TN SB0998This bill extends the time insurance companies have to remove someone from their position as an officer or director after being ordered to do so by the commissioner of commerce and insurance. The time frame increases from 30 days to 35 days. This change is intended to give companies a bit more flexibility in handling such situations.
TN SB0998 is a senate bill in the Tennessee 114th General Assembly, sponsored by Paul Bailey (R), currently “Introduced” since February 5, 2025.
We track 9,160 Tennessee bills this session, 196 of them sponsored by Paul Bailey.
Supporters of the bill argue that increasing the time frame allows insurance companies to manage transitions more effectively and ensures that they can make informed decisions regarding leadership changes. They believe this additional time can lead to better governance and stability within the companies.
Critics of the bill may argue that extending the removal period could allow problematic individuals to remain in positions of power longer than necessary, potentially harming the company's integrity and the interests of policyholders. They may view this change as a step backward in accountability for insurance company leadership.
The bill SB0998 proposes to amend the time frame in which an insurance company must remove a person as an officer or director after receiving an order from the commissioner of commerce and insurance. The sponsor, Paul Bailey, has a diverse range of personal financial interests primarily in the trucking industry and various investments. However, there are no direct overlaps between his personal financial interests and the insurance industry, which is the primary focus of the bill. Bailey's involvement in trucking and related businesses does not create a conflict with the insurance regulations outlined in this legislation, as the bill does not pertain to trucking or transportation insurance specifically. Therefore, the potential for personal financial gain from this bill is minimal.
Unlike federal analysis based on campaign donations, state analysis examines legislators' personal financial interests — their jobs, businesses, and investments.
| Type | Description | Industry | Source |
|---|---|---|---|
| Occupation | Businessman | — | AI-researched |
| Employer | Owner of Bailey Company, a trucking business | — | TN Legislature bio |
| Business Owner | Owner of Bailey Company | — | TN Legislature bio |
| Board Member | Board member of the Tennessee Trucking Association | — | TN Legislature bio |
| Employer | CB TRUCKING INC | — | TN Ethics Commission |
| Employer | CB TRANSPORTATION, INC | — | TN Ethics Commission |
| Employer | A & P LEASING, LLC | — | TN Ethics Commission |
| Employer | BAILEY TIRE COMPANY, LLC | — | TN Ethics Commission |
| Employer | BAILEY INVESTMENTS | — | TN Ethics Commission |
| Employer | CB LEASING, LLC | — | TN Ethics Commission |
| Employer | WAREHOUSE SERVICES, LLC | — | TN Ethics Commission |
| Employer | COWBOY TRUCK LEASING LLC | — | TN Ethics Commission |
| Business Owner | NATIONAL REINED COW HORSE ASSOCIATION PRESIDENT from Feb 2012 to current | — | TN Ethics Commission |
| Business Owner | AMERICAN QUARTER HORSE ASSOCIATION DIRECTOR from Mar 2004 to current | — | TN Ethics Commission |
| Business Owner | TN QUARTER HORSE ASSOCIATION DIRECTOR from Jan 1998 to current | — | TN Ethics Commission |
| Asset | BUILTWELL BANK, Spouse, and Minor Child | — | TN Ethics Commission |
| Asset | DEKALB COUNTY BANKand Minor Child | — | TN Ethics Commission |
| Asset | CITIZENS BANK | Commercial Banks | TN Ethics Commission |
| Asset | BAILEY INVESTMENTS LLCand Minor Child | — | TN Ethics Commission |
| Asset | SAFE TRUCKING | — | TN Ethics Commission |
| Asset | THROUGHBRED FINANCIAL, Spouse, and Minor Child | — | TN Ethics Commission |
| Asset | Leadership PAC: PB PAC | — | TN Ethics Commission |
Items marked "AI-researched" are generated from public sources but have not been independently verified. Verified data is sourced from official legislature websites and disclosure filings.
About This Analysis
This summary was generated using AI from the bill's official text and metadata. Data sourced from LegiScan and the Tennessee General Assembly. Conflict analysis examines the sponsor's personal financial interests for potential overlaps with the bill's subject matter.
What does TN SB0998 do?
This bill extends the time insurance companies have to remove someone from their position as an officer or director after being ordered to do so by the commissioner of commerce and insurance. The time frame increases from 30 days to 35 days. This change is intended to give companies a bit more flexibility in handling such situations.
What is the status of TN SB0998?
TN SB0998 is currently “Introduced” in the Tennessee legislature.
Who sponsored TN SB0998?
Paul Bailey (R) sponsored TN SB0998.
