Tennessee Senate Bill SB2687

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 56, Chapter 6, relative to insurance producers.

Notes

As SB2687 progresses through legislative discussions, it will be important to analyze any additional amendments or concerns brought forth by committee members or public comment. Overall, the bill does not present a drastic overhaul of existing laws but rather seeks to provide a necessary update to ensure regulations align with current practices.

Impact

The amendment introduced by SB2687 could significantly influence the operations of insurance producers within Tennessee. By extending the effective date, this bill may offer insurance producers a more favorable regulatory environment, recognizing the evolution of the industry over the past decades. It may alleviate some operational burdens and help secure compliance with relevant state regulations, but the full impact will depend on how insurance producers and related entities interpret and implement these changes moving forward.

Summary

Senate Bill 2687 is an act proposed to amend the Tennessee Code Annotated, specifically targeting Title 56, Chapter 6, which pertains to insurance producers. The primary objective of the bill is to modify the existing regulation by changing a specific date mention from January 1, 1994, to January 1, 2004. This change is aimed at updating the timelines around insurance producer regulations, reflecting the current state of the law and ensuring relevance in the contemporary context of insurance practices in Tennessee.

Contention

Discussion surrounding SB2687 may bring to light a range of opinions about the changes it proposes. Opponents of such legislation might express concerns about whether adjusting the regulatory framework is in the best interest of consumer protection, while proponents may argue that the adjustments will foster a more pragmatic approach to insurance business operations. It will be crucial to monitor stakeholder reactions from both regulatory bodies and insurance providers, as these discussions could reveal underlying tensions between regulatory oversight and industry growth.