(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:
Terms Used In Tennessee Code 56-7-914
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
(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.
