Tennessee § 56-6-804 Authorization of transactions

Tennessee Statutes

§ 56-6-804 — Authorization of transactions

Tennessee § 56-6-804

Title56

This text of Tennessee § 56-6-804 (Authorization of transactions) 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. § 56-6-804 (2026).

Text

Transactions between an RB and the insurer the RB represents in that capacity shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:

(1)The insurer may terminate the RB's authority at any time;

(2)The RB will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RB, and remit all funds due to the insurer within thirty (30) days of receipt;

(3)All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank that is a qualified United States financial institution as defined in § 56-6-802 ;

(4)The RB will com

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Transactions between an RB and the insurer the RB represents in that capacity shall only be entered into pursuant to a written authorization specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insurer may terminate the RB's authority at any time; (2) The RB will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the RB, and remit all funds due to the insurer within thirty (30) days of receipt; (3) All funds collected for the insurer's account will be held by the RB in a fiduciary capacity in a bank that is a qualified United States financial institution as defined in § 56-6-802 ; (4) The RB will comply with § 56-6-805 ; (5) The RB will comply with the written standards established by the insurer for the cession or retrocession of all risks; and (6) The RB will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.