Section 56-7-901 - Credit health and accident insurance(a)Application of Law. All accident and health insurance for a term of ten (10) years or less in connection with loans or credit transactions shall be subject to this section, except insurance in connection with a loan or other credit transaction of more than fifteen (15) years' duration; nor shall insurance be subject to this section where the issuance of the insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.(b)Filing of Forms. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state, and the schedules of premium rates pertaining to the policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders, shall be filed with the commissioner.(c)Disapproval by Commissioner. The commissioner shall, within sixty (60) days after the filing of the policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, riders and rates, disapprove the rate or form if the benefits provided in the rate or form are not reasonable in relation to the premium charge, or if the rate or form contains provisions that are unjust, unfair, inequitable, misleading, deceptive, or encourage misrepresentation of the coverage or are contrary to this title or any rule or regulation promulgated under this title.(d)Effect of Disapproval Hearing. If the commissioner notifies the insurer that the form or rate is disapproved, it shall be unlawful thereafter for the insurer to issue or use the form or rate. In the notice, the commissioner shall specify the reason for disapproval and state that a hearing will be granted within twenty (20) days after request in writing by the insurer. The policy, certificate of insurance, notice of proposed insurance, and any application, endorsement, rider, or rate may be issued or used after the expiration of sixty (60) days from the date it has been so filed, unless the commissioner has issued prior written disapproval within the sixty-day period.(e)Withdrawal of Approval. The commissioner may, at any time after a hearing held not less than twenty (20) days after written notice to the insurer, withdraw approval of the form or rate on any ground set forth in subsection (c). The written notice of the hearing shall state the reason for the proposed withdrawal. It is unlawful for the insurer to issue or use the form or rate after the effective date of the withdrawal.(f)Group Insurance. The insurer shall be required to file only the group certificate and notice of proposed insurance delivered or issued for delivery in this state as specified in regulations, if any, issued by the commissioner, and the forms shall be approved by the commissioner if they conform with the requirements specified in the regulations, if any, and if the schedules of premium rates applicable to the insurance evidenced by the certificate or notice are not in excess of the insurer's schedules of premium rates filed with the commissioner; provided, that the premium rate in effect on existing group policies may be continued until the first policy anniversary date following July 1, 1968, if a group policy of credit accident and health insurance: (1) Has been delivered in this state before July 1, 1968; or(2) Has been or is delivered in another state before or after July 1, 1968.(g)Judicial Review. Any order or final determination of the commissioner under this section shall be subject to judicial review.(h)Insurers Must Be Authorized. All forms shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licenses or authorizations issued by the commissioner.(i)Enforcement. The commissioner may, after notice and hearing, issue rules and regulations the commissioner deems appropriate for the supervision of this section.Acts 1968, ch. 630, §§ 1-3; impl. am. Acts 1971, ch. 137, § 1; 1973, ch. 34, § 1; T.C.A., § 56-1159; Acts 1980, ch. 867, § 1; 1985, ch. 107, § 2; 1988, ch. 709, § 1.