Insurance Companies, Agents, Brokers, Policies - As enacted, clarifies that the exemption from claims of creditors for the net amount payable under a policy of life insurance or under an annuity contract upon the life of a person made for the benefit of, or assigned to, the spouse, children, or dependent relatives of the person includes claims through execution, attachment, seizure, and garnishment, and that use of exempt funds does not change the classification of the funds used from exempt to nonexempt. - Amends TCA Title 56.

SB 1106 clarifies that life insurance and annuity proceeds designated for a policyholder's spouse, children, or dependent relatives are protected from creditors' claims - including execution, attachment, seizure, and garnishment - under Tennessee law. It directly affects Tennessee residents who name family members as beneficiaries on these policies, ensuring funds remain exempt even if used for personal expenses. The bill explicitly revises Tennessee Code § 56-7-203 to include "for the benefit of" and "all" in the exemption language, resolving ambiguity about whether these funds could be claimed by creditors. This change aims to provide clear legal certainty for retirement planning without creating new exemptions. The law takes effect July 1, 2025.