(a) No foreign or alien society shall transact business in this state without a license issued by the commissioner.

Terms Used In Tennessee Code 56-25-605

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Certificate: means the document issued as written evidence of the benefit contract. See Tennessee Code 56-25-104
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-25-104
  • Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
  • Lodge: means subordinate member units of the society, known as camps, courts, councils, branches or by any other designation. See Tennessee Code 56-25-104
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Society: means fraternal benefit society, unless otherwise indicated. See Tennessee Code 56-25-104
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societies. Any such society may be licensed to transact business in this state after first having shown to the satisfaction of the commissioner that it has maintained an active bona fide lodge for a period of not less than three (3) years and:

(1) Upon filing with the commissioner:

(A) A duly certified copy of its articles of incorporation;
(B) A copy of its bylaws, certified by its secretary or corresponding officer;
(C) A power of attorney to the commissioner as prescribed in § 56-25-701;
(D) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province or country, satisfactory to the commissioner;
(E) Certification from the proper officials of its home state, territory, province or country that the society is legally incorporated and licensed to transact business there;
(F) Copies of its certificate forms; and
(G) Other information the commissioner may deem necessary; and
(2) Upon a showing that its assets are invested in accordance with this chapter.
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