2010 Tennessee Code
Title 56 - Insurance
Chapter 10 - Merger, Consolidation and Exchange of Stock
Part 2 - Tender Offers
56-10-201 - Part definitions.

56-10-201. Part definitions.

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:

          (A)  An insurance company incorporated under the laws of this state;

          (B)  An insurance company having its principal office or place of business in this state; or

          (C)  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

     (4)  (A)  A corporation shall be deemed a “person”; and

          (B)  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.

[Acts 1969, ch. 271, § 2; impl. am. Acts 1971, ch. 137, § 2; Acts 1979, ch. 315, § 2; T.C.A., § 56-3613.]