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1992 Tennessee Attorney General Reports and Opinions 1 (1992)

handle is hein.sag/sagtn0122 and id is 1 raw text is: OPINIONS OF THE ATTORNEY GENERAL OF TENNESSEE Published by Authority of Chapter 276 Public Acts of 1971 April, 1992 92-37 ANNUITIES: To the extent that variable annuity contracts are, ...an insurance or endowment policy or annuity contract tinder which an insurance company promises to pay money either in a lump sum or periodically for life or for some other specified period, within the meaning of T.C.A. §48-2-102(12)(E), the Tennessee Securities Act of 1980 does not require an individual who offers such products in Tennessee to register as a securities agent. Such an individual, however, is subject to registration and regulation as an insurance agent under Tennessee state law. Such an individual would also be subject to federal registration and other requirements under the Securities Exchange Act of 1934. The term broker-dealer is a securities law term, and would not ordinarily apply to an insurance agent. In the context of state insurance laws, an insurance agent may act on behalf of more than one company authorized to offer or sell variable annuity products in Tennessee so long as the other conditions set forth in such statutes are met. T.C.A.S48-2-101-102, §48-2-109, §56-2-201, §56-3-501, §56-6-132-133, 556-6-152. 92-34 BANKING: Regarding Bank holding companies as limited partners in Title Insurance Agencies, only banks not owned by bank holding companies may have the authority to be limited partners in partnerships which are title insurance agencies and then only if such partnerships otherwise comply with state law; however, it is not clear at the present whether such national or state banks have such authority. 12 U.S.C.A. S92, 12 U.S.C.A. §841, 15 U.S.C.A. 1011-1012; T.C.A. S45-2-601, §56-6-149, 556-6-201, 556-35-101, §56-35-131, §56-35-201, §56-35-204, §56-35-119, §56-35-149; Op. Tenn. Atty. Gen. 87-145 (September 1, 1987), Op. Tenn. Atty. Gen. 89-69 (May 1, 1989). 92-38 CONSTITUTIONAL LAW:TENNESSEE:Education: Article XI, §9 of the Tennessee Constitution requires that a provision in a general law enacting a comprehensive system of electing local boards of education which applies to a class of counties with a population of

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