(a) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner.

Terms Used In Tennessee Code 56-13-405

  • Commissioner: means the commissioner of the department, or the commissioner's designee. See Tennessee Code 56-13-102
  • 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.
  • Organizational documents: means the documents that must be submitted pursuant to title 48 and title 61 in order to legally form a business in this state or to obtain a certificate of authority to transact business in this state. See Tennessee Code 56-13-102
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
(b) The SPFC’s organizational documents shall limit the SPFC’s authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this part.
(c) The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this state. Any name adopted by an SPFC shall comply with titles 48 and 61.
(d) An SPFC shall have at least three (3) incorporators or organizers, of whom at least two (2) shall be residents of this state.
(e) At least one (1) of the members of the management of the SPFC shall be a resident of this state.
(f) An SPFC formed pursuant to this part has the privileges of and is subject to all other requirements of this state’s law applicable to its formation, as well as the applicable provisions contained in this part; provided, that this part controls if a conflict exists in this state’s law.
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