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SB0998 • 2026

Insurance Companies, Agents, Brokers, Policies

AN ACT to amend Tennessee Code Annotated, Title 4; Title 56 and Title 71, relative to insurance.

Active

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

Sponsor
Bailey, Kumar
Last action
2025-02-12
Official status
Passed on Second Consideration, refer to Senate Commerce and Labor Committee
Effective date
Not listed

Plain English Breakdown

The official source material does not provide details on what happens if a company fails to comply with the new timeline.

Insurance Company Officer Removal Time

This bill changes the time limit for insurance companies to remove officers or directors from 30 days to 35 days after receiving an order from the state's commerce and insurance commissioner.

What This Bill Does

  • Changes the time limit for removing officers or directors in insurance companies from 30 days to 35 days.

Who It Names or Affects

  • Insurance companies operating in Tennessee
  • Officers or directors of these companies

Terms To Know

Commissioner of Commerce and Insurance
The person who oversees insurance regulations in the state of Tennessee.

Limits and Unknowns

  • Does not specify what happens if a company does not follow this new timeline.
  • Only affects companies that receive an order from the commissioner to remove someone as an officer or director.

Bill History

  1. 2025-02-12 Tennessee General Assembly

    Passed on Second Consideration, refer to Senate Commerce and Labor Committee

  2. 2025-02-10 Tennessee General Assembly

    Introduced, Passed on First Consideration

  3. 2025-02-10 Tennessee General Assembly

    P2C, caption bill, held on desk - pending amdt.

  4. 2025-02-06 Tennessee General Assembly

    Intro., P1C.

  5. 2025-02-05 Tennessee General Assembly

    Filed for introduction

  6. 2025-02-05 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
HOUSE BILL 1080
By Kumar

SENATE BILL 998
By Bailey

SB0998
002867
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 4;
Title 56 and Title 71, relative to insurance.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 56-2-103(b), is amended by deleting
"thirty (30) days" and substituting "thirty-five (35) days".
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.