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Tennessee Statutes, Title 56

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Tennessee/Statutes

← All Tennessee coverage

Title 56, Insurance

59 chapters · 1,882 sections in this title.

All chapters in Title 561,882 Ch 7, Policies and Policyholders389 Ch 6, Agents, Solicitors and Administrators133 Ch 2, Insurance Companies97 Ch 1, Department of Commerce and Insurance84 Ch 9, Insurers Rehabilitation and Liquidat…71 Ch 3, Operation of Insurance Companies61 Ch 13, Revised Tennessee Captive Insurance Act59 Ch 51, Tennessee Prepaid Limited Health Ser…55 Ch 26, Accident and Sickness Insurance42 Ch 4, Fees and Taxes41 Ch 12, Insurance Guaranty Associations41 Ch 25, Fraternal Benefit Societies38 Ch 35, Title Insurance Law38 Ch 30, Dental Service Plan Law, 196135

18 sections·Filtered byTitle 56✕Ch 43✕

Tenn. Code Ann. § 56-43-101 Short title
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This chapter is known and may be cited as the “Tennessee Legal Insurance Act.”
Tenn. Code Ann. § 56-43-102 Construction
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(1) This chapter shall be interpreted liberally in order to:(1) Encourage the development of effective and economically sound methods for making legal services more readily available;(2) Protect the interests of the users of legal services and of the public of this state with a m…
Tenn. Code Ann. § 56-43-103 Chapter definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Commissioner” means the commissioner of commerce and insurance;(2) “Contractual obligation” in subdivision (4)(A) includes any arrangement in which those persons for whom services are to be provided under the…
Tenn. Code Ann. § 56-43-104 Certificate of authority — Required — Application
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(a) (1) No person may transact the business of legal insurance in this state without first obtaining a certificate of authority:(A) Under this chapter; or(B) Under the general laws pertaining to insurance.(2) Any person may apply to the commissioner for, and obtain, a certificate…

Tenn. Code Ann. § 56-43-105 Certificate of authority — Issuance — Duration

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(a) Upon receipt of an application for a certificate of authority, the commissioner shall issue a certificate pursuant to this chapter upon payment of the application fee prescribed in § 56-43-115, if the commissioner is satisfied that the following conditions are met:(1) The per…

Tenn. Code Ann. § 56-43-106 Policies — Certificates of coverage — Forms — Rates — Schedule of compensation paid

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(a) (1) Each contractual obligation for legal insurance shall be evidenced by a policy or master policy. Legal insurance may be written on an individual, group, blanket or franchise basis. Each person insured under a group policy must be issued a certificate of coverage. No legal…

Tenn. Code Ann. § 56-43-107 Exclusive agency or management contracts

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(a) No insurer may enter into any exclusive agency contract or management contract unless the contract is first filed with the commissioner and not disapproved under this section within thirty (30) days after filing, or a reasonable extended period as the commissioner may specify…

Tenn. Code Ann. § 56-43-108 Reports by insurers

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(1) An insurer shall annually, on or before March 1, file with the commissioner a report verified by at least two (2) principal officers. The report shall be on forms prescribed by the commissioner and shall include:(1) A financial statement of the insurer's legal insurance busin…

Tenn. Code Ann. § 56-43-109 Reserves

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(a) An insurer must maintain the reserves necessary for the sound operation of the business, including unearned premium reserves. The amount and manner of calculating these reserves shall be determined by rule by the commissioner in accordance with § 56-43-112. (b) In establishin…

Tenn. Code Ann. § 56-43-110 Investments

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The investable funds generated through the transaction of the business of legal insurance by persons who are not licensed to transact other lines of insurance shall be invested in securities or other investments permitted by the laws of this state for the investment of assets of …

Tenn. Code Ann. § 56-43-111 Applicability of other laws

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(a) The Tennessee Consumer Protection Act, compiled in title 47, chapter 18, applies to persons transacting the business of legal insurance, except as is inconsistent with this chapter. (b) The Uniform Insurers Rehabilitation and Liquidation Act of this title, shall apply to a pe…

Tenn. Code Ann. § 56-43-112 Rules

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(a) The commissioner may promulgate in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, reasonable rules as are necessary or proper to carry out this chapter. (b) The commissioner may, in accordance with subsection (a), promulgate reasona…

Tenn. Code Ann. § 56-43-113 Examinations

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(a) The commissioner shall make an examination of the affairs of any insurer as often as the commissioner deems it necessary for the protection of the interests of the people of this state. (b) The provisions concerning financial valuations and examinations of companies, compiled…

Tenn. Code Ann. § 56-43-114 Suspension, revocation, or refusal to renew certificates

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The commissioner may suspend, revoke or refuse to renew any certificate of authority to a person transacting the business of legal insurance under this chapter pursuant to chapters 1, 2 and 8 of this title.

Tenn. Code Ann. § 56-43-115 Fees

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Every person subject to this chapter shall pay to the commissioner the fees required by chapter 4 of this title.

Tenn. Code Ann. § 56-43-116 Premiums

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Legal insurance premiums are taxed at the rate of two and one-half percent (2.5%).

Tenn. Code Ann. § 56-43-117 Public documents

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All applications, filings, and reports required under this chapter shall be treated as public documents.

Tenn. Code Ann. § 56-43-118 Penalties

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The penalty provisions set out in this title shall apply.