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HB0059 • 2026

Insurance, Life

AN ACT to amend Tennessee Code Annotated, Title 56, relative to insurance.

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Hakeem
Last action
2025-01-27
Official status
Withdrawn.
Effective date
Not listed

Plain English Breakdown

The candidate explanation includes details not directly supported by the provided official source material, such as specifying July 1, 2025, for new policies only. The bill summary does not provide specific dates or conditions beyond those explicitly stated in the bill text.

Life Insurance Premiums

This bill changes Tennessee law to prevent life insurance companies from collecting additional premiums once total premium payments equal or exceed the coverage amount for new policies starting July 1, 2025.

What This Bill Does

  • Defines 'life insurance' using an existing definition in the state's laws.
  • Prohibits insurance companies from collecting further premiums after policyholders have paid a total amount of premiums equal to or exceeding the coverage under their life insurance policies for new or renewed policies starting July 1, 2025.

Who It Names or Affects

  • People who buy or renew life insurance policies in Tennessee starting July 1, 2025.
  • Insurance companies that sell life insurance policies in Tennessee.

Terms To Know

Premium
The amount of money a person pays to keep an insurance policy active.
Coverage
The amount of protection or benefit provided by an insurance policy.

Limits and Unknowns

  • This bill only affects life insurance policies issued, amended, or renewed on or after July 1, 2025.
  • It does not apply to existing policies before this date.

Bill History

  1. Date Tennessee General Assembly

  2. 2025-01-27 Tennessee General Assembly

    Withdrawn.

  3. 2025-01-16 Tennessee General Assembly

    Assigned to s/c Insurance Subcommittee

  4. 2025-01-16 Tennessee General Assembly

    Ref. to Insurance Committee

  5. 2025-01-15 Tennessee General Assembly

    P2C held on desk, pending appointment of Standing Committees

  6. 2025-01-14 Tennessee General Assembly

    Intro., P1C.

  7. 2025-01-06 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
<BillNo> <Sponsor>

HOUSE BILL 59
By Hakeem

HB0059
000741
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 56,
relative to insurance.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Title 56, Chapter 7, Part 3, is amended by
adding the following as a new section:
(a) As used in this section, "life insurance" has the same meaning as defined in
§ 56-2-201.
(b) For policies of or contracts for life insurance issued, amended, or renewed on
or after July 1, 2025, once the policy holder has made premium payments, in the
aggregate, equal to the amount of coverage under the life insurance policy, the issuer of
the life insurance policy is not entitled to further premium payments and shall not request
additional premium payments from the policy holder.
SECTION 2. This act takes effect July 1, 2025, the public welfare requiring it.