House Bill 110, sponsored by Lamberth, amends Tennessee Code Annotated, Title 45, Chapter 2, by adding a new section that grants the commissioner the authority to determine the type, amounts, and characteristics of deposit insurance required for each state bank. In making these determinations, the commissioner must consider factors such as the safety and soundness of the bank, its ability to promote economic progress in Tennessee, public confidence in the banking system, the views of the banking industry, and any other relevant factors deemed necessary.

Additionally, the bill allows the commissioner to promulgate rules to implement this new section, which must be done in accordance with the Uniform Administrative Procedures Act. The provisions of this act are set to take effect on July 1, 2025, emphasizing the importance of ensuring the stability and reliability of the banking system in Tennessee.