56-9-312 - Notice of liquidation order Response by agents of insurer Penalty for failure to respond. - Tennessee Statutes

56-9-312. Notice of liquidation order Response by agents of insurer Penalty for failure to respond.

(a)  (1)  Every person who receives notice in the form prescribed in § 56-9-311 that an insurer that the person represents as an agent is the subject of a liquidation order shall, within thirty (30) days of the notice, provide to the liquidator, in addition to the information the person may be required to provide pursuant to § 56-9-106, the information in the agent's records related to any policy issued by the insurer through the agent, and, if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through an agent under contract to the general agent, including the name and address of the subagent.

     (2)  A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in the agent's possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.

(b)  Any agent failing to provide information to the liquidator as required in subsection (a) may be subject to payment of a penalty of not more than one thousand dollars ($1,000) and may have the agent's licenses suspended, the penalty to be imposed after a hearing held by the commissioner.

[Acts 1991, ch. 142, § 4.]