(a) The commissioner, with the approval of the attorney general and reporter and in conformity with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, has the power to make rules and regulations necessary for the execution of the functions vested in the commissioner by §§ 56-3-701 – 56-3-707, and may for that purpose classify domestic stock insurance companies, securities, and other persons or matters within the commissioner’s jurisdiction.
Terms Used In Tennessee Code 56-3-708
Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
(b) Nothing in §§ 56-3-702 – 56-3-704 imposing any liability applies to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that the rule or regulation may, after the act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.(c) The commissioner, with the approval of the attorney general and reporter and in conformity with the Uniform Administrative Procedures also has the power to make rules and regulations necessary to regulate the solicitation of proxies, consents or authorizations in respect to those equity securities subject to §§ 56-3-701 – 56-3-707 issued by domestic stock insurance companies.
