(a) An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf unless the person is licensed as required by § 56-6-803(a).

Terms Used In Tennessee Code 56-6-806

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Insurer: means any person, firm, association or corporation duly licensed in this state pursuant to the applicable provisions of this title as an insurer. See Tennessee Code 56-6-802
  • 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
(b) An insurer may not employ an individual who is employed by an RB with which it transacts business, unless the RB is under common control with the insurer and subject to chapter 11 of this title.
(c) The insurer shall annually obtain a copy of a statement of the financial condition of each RB with which it transacts business.
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