Tennessee § 56-7-914 Annual declaration concerning compensation to creditors

Tennessee Statutes

§ 56-7-914 — Annual declaration concerning compensation to creditors

(a)As part of its required annual statement, each company licensed to sell credit insurance in this state and each company authorized as a credit reinsurer in this state shall submit a declaration under oath executed by the company president stating whether the company or a subsidiary has:

(1)Paid any compensation to creditors in violation of § 56-7-902 ; or (2) Entered into any reinsurance transaction with a reinsurer who, with the knowledge of the declaring company, has paid compensation to creditors in violation of § 56-7-902 .

(b)In the event a company submits a false declaration as described in subsection (a), the company shall be subject to the sanctions set forth in § 56-8-109 .

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(a) As part of its required annual statement, each company licensed to sell credit insurance in this state and each company authorized as a credit reinsurer in this state shall submit a declaration under oath executed by the company president stating whether the company or a subsidiary has: (1) Paid any compensation to creditors in violation of § 56-7-902 ; or (2) Entered into any reinsurance transaction with a reinsurer who, with the knowledge of the declaring company, has paid compensation to creditors in violation of § 56-7-902 . (b) In the event a company submits a false declaration as described in subsection (a), the company shall be subject to the sanctions set forth in § 56-8-109 .

Tennessee § 56-7-914 (Annual declaration concerning compensation to creditors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.