§ 56-1-410 — Examination of foreign companies

Tennessee § 56-1-410

• Jurisdiction: Tennessee
• Title: 56

Text

(a) When the commissioner or the commissioner's deputy deems it prudent for the protection of policyholders in this state, the commissioner shall in like manner, visit and examine, or cause to be visited and examined by some competent person or persons the commissioner may appoint for that purpose, any foreign insurance company applying for admission to do business in this state. (b) In lieu of an examination under this section of any foreign or alien insurer licensed in this state, the commissioner may accept an examination report on the company as prepared by the department of insurance for the company's state of domicile or port-of-entry state until January 1, 1994. Thereafter, these reports may only be accepted if: (1) The department of insurance was at the time of the examination accredited under the National Association of Insurance Commissioners, Financial Regulation Standards and Accreditation Program; or (2) The examination is performed: (A) Under the supervision of a department of insurance so accredited; or (B) With the participation of one (1) or more examiners who are employed by such an accredited state department of insurance and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their department of insurance.

Legislative History

Acts 1895, ch. 160, § 4; Shan., § 3280; Code 1932, § 6094; T.C.A. (orig. ed.), § 56-122; Acts 1993, ch. 253, §§ 2, 3.