HB 1013
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 26, 2025
Fiscal Analyst: Laura Moore | Email: laura.moore@capitol.tn.gov | Phone: 615-741-2564
HB 1013
SUMMARY OF BILL: Defines the phrase, “for the benefit of”, in current law relative to a
life insurance policy or annuity contract. Clarifies that the net amount payable under such policies or
contracts is exempt from all claims of creditors, including execution, attachment, seizure, and
garnishment. Clarifies that the use of those exempt funds does not change the classification of the
funds used from exempt to nonexempt.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumption:
• The proposed legislation pertains to agreements and obligations among private parties; any
fiscal impact to state or local government is estimated to be not significant.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumption:
• The proposed legislation will have no significant impact on jobs or commerce in Tennessee.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director