™Your Policy Risk Impact Agent
59 chapters · 1,882 sections in this title.
Tenn. Code Ann. § 56-6-504 Contract required for business between an MGA and an insurer — Required provisions
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(1) No person, firm, association or corporation acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties that sets forth the responsibilities of each party and where both parties share responsibility for…
Tenn. Code Ann. § 56-6-505 Insurers doing business with an MGA — Requirements
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(a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business. (b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the ad…
Tenn. Code Ann. § 56-6-506 Acts of an MGA considered acts of the insurer
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The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it were the insurer.
Tenn. Code Ann. § 56-6-507 Violations of part — Penalties
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(a) If the commissioner finds, after a hearing conducted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, that any person has violated this part, the commissioner may order:(1) For each separate violation, a penalty in an amount of fiv…
