Property and casualty insurers — Risk limitations — Applicability
Known as the Tennessee Insurance Law
The act spans §§ 56–56 (1,220 sections).
Acts 1991, ch. 142, § 2; 1999, ch. 394, § 1; T.C.A. § 56-3-115; Acts 2014, ch. 559, § 9.
(1) No insurance company engaged in the business of property and casualty insurance shall retain a maximum net amount on any single risk in excess of ten percent (10%) of the company's capital, or surplus funds, if the insurer is a mutual, reciprocal or Lloyd's plan insurer.
(2) This section does not apply to any company organized pursuant to chapter 13 of this title except for risk retention groups as defined in 15 U.S.C. § 3901 et seq. and 42 U.S.C. § 9671.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.