Tennessee § 56-10-201 - Part definitions.

§ 56-10-201. Part definitions.

As used in this part, unless the context otherwise requires: “Commissioner” means the commissioner of commerce and insurance; “Control” means actual working control, in whatever manner exercised. If, as a result of the consummation of any acquisition, any person would own in excess of ten percent (10%) of the voting security of a domestic insurer, it shall be presumed that the person could, directly or indirectly, acquire control of the insurer. Any such presumption may be rebutted by evidence, at a hearing called by the commissioner at the request of the person against whom the presumption operates, but the presumption shall continue until a determination to the contrary is made; “Domestic insurance company” means: An insurance company incorporated under the laws of this state; An insurance company having its principal office or place of business in this state; or An “insurance holding company system,” as defined in § 56-11-101, having its principal office or place of business in this state or that controls an insurance company incorporated under the laws of this state; and A corporation shall be deemed a “person”; and When two (2) or more persons act as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring securities of the insurer, the group shall be deemed a “person,” and the information called for by § 56-10-202(a)(1)-(5) shall be given with respect to each member of the group. Acts 1969, ch. 271, § 2; impl. am. Acts 1971, ch. 137, § 2; Acts 1979, ch. 315, § 2; T.C.A., § 56-3613. Cross-References. Insurance holding company systems, title 56, ch. 11.