Tennessee § 56-13-407 - Authorized activities.
Full text of Tennessee Tennessee Code Annotated § 56-13-407 — Authorized activities., with citation guidance and answers to common questions.
§ 56-13-407. Authorized activities.
An SPFC shall only insure the risks of a counterparty. No SPFC shall issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third party reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the commissioner. An SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this part. Those activities may include, but are not limited to: Entering into SPFC contracts; Issuing SPFC securities in accordance with applicable securities law; Complying with the terms of such contracts or securities; Entering into trust, guaranteed investment contract, letter of credit, swap, tax, administration, reimbursement, or fiscal agent transactions; and Complying with trust indenture, reinsurance, or retrocession; and agreements necessary or incidental to effectuate an insurance securitization in compliance with this part or the plan of operation approved by the commissioner. An SPFC shall discount its reserves at discount rates as approved by the commissioner. An SPFC shall maintain reserves that are actuarially sufficient to support the liabilities incurred by SPFC in reinsuring life insurance policies. An SPFC shall file annually with the commissioner an actuarial opinion on reserves provided by an approved independent actuary. Acts 2011, ch. 468, § 1.
Frequently Asked Questions About Tennessee § 56-13-407
What does Tennessee Code Annotated § 56-13-407 cover?
Section 56-13-407 ("Authorized activities.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-13-407?
A common citation format is "Tennessee Code Annotated § 56-13-407" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-13-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.