(a) Every licensee shall maintain corporate and accounting records, including complete records of its premium finance transactions, and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time during regular business hours examine the records at any location at which the records are maintained.

Terms Used In Tennessee Code 56-37-106

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 56-37-102
  • Licensee: means a premium finance company holding a license issued under this chapter. See Tennessee Code 56-37-102
  • Premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or producing agent in payment of premiums of an insurance contract, together with interest and a service charge as authorized and limited by this chapter. See Tennessee Code 56-37-102
(b) Every licensee shall preserve its records of the premium finance transactions, including cards used in a card system, if any, for at least two (2) years after making the final entry in respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form shall constitute compliance with this requirement.
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