Tennessee § 56-3-501 - Separate accounts — Allocation.
Full text of Tennessee Tennessee Code Annotated § 56-3-501 — Separate accounts — Allocation., with citation guidance and answers to common questions.
§ 56-3-501. Separate accounts — Allocation.
Any domestic life insurance company may, subject to the approval of the commissioner, establish one (1) or more separate accounts and may allocate to the separate account or accounts any amounts paid to the company, including, but not limited to, proceeds applied under optional modes of settlement or under dividend options, which are to be applied to the terms of an individual or group contract issued in connection therewith to fund pension or profit-sharing plans or to provide life insurance or annuity benefits, and benefits incidental to the life insurance or annuities, payable in fixed or in variable amounts, or in both. If and to the extent so provided under the applicable contracts, the assets of the separate account shall not be chargeable with liabilities arising out of any other business the company may conduct. The company may provide for the owners of the contracts voting rights with respect to management of the separate accounts and investment of the assets of the accounts, and shall have the power to do all things necessary under any applicable state or federal law in order that the contracts may be lawfully sold or offered for sale. This section shall not in any way affect existing laws pertaining to the voting rights of the company's policyholders. Acts 1967, ch. 353, § 1; T.C.A., § 56-258; Acts 1968, ch. 450, § 1; 1970, ch. 493, § 1; T.C.A., § 56-312; Acts 1993, ch. 253, § 20.
Frequently Asked Questions About Tennessee § 56-3-501
What does Tennessee Code Annotated § 56-3-501 cover?
Section 56-3-501 ("Separate accounts — Allocation.") 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 § 56-3-501?
A common citation format is "Tennessee Code Annotated § 56-3-501" (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 § 56-3-501 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.