

 Sections 56-3-702 — 56-3-704 do not apply to foreign or domestic arbitrage transactions unless made in contravention of the rules and regulations the commissioner adopts in order to carry out the purposes of this part.
TN Code § 56-3-707 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 3 - Operation of Insurance Companies|Part 7 - Restrictions on Beneficial Owners, Directors and Officers|§ 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 its equity securities held of record by one hundred (100) or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to §§ 56-3-702 — 56-3-704, except for this subdivision (2).