56-6-402 - Agreement required Records Terms. - Tennessee Statutes

56-6-402. Agreement required Records Terms.

(a)  No administrator shall act as administrator without a written agreement between the administrator and the insurer, and the written agreement shall be retained as part of the official records of both the insurer and the administrator for the duration of the agreement and five (5) years thereafter. The written agreement shall contain provisions that include the requirements of §§ 56-6-404 56-6-408, except insofar as those requirements do not apply to the functions performed by the administrator.

(b)  Where a policy is issued to a trustee or trustees, a copy of the trust agreement and any amendments to the trust agreement shall be furnished to the insurer by the administrator and shall be retained as part of the official records of both the insurer and the administrator for the duration of the policy and five (5) years thereafter.

(c)  The agreement between administrator and insurer shall make provision with respect to the underwriting or other standards pertaining to the business underwritten by the insurer.

[Acts 1980, ch. 640, § 2.]