Tennessee Code 56-9-507 – Commissioner – Power to institute judicial proceedings
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-9-507
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-9-501
- Insurer: means and includes every person engaged as indemnitor, surety or contractor in the business of entering into contracts of insurance or of annuities, as limited to:
(A) Any insurer who is doing an insurer business, or has transacted insurance in this state, and against whom claims arising from that transaction may exist now or in the future. See Tennessee Code 56-9-501 - State: means any state, district or territory of the United States and the Panama Canal Zone. See Tennessee Code 56-9-103
Nothing in this chapter precludes the commissioner from initiating judicial proceedings to place an insurer in conservation, rehabilitation or liquidation proceedings or other delinquency proceedings, however designated under the laws of this state, regardless of whether the commissioner has previously initiated administrative supervision proceedings under this chapter against the insurer.