Annual Declaration Concerning Compensation to Creditors

1. Law
2. Tennessee Code
3. Insurance
4. Policies and Policyholders
5. Credit Life and Health Insurance
6. Annual Declaration Concerning Compensation to Creditors

1. As part of its required annual statement, each company licensed to sell credit insurance in this state and each company authorized as a credit reinsurer in this state shall submit a declaration under oath executed by the company president stating whether the company or a subsidiary has:
   1. Paid any compensation to creditors in violation of § 56-7-902; or
   2. Entered into any reinsurance transaction with a reinsurer who, with the knowledge of the declaring company, has paid compensation to creditors in violation of § 56-7-902.
2. In the event a company submits a false declaration as described in subsection (a), the company shall be subject to the sanctions set forth in § 56-8-109.

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