Tennessee Senate Bill SB1287

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 4; Title 7; Title 8; Title 10; Title 33; Title 45; Title 47; Title 49; Title 50; Title 53; Title 55; Title 56; Title 62; Title 63; Title 65; Title 68 and Title 71, relative to insurance.

Impact

Given its amendments across multiple sections of the Tennessee Code, SB1287 could have widespread implications for both consumers and insurance providers in Tennessee. By updating the regulatory framework, the bill may aim to improve the efficiency and clarity of insurance laws, thus fostering a more transparent environment for policyholders. Additionally, changes to insurance laws could affect the cost of premiums, the scope of coverage, and the procedures for claims, impacting all stakeholders involved in the insurance industry.

Summary

Senate Bill 1287 proposes amendments to various titles within the Tennessee Code Annotated, particularly focusing on insurance regulations. The bill is designed to streamline or alter existing laws related to insurance, potentially affecting multiple areas including coverage requirements, policyholder rights, and other regulatory measures within the insurance sector. While specific details on the amendments are limited in the bill text, it indicates a broad scope by referencing numerous titles, pointing to a significant overhaul or adjustment in the state's approach to insurance legislation.

Contention

The bill might attract attention concerning its potential impact on existing protections for consumers. Stakeholders in the insurance market, including insurers, consumer advocates, and lawmakers, may engage in discussions about whether the amendments serve to enhance or inhibit consumer rights. Debate may arise over specific provisions, with critics possibly arguing that certain changes could weaken protections or lead to higher costs for policyholders, while proponents may argue that the reforms are necessary to modernize and improve the overall insurance framework in Tennessee.