Tennessee § 56-2-902 - Purpose and scope.

§ 56-2-902. Purpose and scope.

The purpose of this part is to: Provide the commissioner a summary of an insurer or insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework; Outline the requirements for completing a corporate governance annual disclosure with the commissioner; and Provide for the confidential treatment of the corporate governance annual disclosure and related information. Nothing in this part prescribes or imposes corporate governance standards and internal procedures beyond that which is required under applicable law. Notwithstanding this section, nothing in this part limits the commissioner's authority or the rights or obligations of third parties under §§ 56-1-408 — 56-1-413. This part applies to all insurers domiciled in this state, except for: Captive insurance companies licensed under the Revised Tennessee Captive Insurance Act, compiled in chapter 13 of this title; and Risk retention groups licensed under chapter 45 of this title. Acts 2018, ch. 873, § 8. Compiler's Notes. Acts 2018, ch. 873, § 18(c) provided that the act, which enacted this part, §§ 56-2-901 — 56-2-910 , shall take effect January 1, 2019 and the requirement to file CGAD shall begin in the 2019 calendar year. Effective Dates. Acts 2018, ch. 873, § 18(b), (c). January 1, 2019; provided that for purposes of rulemaking the act took effect May 3, 2018.