56-7-914 - Annual declaration concerning compensation to creditors. - Tennessee Statutes

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Statutes > Tennessee > Title-56 > Chapter-7 > Part-9 > 56-7-914

56-7-914. Annual declaration concerning compensation to creditors.

(a) 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.

(b) 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.

[Acts 1988, ch. 834, § 1.]

State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-7 > Part-9 > 56-7-914

56-7-914. Annual declaration concerning compensation to creditors.

(a) 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.

(b) 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.

[Acts 1988, ch. 834, § 1.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-7 > Part-9 > 56-7-914

56-7-914. Annual declaration concerning compensation to creditors.

(a) 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.

(b) 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.

[Acts 1988, ch. 834, § 1.]