For purposes of exercising the specific powers granted in this part and carrying out the other purposes of this part, the fund may:

(1) Sue and be sued;
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Terms Used In Tennessee Code 50-6-610

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fund: means the competitive state compensation insurance fund. See Tennessee Code 50-6-602
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(2) Have a seal and alter it at will;
(3) Make, amend, and repeal rules relating to the conduct of the business of the fund;
(4) Enter into contracts relating to the administration of the fund;
(5) Rent, lease, buy, or sell property in its own name and may construct or repair buildings necessary to provide space for its operations;
(6) Declare a dividend when there is an excess of assets over liabilities, and minimum surplus requirements;
(7) Pay medical expenses, rehabilitation expenses, compensation due claimants of insured employers, pay salaries, and pay administrative and other expenses;
(8) Hire personnel and set salaries and compensation; and
(9) Perform all other functions and exercise all other powers of a domestic insurance company that are necessary, appropriate, or convenient to administer the fund.
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