Part Definitions

  1. Law
  2. Tennessee Code
  3. Insurance
  4. Merger, Consolidation and Exchange of Stock
  5. Tender Offers
  6. Part Definitions

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As used in this part, unless the context otherwise requires:

  1. “Commissioner” means the commissioner of commerce and insurance;
  2. “Control” means actual working control, in whatever manner exercised. If, as a result of the consummation of any acquisition, any person would own in excess of ten percent (10%) of the voting security of a domestic insurer, it shall be presumed that the person could, directly or indirectly, acquire control of the insurer. Any such presumption may be rebutted by evidence, at a hearing called by the commissioner at the request of the person against whom the presumption operates, but the presumption shall continue until a determination to the contrary is made;
  3. “Domestic insurance company” means:
    1. An insurance company incorporated under the laws of this state;
    2. An insurance company having its principal office or place of business in this state; or
    3. An “insurance holding company system,” as defined in § 56-11-101, having its principal office or place of business in this state or that controls an insurance company incorporated under the laws of this state; and
    1. A corporation shall be deemed a “person”; and
    2. When two (2) or more persons act as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring securities of the insurer, the group shall be deemed a “person,” and the information called for by § 56-10-202(a)(1)-(5) shall be given with respect to each member of the group.


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