Insurance Companies, Agents, Brokers, Policies

Plain English Breakdown

The official source material does not provide specific details on how existing licenses will be affected or if other parts of the law require updates.

Insurance License Changes

This bill updates Tennessee's insurance laws by removing outdated information about license validity and changing the expiration date for business entity licenses.

What This Bill Does

• Removes old information about how long an insurance producer's license is valid after January 1, 2007.
• Changes the expiration date for business entity licenses from March 1 to March 15 every two years.

Who It Names or Affects

• Insurance companies and agents in Tennessee
• Businesses that need insurance producer licenses

Terms To Know

License

A document that allows someone to legally work as an insurance agent or broker.

Biennially

Every two years.

Limits and Unknowns

• The bill does not specify how existing licenses will be affected.
• It is unclear if there are other parts of the law that need to be updated along with these changes.

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

SENATE BILL 1000
By Bailey

HOUSE BILL 1077
By Kumar

HB1077
003128
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 8;
Title 56; Title 63; Title 68 and Title 71, relative to
insurance.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 56-6-107(b), is amended by deleting
subdivision (1) and substituting:
(1) A license remains in effect for twenty-four (24) months from the last day of
the licensee's birth month.
SECTION 2. Tennessee Code Annotated, Section 56-6-107(b)(2), is amended by
deleting "March 1" and substituting "March 15".
SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.