On Apr. 4, TN LEG enacted bill to protect life insurance money.
TN LEG enacted HB 1045 (SB 1106), to amend TN INS 56-7-2-203, in regards to exemptions from collection of debts on certain life insurance policy and annuity funds.
Document dated Apr. 4, 2025, was received on Apr. 15, 2025 due to a fixed feed.
Bill Provisions
Clarifies that money from a life insurance policy or an annuity meant to benefit a spouse, children, or other dependents, cannot be taken by creditors, even if owed.
Even if debt is attempted to be collected through legal methods like seizure, garnishment, or court orders; or even if the protected money is used or transferred.
Legislative History
On Feb. 5, 2025, bill was introduced in House; on Mar. 24, 2025, bill passed House
On Mar. 24, 2025, bill introduced in Senate; on Mar. 24, 2025, bill passed in Senate.
On Apr. 3, 2025, bill signed by governor; on Apr. 4, 2025, bill assigned Pub. Ch. 150.
Effectiveness
Upon governor approval, bill becomes effective Jul. 1, 2025.
Regulators
TN LEG
Entity Types
CNSM; Ins
Reference
Ch. 150, Bill, HB1045, SB1106, 4/4/2025; Citation: TN INS 56-7-2-203;
