Tennessee Code 56-11-112 – Assumption of control by commissioner – Insolvency
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-11-112
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-11-101
- Health maintenance organization: means a health maintenance organization as defined at §. See Tennessee Code 56-11-101
- Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but does not include any joint venture partnership exclusively engaged in owning, managing, leasing or developing real or tangible personal property. See Tennessee Code 56-11-101
- Property: includes both personal and real property. See Tennessee Code 1-3-105
Whenever it appears to the commissioner that any person has committed a violation of this part that so impairs the financial condition of a domestic insurer or of a health maintenance organization as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, enrollees, providers, creditors, shareholders or the public, the commissioner may proceed as provided in chapter 9 of this title to take possession of the property of the domestic insurer or health maintenance organization and to conduct its business.