HB 1045 - SB 1106
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 1045 - SB 1106
SUMMARY OF BILL: Clarifies that the net amount payable under a life insurance policy or
annuity contract that is for the benefit of the owner’s spouse, children, or dependent relatives 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