HB 1013: Insurance Companies, Agents, Brokers, Policies - As introduced, clarifies that the phrase "for the benefit of" includes the beneficiary of the insurance policy or annuity contract for purposes of the exemption from claims of creditors for a policy of life insurance or under an annuity contract made for the benefit of, or assigned to, the spouse or children, or dependent relatives of, the person whose life the policy or annuity contract is based on; clarifies that use of exempt funds does not change the classification of the funds from exempt to nonexempt. - Amends TCA Title 56.

Plain-language summary

HB 1013 is a bill introduced in the Tennessee House on February 5, 2025. According to its official title, it concerns: Insurance Companies, Agents, Brokers, Policies - As introduced, clarifies that the phrase "for the benefit of" includes the beneficiary of the insurance policy or annuity contract for purposes of the exemption from claims of creditors for a policy of life insurance or under an annuity contract made for the benefit of, or assigned to, the spouse or children, or dependent relatives of, the person whose life the policy or annuity contract is based on; clarifies that use of exempt funds does not change the classification of the funds from exempt to nonexempt. - Amends TCA Title 56. Primary sponsor: Johnny Shaw (Democratic). Most recent recorded action (February 11, 2025): Assigned to s/c Insurance Subcommittee.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written