Tennessee Life Producer Practice Exam

By what date must the Tennessee Guaranty Association submit a financial statement for regulation purposes?

1. February 28th

2. March 30th

3. April 15th

4. January 1st

The correct answer is: March 30th

The Tennessee Guaranty Association is required to submit a financial statement by March 30th each year for regulatory purposes. This deadline is crucial as it ensures that the Association provides timely and accurate information to regulatory bodies, allowing them to assess the financial health and obligations of the Association in terms of its ability to cover claims for insured parties. This timeframe aligns with regulatory practices that require organizations to maintain transparency and accountability in their financial dealings, thereby protecting policyholders and maintaining trust in the insurance system. Other dates may not align with the standard regulatory timelines set for such financial disclosures in Tennessee. Understanding deadlines like March 30th is vital for producers to remain compliant and informed about the operations of the Guaranty Association.