Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Contract: A legal written agreement that becomes binding when signed.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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
Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
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
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) “Adjuster” means any person that is adjusting claims;(2) “Affiliate of a depository institution” means any company that controls, is controlled by, or is under common control with a depository institution;(3)(A) “Claim” means:
(i) An oral, written, or electronic submission for payment that is filed by an insured, on behalf of an insured, or by a third party where the insurer accepts such claims, in accordance with the insurer’s reasonable submission standards; and(ii) Is sufficient to reasonably establish contractual liability for payment on the part of an insurer;(B) For the purposes of § 56-8-105, a “claim” does not mean an inquiry by an insured as to the existence of coverage or how a potential claim may affect future premiums or renewability of coverage;(4) “Commissioner” means the commissioner of commerce and insurance;(5) “Customer,” for purposes of § 56-8-106, means an individual who purchases, applies to purchase or is solicited to purchase insurance products;(6) “Depository institution” means a bank or savings association. “Depository institution” does not include an insurance company;(7) “Fictitious grouping” means any grouping by way of membership, nonmembership, license, franchise, employment, contract, agreement or any other method or means;(8) “Insured” means the party named on a policy or certificate as the individual with legal rights to the benefits provided by the policy;(9) “Insurer” means any person, reciprocal exchange, interinsurer, Lloyd’s insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance. “Insurer” shall also mean medical service plans, hospital service plans, health maintenance organizations, prepaid limited health care service plans, hospital medical service corporations, dental, optometric and other similar health service plans. For purposes of this part, these entities shall be deemed to be engaged in the business of insurance;(10) “Person” means a natural or artificial entity, including, but not limited to, individuals, partnerships, associations, trusts, corporations, insurance producers, adjusters, any employer to the extent that the employer self-insures its workers’ compensation liabilities pursuant to § 50-6-405(b) or a group of employers qualifying as self-insurers pursuant to § 50-6-405(c), or third party administrators;(11) “Policy” or “certificate” means a contract of insurance, indemnity, medical, health or hospital service, suretyship, or annuity issued, proposed for issuance or intended for issuance by any insurer;(12) “Producer” means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance under chapter 6, part 1 of this title; and(13) “Third party administrator” means any person that collects charges or premiums from, or who adjusts or settles claims on, residents of this state on behalf of an insurer, and shall include any person currently defined as an administrator by § 56-6-401, any person currently defined as an administrator by Tenn. Comp. R. & Regs. 0780-1-54, or any person currently defined as a third-party administrator by Tenn. Comp. R. & Regs. 0780-1-81.(b) The Federal Employee Retirement Income Security Act (ERISA) ( 29 U.S.C. § 1001 ), preempts certain entities and some activities of those entities from the application of state laws. The purpose of the definitions in subsection (a) is to include within this part and rules promulgated pursuant to this part, all entities and activities to the extent not preempted by ERISA.
