Tennessee § 56-13-405 Organization of SPFC

Tennessee Statutes

§ 56-13-405 — Organization of SPFC

Tennessee § 56-13-405

Title56

This text of Tennessee § 56-13-405 (Organization of SPFC) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 56-13-405 (2026).

Text

(a)An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner.

(b)The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this part.

(c)The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this state. Any name adopted by an SPFC shall comply with titles 48 and 61.

(d)An SPFC shall have at least three (3) incorporators or organizers, of whom at least two (2) shall be residents of this state.

(e)At least one (1) of the members of the

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(a) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner. (b) The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this part. (c) The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this state. Any name adopted by an SPFC shall comply with titles 48 and 61. (d) An SPFC shall have at least three (3) incorporators or organizers, of whom at least two (2) shall be residents of this state. (e) At least one (1) of the members of the management of the SPFC shall be a resident of this state. (f) An SPFC formed pursuant to this part has the privileges of and is subject to all other requirements of this state's law applicable to its formation, as well as the applicable provisions contained in this part; provided, that this part controls if a conflict exists in this state's law.