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 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.
Tennessee Legal Code