Tennessee § 56-6-116 - Fiduciary duty.
Full text of Tennessee Tennessee Code Annotated § 56-6-116 — Fiduciary duty., with citation guidance and answers to common questions.
§ 56-6-116. Fiduciary duty.
Any money that an insurance producer receives for soliciting, negotiating or selling insurance shall be held in a fiduciary capacity, and shall not be misappropriated, converted or improperly withheld. Any violation of this section shall be considered grounds for the denial, suspension, or revocation of the insurance producer's license and shall subject the insurance producer to the sanctions and penalties set forth under § 56-6-112 . Acts 2002, ch. 798, § 17. Compiler's Notes. Former Part 1, §§ 56-6-101 — 56-6-163 , concerning licensing of agents and solicitors, was replaced by Acts 2002, ch. 798. Former §§ 56-6-101 — 56-6-129 (Acts 1975, ch. 68, §§ 2-18; 1978, ch. 519, § 1; 1978, ch. 520, §§ 1, 2; 1978, ch. 648, § 1; 1979, ch. 85, § 1; 1979, ch. 196, § 1; 1980, ch. 745, § 1; 1980, ch. 821, § 3; 1980, ch. 857, § 2; 1982, ch. 644, §§ 1-6, 8; 1984, ch. 537, §§ 1, 2; 1985, ch. 193, §§ 1-4; 1987, ch. 211, § 1; T.C.A., §§ 56-801 — 56-829) were repealed by Acts 1988, ch. 1019, § 32(a). Former §§ 56-6-130 — 56-6-159 and 56-6-161 — 56-6-163 (Acts 1988, ch. 1019, §§ 1-29, 31; 1989, ch. 355, § 1; 1989, ch. 481, § 1; 1994, ch. 589, § 1; 1997, ch. 442, § 1; 2000, ch. 651, § 1; 2001, ch. 333, §§ 3, 4) were repealed by Acts 2002, ch. 798, effective January 1, 2003. Section 56-6-160(d) and (e) were also deleted by Acts 2002, ch. 798, effective January 1, 2003; however, § 28 of that act provided that (a), (b), and (c) of that section, shall remain in effect until January 1, 2004, when the replacement of the existing continuing education requirement in new § 56-6-107(c) shall take effect.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-6-116
What does Tennessee Code Annotated § 56-6-116 cover?
Section 56-6-116 ("Fiduciary duty.") 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 § 56-6-116?
A common citation format is "Tennessee Code Annotated § 56-6-116" (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 § 56-6-116 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.