Tenn. Code Ann. § 56-2-906
This is the official text of Tenn. Code Ann. § 56-2-906, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Contents of corporate governance annual disclosure
Official statutory text
(a) The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided that the CGAD must contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies. (b) Notwithstanding subsection (a), the CGAD must be prepared consistent with rules promulgated pursuant to this part. The rules must be consistent with subsection (c). Documentation and supporting information must be maintained and made available upon examination or upon the request of the commissioner. (c) Rules promulgated under this part must prescribe separate but suitable corporate governance reporting requirements for any insurer or insurance group that is not admitted to write insurance on a direct basis in any other jurisdiction and is either: (1) Organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68; or (2) Governed by a board of which at least seventy-five percent (75%) of its voting directors receive no more than nominal compensation. Added by 2018 Tenn. Acts, ch. 873,s 8, eff. 1/1/2019.
(a) The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided that the CGAD must contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies.
(b) Notwithstanding subsection (a), the CGAD must be prepared consistent with rules promulgated pursuant to this part. The rules must be consistent with subsection (c). Documentation and supporting information must be maintained and made available upon examination or upon the request of the commissioner.
(c) Rules promulgated under this part must prescribe separate but suitable corporate governance reporting requirements for any insurer or insurance group that is not admitted to write insurance on a direct basis in any other jurisdiction and is either: (1) Organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68; or (2) Governed by a board of which at least seventy-five percent (75%) of its voting directors receive no more than nominal compensation.
(1) Organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68; or
(2) Governed by a board of which at least seventy-five percent (75%) of its voting directors receive no more than nominal compensation.
Added by 2018 Tenn. Acts, ch. 873,s 8, eff. 1/1/2019.
(a) The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided that the CGAD must contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies.
(b) Notwithstanding subsection (a), the CGAD must be prepared consistent with rules promulgated pursuant to this part. The rules must be consistent with subsection (c). Documentation and supporting information must be maintained and made available upon examination or upon the request of the commissioner.
(c) Rules promulgated under this part must prescribe separate but suitable corporate governance reporting requirements for any insurer or insurance group that is not admitted to write insurance on a direct basis in any other jurisdiction and is either: (1) Organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68; or (2) Governed by a board of which at least seventy-five percent (75%) of its voting directors receive no more than nominal compensation.
(1) Organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68; or
(2) Governed by a board of which at least seventy-five percent (75%) of its voting directors receive no more than nominal compensation.
Added by 2018 Tenn. Acts, ch. 873,s 8, eff. 1/1/2019.
Status: in_force
Need a lawyer in Tennessee?
Find a Tennessee lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.