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TN HB1240
TN HB1240AN ACT to amend Tennessee Code Annotated, Title 56, relative to insurance discounts.
summary
Introduced
02/06/2025
02/06/2025
In Committee
02/12/2025
02/12/2025
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, requires an insurance company that is admitted to do business in this state and insures the tangible personal property of a policyholder who resides in this state to provide a discount to the policyholder through the policyholder's homeowners or renters insurance policy if the policyholder secures the policyholder's firearms in a firearm safe or uses a firearm safety device for the firearms and requests to receive the annual discount. - Amends TCA Title 56.
AI Summary
This bill requires insurance companies operating in Tennessee to provide a recurring discount on homeowners or renters insurance policies for policyholders who take specific firearm safety precautions. Specifically, the bill mandates that insurance companies offer a discount to residents who either store their firearms in a firearm safe or use a firearm safety device, and who request the discount. The policyholder is not required to disclose firearm ownership to qualify, and the discount must be noted on the policyholder's recurring bill. The bill defines "tangible personal property" as property that can be perceived by the senses and specifies that the discount should align with the policyholder's billing cycle. The legislation will take effect on July 1, 2025, and will apply to new, amended, or renewed insurance agreements on or after that date, with the goal of incentivizing responsible firearm storage and potentially reducing insurance risks related to firearm ownership.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Taken off notice for cal in s/c Insurance Subcommittee of Insurance Committee (on 03/19/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1240&ga=114 |
| Fiscal Note - SB1243 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB1243.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB1240.pdf |
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