reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-101 - Short title - Application - Scope

(a)
This chapter shall be known and may be cited as the "Title Insurance Law."
(b)
All title insurance companies, title insurance agents and the business of title insurance in this state shall be regulated, licensed and controlled by and under this chapter to the exclusion of all other laws and parts of laws of a general nature not specifically applicable.
Acts 1955, ch. 173, § 1; T.C.A., § 56-3401.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-103 - Powers of title companies

Every corporation complying with this chapter has, in addition to the powers and authority under its charter and existing laws applicable to the company, the following additional authority:
(1)
To own, lease or construct abstract or title plants, and operate and maintain the same, and make, certify, guarantee and issue abstracts of title; and
(2)
To act as escrow agent in connection with any transaction relating to the purchase, sale, exchange, lease, mortgage or other acquisition, disposition or encumbrance of property, real or personal, or any interest therein.
Acts 1955, ch. 173, § 2; T.C.A., § 56-3403.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-104 - Business prohibited title companies

No corporation qualified to engage in the business of title insurance under this chapter shall guarantee the payment of any note, bond, mortgage or obligation of any other person or corporation, or execute collateral trust indentures as principal, or issue bonds secured by mortgages pledged under collateral trust indentures or certificates of participation in notes or mortgages, or engage in the business of banking.
Acts 1955, ch. 173, § 3; T.C.A., § 56-3404.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-105 - Supervision and control by commissioner

The business of title insurance in this state is placed under the supervision and control of the commissioner, and every corporation engaged in title insurance business in this state shall be subject to the requirements of this chapter, and none other than a corporation, domestic or foreign, duly qualified under this chapter shall engage in the business of title insurance in this state.
Acts 1955, ch. 173, § 4; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 56-3405.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-106 - Certificate of compliance - Fee

Whenever any title insurance company has made the deposit of money or securities, as required by this chapter, or, if a foreign title insurance company, has duly filed the certificate referred to in §
56-35-112
and satisfied the commissioner that it has on deposit with the proper officer of some other state cash or authorized securities, which, when added to any sums so deposited in this state, are sufficient to meet the deposit requirements of §
56-35-112
, submitted satisfactory evidence to the commissioner that it has complied with this chapter, and paid a fee of one hundred dollars ($100) for issuance of a certificate to do business, then the commissioner shall issue a certificate renewable July 1 of each year, reciting that the insurer has complied with the title insurance law of this state and is authorized to do a title insurance business in this state.
Acts 1955, ch. 173, § 4; 1959, ch. 88, § 2; 1979, ch. 298, §§ 9, 10; T.C.A., § 56-3406.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-107 - Tax on risk rate charges - Credits and exemptions - Penalties - Minimum tax

(a)
Every title insurance company qualifying under this chapter shall annually, on or before March 1 of each year, file an annual statement as provided in §
56-35-108
, and pay to the department of commerce and insurance a sum equal to two and one half percent (2.5%) of all risk rate charges collected by it, on risks located in this state, during the year next preceding, which tax shall be subject to the same credits and exemptions as provided for the gross premiums tax on other insurance companies under §§
56-4-211
,
56-4-213
and
56-4-217
, and that shall be in lieu of any privilege tax, general or special; and all other taxes, state or local, except as provided by §
56-4-213
.
(b)
Any title insurance company, qualifying under this chapter, that fails to make the returns and payments correctly and promptly on or before March 1 of each year in an electronic format approved by the commissioner, shall be subject to penalty as provided for the gross premium tax on other insurance companies under §
56-4-216
.
(c)
The minimum amount of tax payable for any company qualifying under this chapter for the privilege of transacting business for any calendar year shall be one hundred fifty dollars ($150).
(d)
Nothing in this section shall be construed to provide an exemption from the sales and use tax imposed by title 67, chapter 6.
Amended by 2015 Tenn. Acts, ch. 155,s 20, eff. 1/1/2016.
Acts 1955, ch. 173, § 5; impl. am. Acts 1971, ch. 137, § 1; impl. am. Acts 1971, ch. 387, § 25; T.C.A., § 56-3407; Acts 1985, ch. 354, § 6; 1989, ch. 36, § 2; 2005, ch. 499, § 26.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-108 - Annual statement - Forms

The commissioner shall, in December of each year, furnish to each of the insurance companies authorized to do business under this chapter, two (2) blanks in form adopted for their annual statement. The companies shall, annually, on or before March 1, file in the office of the commissioner a statement that shall exhibit its financial condition on December 31 of the previous year, and its business of that year. The annual statement shall be in the form and of the specifications the commissioner may require. The statement shall be subscribed and sworn to by the president and secretary, or in their absence, by two (2) of its principal officers.
Acts 1955, ch. 173, § 5; T.C.A., § 56-3408.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-109 - Foreign corporations - Commissioner appointed to accept process

Any foreign title insurance company desiring to transact a title insurance business in this state must first file with the commissioner a written power of attorney appointing and authorizing the commissioner as its agent for the purpose of acknowledging or receiving service of process and upon whom process may be served, in all proceedings that may be instituted against the company in any court of this state, or in any court of the United States in this state, which power of attorney shall continue in force so long as any liability remains outstanding against the insurer in this state.
Acts 1955, ch. 173, § 6; T.C.A., § 56-3409.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-110 - Agencies to hold certificates of authority - Application for certificate

(a)
No person within this state shall act or hold the person out as a title insurance agency unless the person has been issued a certificate of authority by the commissioner.
(b)
Any application for the certificate shall be in writing and on forms prescribed by the commissioner and shall be accompanied by a filing fee of one hundred ten dollars ($110).
Acts 1980, ch. 857, § 12; 2001, ch. 333, § 7.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-111 - Companies to file rates - Disapproval of rates by commissioner - Hearing

(a)
Every title insurance company shall file with the commissioner its schedules of rates and every modification of any rate that it proposes to use in this state. The schedule of rates and every modification of rates shall be filed by a rating organization meeting the qualifications set forth in §
56-35-132
unless an insurer files its own rates.
(b)
No title insurance company, agency, or agent shall charge any rate for any policy or contract of title insurance except in accordance with filings or rates that are in effect for the title insurance company as provided in this part.
(c)
The filing shall state the proposed effective date of rates, shall indicate the character and extent of the coverage contemplated, and shall be in the manner, form and detail as may be prescribed by the commissioner.
(d)
(1)
The commissioner shall within sixty (60) days after the receipt of any filing disapprove any rate the commissioner determines to be unfair, unjust or unfairly discriminatory.
(2)
Any rate filed may be used or charged after the expiration of sixty (60) days from the date it has been so filed, unless the commissioner has issued notice of the commissioner's prior written disapproval thereto within that period.
(3)
The notice of written disapproval shall specify the reasons therefor and shall state that a hearing will be granted within twenty (20) days after request in writing by the insurer or rating organization. In the conduct of the hearing, the commissioner or any regularly salaried employee specially designated by the commissioner for such purpose has the power to administer oaths, to require the appearance of and examine any person under oath, and to require the production of books, records or papers relevant to the inquiry upon the commissioner's or other employee's own initiative or upon the request of any interested insurer or rating organization.
Acts 1980, ch. 857, § 14; 1983, ch. 139, §§ 1, 5.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-113 - Use of income from deposits

The commissioner shall permit any title insurance company, its agents, attorneys, representatives or assigns, to collect, receive and use the income and any and all remittances of any of the income received by the commissioner, from all securities so deposited, and the commissioner shall deliver, or cause to be delivered to them or any of them, any and all coupons or other evidences of the income to which they may be entitled.
Acts 1955, ch. 173, § 8; T.C.A., § 56-3413.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-114 - Reserve fund of domestic insurers

Every domestic insurer shall annually set apart, at the end of each year, into an account to be known as "Title Insurance Reserve," an amount equal to ten percent (10%) of the risk rates collected, during the year then ending, by the insurer on account of the title insurance business, until the insurer has a fund totaling one hundred thousand dollars ($100,000). The reserve shall be maintained in the treasury of the insurer as additional security to holders of title insurance policies or guarantees issued by the insurer. The insurer shall, on or before March 1 of each year, furnish the commissioner a sworn statement, verified by its president and secretary and under its corporate seal, showing that the sum of ten percent (10%) of all the risk rates so received by it during the year ending on December 31 next prior thereto, has been duly set aside and is held by the insurer in the title insurance reserve.
Acts 1955, ch. 173, § 9; T.C.A., § 56-3414; Acts 1980, ch. 857, § 4.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-115 - [Repealed]

Repealed by 2018 Tenn. Acts, ch. 582, s 1, eff. 3/16/2018.
Acts 1955, ch. 173, § 10; T.C.A., § 56-3415.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-116 - Deposit and reserve funds - Care and investment

The deposit required to be kept with the commissioner as the title insurance fund, together with any additions to the fund made as authorized in this chapter, and the title insurance reserve to be held by the insurers, and all unearned premium or risk rate reserves, shall be made and held either in lawful money of the United States, or in any investment authorized by the laws of Tennessee for nonassessment life insurance companies doing business in the state, and shall be safely kept for the benefit and security of all persons insured by the insurer for claims and demands arising out of the title insurance business, and shall be held and considered specially pledged as security for the title claims and demands; provided, that the insurer may change its deposits at any time and from time to time by depositing other securities of the kinds and descriptions in this section authorized to be deposited; and provided further, that the deposit, or change in deposit, shall be subject to the approval of the commissioner.
Acts 1955, ch. 173, § 11; T.C.A., § 56-3416.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-117 - Exchange of information - Consultation and cooperation - Limitations

In order to further more equitable establishment and adjustment of rates, including risk rates, or premiums and forms of contracts, policies and guarantees, the commissioner, every insurer and rating organization may exchange information and experience data with each other, and with the insurance supervisory officers and insurers in other states and with national organizations and associations and may consult and cooperate with them in respect to rates, including risk rates, or premiums and forms of contracts, policies and guarantees; and an insurer or rating organization licensed under this chapter may act in concert with each other and with others with respect to any and all matters pertaining to the making of rates, rating plans, or rating systems, or the preparation of forms of policies, contracts, or guarantees of title, underwriting rules, surveys and investigations, or the furnishing of loss and expense statistics or other information and data, or carrying on research.
Acts 1955, ch. 173, § 12; T.C.A., § 56-3417; Acts 1983, ch. 139, § 3.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-118 - Reasonable competition not discouraged

Nothing in this chapter is intended to prohibit or discourage reasonable competition, or to prohibit or discourage uniformity in insurance rates, including risk rates, or premiums, or practices, or contracts, policies or guarantees of title.
Acts 1955, ch. 173, § 12; T.C.A., § 56-3418; Acts 1983, ch. 139, § 4.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-119 - Rebates prohibited

(a)
It is unlawful for any applicant for a policy of title insurance, or any person, firm or corporation, on behalf of the applicant, or any other person, firm or corporation whomsoever, to request, receive or obtain from a title insurance agent, or a title insurance company, any commission, discount, rebate, special favor, advantage or inducement, or to engage or participate in any collusion with respect thereto, or for any title insurance company, or agent, to give, grant or rebate any part of a premium for title insurance to any lender, mortgage broker or real estate agent or broker or real estate builder or developer, and no person shall engage in business as a title insurance agent in this state, nor accept or hold a certificate of agency for the chief and primary purpose of securing some special advantage, rebates, commissions or concessions on title insurance written for the person, or some person, firm, corporation or lending institution in which the person is interested, or with which the person is connected or associated, and all of which acts and things are expressly prohibited and forbidden by this chapter.
(b)
Nothing in this chapter shall be construed to make unlawful the distribution of profits or dividends to the owner or owners or shareholders of a title insurance company, agency, or agent; provided, that the distribution is made in the ordinary course of business and in accordance with sound accounting principles.
Acts 1955, ch. 173, § 13; T.C.A., § 56-3419; Acts 1980, ch. 857, § 5.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-120 - Attorney-client relationship

Nothing in this chapter shall be construed to affect in any manner the relationship of attorney and client, or the fees paid for services performed by a licensed attorney at law.
Acts 1955, ch. 173, § 13; T.C.A., § 56-3420; Acts 1980, ch. 857, § 6.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-121 - Persons recommending insurance

Nothing in this chapter, or in any other law of this state, shall be construed as preventing or prohibiting any attorney at law, real estate company, firm, broker or salesperson, lending institution, or the officers and employees of any institution, from advocating, recommending or requiring title insurance in any transaction in which they are engaged, nor transmitting to a title insurance agent or title insurance company, qualified in this state, applications for title insurance, arising out of the transactions, together with the charges for transactions, and in so doing no party shall be held to be a title insurer, nor to be engaged in business as a title insurance agent.
Acts 1955, ch. 173, § 14; T.C.A., § 56-3421.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-122 - Rules and regulations

The commissioner is authorized to make reasonable rules and regulations as are or may be necessary for the administration of this chapter, but no rule or regulation shall take effect until it has been duly filed in the commissioner's office and until and after the expiration of thirty (30) days' written notice to all title insurance companies doing business in the state and after a hearing, if a hearing has been requested in writing by any title insurance company prior to the termination of the thirty-day period.
Acts 1955, ch. 173, § 15; T.C.A., § 56-3422.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-123 - Conduct of hearings

In the conduct of any hearing, the commissioner, or the commissioner's deputy or duly authorized examiner, specially designated for the purpose, has the power to administer oaths and to examine any person under oath, and in connection therewith, to require the attendance of any person and the production of any books, records or papers relative to the inquiry.
Acts 1955, ch. 173, § 15; T.C.A., § 56-3423.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-125 - Cessation of business - Procedure

Any title insurance company desiring to retire from business in Tennessee shall furnish the commissioner satisfactory evidence that it no longer has any liability outstanding upon any title insurance policy made by it in the conduct of its business in Tennessee, or that it has reinsured its outstanding policies in a solvent corporation, or corporations authorized to do a title insurance business in Tennessee, and the commissioner shall, thereupon, return to the title insurance company all deposits made by it under this chapter.
Acts 1955, ch. 173, § 16; T.C.A., § 56-3425.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-126 - Conflicting laws - Application

Title insurance companies and title insurance business shall be governed, regulated and controlled by this chapter to the exclusion of all other laws applicable to insurance companies or insurance business, to the extent that such other laws are in conflict with this chapter.
Acts 1955, ch. 173, § 17; T.C.A., § 56-3426.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-127 - Administration of chapter - Penalties

(a)
The commissioner is charged with the administration of this chapter.
(b)
Each violation of this chapter is a Class C misdemeanor.
(c)
In addition to the criminal penalties, the commissioner may assess a civil penalty not to exceed five hundred dollars ($500) for each and every violation of any provisions of this chapter, or of any rule or regulation duly promulgated under this chapter.
Acts 1955, ch. 173, § 18; T.C.A., § 56-3427; Acts 1980, ch. 857, § 7; 1989, ch. 591, § 113.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-128 - Effect of laws of other states

Whenever the laws or regulations of any other state impose upon a title insurance company incorporated by or organized under the laws of this state, or upon any agents of a title insurance company, any taxes, licenses or other fees, in the aggregate, or any fines, penalties, deposit requirements or other material obligations, prohibitions or restrictions, in excess of those imposed by the then existing laws of this state for similar purposes on similar companies of other states doing business in this state then, in every case, all title insurance companies, and all agents of the state, doing business or establishing an agency or agencies in this state, shall in this state be subject to the same fines, penalties, deposit requirements and other material obligations, prohibitions and restrictions, and shall be required to pay in this state the same taxes, licenses, or other fees as are applicable under the laws of the foreign state to Tennessee title insurance companies, or agencies of the Tennessee title insurance companies, doing business in the foreign state.
Acts 1959, ch. 88, § 3; T.C.A., § 56-3428.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-129 - Title search and examination

No policy or contract of title insurance shall be issued until and unless the title insurance company has caused to be conducted a reasonable search and examination of the title; provided, that the commissioner shall exercise no supervision and control over, and title insurance companies and title insurance rating organizations shall not file as part of their schedule of rates for title insurance, that part of the charge for title insurance applicable to search and examination in connection with insurance of title to real property located in counties with a population of less than one hundred seventy-five thousand (175,000), according to the 2010 federal census or any subsequent federal census.
Acts 1980, ch. 857, § 8; 1985, ch. 30, § 1; 2012, ch. 631, § 1.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-130 - Accounts and records

Every title insurance company, agency and agent shall:
(1)
Keep books of account and records and vouchers pertaining to the business of title insurance in such a manner that the commissioner or the commissioner's authorized representative may readily ascertain whether the company, agency or agent has complied with any and all applicable laws and regulations; and
(2)
Maintain a separate record of all receipts and disbursements made while handling escrows, settlements and closings in connection with the business of title insurance and shall establish a separate account for the handling of funds received in the course of the transactions.
Acts 1980, ch. 857, § 13.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 1 - OPERATION OF TITLE INSURANCE BUSINESSES (§§ 56-35-101 — 56-35-133) › Section 56-35-131 - Additional requirements for license or certificates - Violation of agreements

(a)
Except as provided by §§
56-35-201
and
56-35-204
, the commissioner shall refuse to issue any new license or certificate to any title insurance company, title insurance agent, or title insurance agency, unless the applicant therefor shall agree to abide by any one (1) of the following terms and conditions:
(1)
The gross operating revenues for any fiscal year attributable to the placement or issuance of policies or contracts of title insurance derived from all sources of controlled business shall not exceed forty percent (40%) of the gross operating revenues of the company, agent or agency;
(2)
The company, agent or agency will be operated as a subsidiary of a financial institution with its primary business being that of accepting deposits and making real estate loans and subject to regulation, inspection, and supervision of the United States government or an agency of the United States; or
(3)
The title insurance agency or agent is to be operated by an attorney, a single partnership of attorneys, or a single professional corporation of attorneys as an ancillary part of the general practice of law.
(b)
Any violation of the terms and conditions of the agreement shall serve as grounds for the commissioner to suspend or revoke the license or certificate to which the agreement pertains and to assess a civil penalty as provided by §
56-35-127
.
Acts 1980, ch. 857, § 15.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 2 - LICENSING AND APPOINTMENT OF AGENTS (§§ 56-35-201 — 56-35-205) › Section 56-35-201 - Agents to be licensed - Examination - Other requirements

(a)
No person within this state shall act as or hold out to be a title insurance agent unless properly licensed in accordance with chapter 6, part 1 of this title.
(b)
The examination administered to applicants for a title insurance agent's license shall include questions regarding the search and examination of title to real property.
(c)
Any title insurance agent who is employed by a title insurance agency or company shall not be required to enter into any agreement, term or condition as set forth in §
56-35-131
insofar as the agent's employment with the title insurance agency or company is concerned; provided, that the agent meets all other licensing requirements.
Acts 1980, ch. 857, § 9.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 2 - LICENSING AND APPOINTMENT OF AGENTS (§§ 56-35-201 — 56-35-205) › Section 56-35-202 - Bond or deposit required - Suits on bond

(a)
Every title insurance agent licensed shall, within thirty (30) days after the date the license is issued, file with the commissioner a bond in the amount of twenty-five thousand dollars ($25,000), or cash and/or securities in like amount.
(b)
The bond, or cash and/or securities, on file with the commissioner shall be maintained for so long as the title insurance agent's license remains in effect.
(c)
The bond shall be made payable to this state for the use and benefit of all persons who suffer pecuniary loss in a real estate transaction, involving the solicitation or issuance of title insurance, caused by any act of fraud, dishonesty, theft, embezzlement or willful misconduct on the part of the title insurance agent.
(d)
Any person suffering the pecuniary loss may bring suit on the bond in the person's own name in any court of competent jurisdiction in Tennessee.
(e)
The bond shall be executed by a surety company authorized to do business in Tennessee, and shall be in a form acceptable to the commissioner.
(f)
Nothing in this section shall be construed to be in derogation of any other rights which may be held or accrued by any person involved in the solicitation, transaction, or issuance of title insurance.
Acts 1980, ch. 857, § 10.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 2 - LICENSING AND APPOINTMENT OF AGENTS (§§ 56-35-201 — 56-35-205) › Section 56-35-203 - Title insurance companies not to defray agents' license expenses

No portion of the expense of examination, satisfaction of the requirements of this chapter for the filing of a bond or cash and/or securities, or any other qualification for the issuance or continuance of a title insurance agent's license shall be paid for or defrayed by a title insurance company.
Acts 1980, ch. 857, § 11.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 2 - LICENSING AND APPOINTMENT OF AGENTS (§§ 56-35-201 — 56-35-205) › Section 56-35-204 - Appointment of agents - Terminations - Renewals - Fees - Exceptions

(a)
Every title insurance company qualified under this chapter shall obtain from the commissioner approval of appointments for every agent writing or soliciting insurance for it as provided in this state. Appointments of agents shall expire one minute past midnight (12:01 a.m.), January 1 of each year, or may be terminated by the insurer at any time by submitting the required termination form to the commissioner as set forth in §
56-6-153
[repealed].
(b)
Annually, and prior to January 1 of each year, every title insurance company shall file with the commissioner, in the form and manner that the commissioner prescribes, a designation or certification of all its agents whose appointments are to be renewed.
(c)
The fee for each appointment or renewal of an insurance agent and for each duplicate request for appointment of an insurance agent shall be six dollars ($6.00) and shall be in lieu of all other taxes on this privilege. Appointment fees shall not be refundable.
(d)
This section does not apply to any executive, traveling salaried employees or persons employed by the agents solely for the performance of clerical, stenographic or similar office duties.
Acts 1955, ch. 173, § 7; impl. am. Acts 1971, ch. 137, § 2; T.C.A., §§ 56-3410, 56-35-110; Acts 1982, ch. 644, § 7.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 35 - TITLE INSURANCE LAW (§§ 56-35-101 — 56-35-205) › Part 2 - LICENSING AND APPOINTMENT OF AGENTS (§§ 56-35-201 — 56-35-205) › Section 56-35-205 - Revocation of agent's authority

Appointments of agents may be revoked, at any time, by an instrument in writing signed by the president or vice president of the appointing company and filed with the commissioner, and shall be effective from the date received and filed by the commissioner.
Acts 1955, ch. 173, § 7; T.C.A., §§ 56-3411, 56-35-111.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 56-36-101 - Short title

This chapter shall be known and may be cited as the "Standard Nonforfeiture Law for Individual Deferred Annuities."
Acts 1978, ch. 590, § 1; T.C.A., § 56-4601.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 2; T.C.A., § 56-4602.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 5; T.C.A., § 56-4605.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 6; T.C.A., § 56-4606.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 7; T.C.A., § 56-4607.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 8; T.C.A., § 56-4608.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 9; T.C.A., § 56-4609.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 1978, ch. 590, § 10; T.C.A., § 56-4610.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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:
(1)
In the event of total and permanent disability;
(2)
As reversionary annuity or deferred reversionary annuity benefits; or
(3)
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.
Acts 1978, ch. 590, § 11; T.C.A., § 56-4611.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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
.
Acts 1978, ch. 590, § 12; T.C.A., § 56-4612.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 36 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 56-36-101 — 56-36-113) › Section 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.
Acts 2004, ch. 439, § 4.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 37 - PREMIUM FINANCE COMPANY ACT OF 1980 (§§ 56-37-101 — 56-37-118) › Section 56-37-101 - Short title

This chapter shall be known and may be cited as the "Premium Finance Company Act of 1980."
Acts 1980, ch. 920, § 1.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 37 - PREMIUM FINANCE COMPANY ACT OF 1980 (§§ 56-37-101 — 56-37-118) › Section 56-37-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Commissioner" means the commissioner of financial institutions;
(2)
"Licensee" means a premium finance company holding a license issued under this chapter;
(3)
"Person" means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized;
(4)
"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;
(5)
"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
(6)
"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.
Amended by 2013 Tenn. Acts, ch. 121,s 1, eff. 4/12/2013.
Acts 1980, ch. 920, § 2.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 37 - PREMIUM FINANCE COMPANY ACT OF 1980 (§§ 56-37-101 — 56-37-118) › Section 56-37-104 - Investigation of applicants

(a)
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.
(b)
The commissioner shall issue or renew a license, as may be applied for, when the commissioner is satisfied that the person to be licensed:
(1)
Is competent and trustworthy and intends to act in good faith in the capacity involved by the license for which the person applied;
(2)
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
(3)
If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
Amended by 2014 Tenn. Acts, ch. 736,s 36, eff. 7/1/2015.
Acts 1980, ch. 920, § 4.
2023 Tennessee Code › Title 56 - INSURANCE (§§ 56-1-101 — 56-61-125) › Chapter 37 - PREMIUM FINANCE COMPANY ACT OF 1980 (§§ 56-37-101 — 56-37-118) › Section 56-37-105 - Revocation or suspension of license

(a)
The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that:
(1)
The license issued to the company was obtained by fraud;
(2)
There was any misrepresentation in the application for the license;
(3)
The holder of the license has otherwise proven untrustworthy or incompetent to act as a premium finance company; or
(4)
The company has violated any of the provisions of this chapter.
(b)
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.
(c)
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.
Acts 1980, ch. 920, § 5.