AN ACT to amend Tennessee Code Annotated, Title 56, relative to captive insurance.
Impact
The implications of SB 2024 on state law are significant as it seeks to modernize the regulations surrounding captive insurance. By creating an avenue for greater regulatory ease, the goal is to enhance the attractiveness of Tennessee as a domicile for captive insurers. This change is expected to stimulate growth in the captive insurance sector, ultimately contributing to job creation and economic development within the state. Additionally, the legislation emphasizes the importance of local oversight by allowing captive insurance companies to meet certain in-state requirements through alternative arrangements.
Summary
Senate Bill 2024 aims to amend specific sections of the Tennessee Code Annotated concerning captive insurance companies. This bill introduces several changes to the regulatory framework governing these entities, including new definitions for types of captive insurance companies and the conditions under which they must operate. Notably, the bill expands the types of captive insurance companies recognized under state law and introduces provisions that allow for greater flexibility in compliance with regulatory requirements, such as alternative filing dates for premium taxes.
Sentiment
The sentiment surrounding SB 2024 appears largely positive among industry stakeholders, who advocate for a more conducive regulatory environment for captive insurance. Industry representatives have expressed support for the bill, arguing that it will improve operational flexibility and foster an ecosystem that encourages innovation within the insurance sector. However, as with most legislative measures, there remain concerns from consumer advocacy groups regarding the potential for reduced oversight and the implications for policyholders reliant on captive insurance arrangements.
Contention
Despite its support, the bill has faced scrutiny regarding its potential impact on consumer protections. Critics worry that easing regulations could lead to less accountability for captive insurers, thereby placing policyholders at risk. There is ongoing discourse about ensuring that while the bill promotes economic growth, it does not compromise the financial safeguards necessary to protect consumers. The discussions highlight the balance that must be struck between facilitating business development and maintaining robust consumer protections in the evolving landscape of insurance.
AN ACT to amend Tennessee Code Annotated, Title 1, Chapter 3; Section 2-3-107; Title 4, Chapter 29, Part 2; Section 8-35-242; Section 8-38-126; Section 9-8-203; Section 10-7-504; Section 37-1-408 and Title 49, relative to charter schools.
AN ACT to amend Tennessee Code Annotated, Title 1, Chapter 3; Section 2-3-107; Title 4, Chapter 29, Part 2; Section 8-35-242; Section 8-38-126; Section 9-8-203; Section 10-7-504; Section 37-1-408 and Title 49, relative to charter schools.
AN ACT to amend Tennessee Code Annotated, Title 16; Title 33; Title 37; Title 38; Title 39; Title 41; Title 57; Title 62 and Title 71, relative to mental health.
AN ACT to amend Tennessee Code Annotated, Title 16; Title 33; Title 37; Title 38; Title 39; Title 41; Title 57; Title 62 and Title 71, relative to mental health.