The commissioner may waive the requirements of § 56-6-410 for any person or class of persons. The factors taken into account in granting the waiver shall include, but not be limited to:

(1) Whether the person acting as an administrator is primarily in a business other than that of administrator;

Terms Used In Tennessee Code 56-6-411

  • administrator: means any person, company, corporation, partnership, association or other legal entity that collects charges or premiums from, or that adjusts or settles claims on, residents of this state in connection with life or health insurance coverage or annuities other than:

    (1) An employer on behalf of its employees or the employees of one (1) or more subsidiary or affiliated corporations of the employer. See Tennessee Code 56-6-401
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
(2) Whether the financial strength or history of the organization indicates stability in its continuity of doing business; and
(3) Whether the regular duties being performed as an administrator are such that the covered persons are not likely to be injured by a waiver of the requirements.
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