This chapter shall be known and may be cited as the “Surplus Lines Insurance Act.” This part shall apply to surplus lines transactions where the insured’s home state, as defined by § 56-14-102, is this state. This chapter shall apply to surplus lines transactions where the insured’s home state, as defined by § 56-14-102, is […]
As used in this chapter, unless the context otherwise requires: “Admitted company” or “authorized company” means an insurance company qualified and licensed to transact business under this title; “Affiliate” means, with respect to an insured, any entity that controls the insured, is controlled by the insured or is under common control with the insured; “Affiliated […]
If insurance coverages of insureds, whose home state is this state, cannot be procured from admitted companies after diligent effort, except if an exempt commercial purchaser, the coverages, designated as surplus lines insurance, may be procured from unauthorized companies, subject to the following conditions: The insurance must be eligible for surplus lines under § 56-14-105; […]
The commissioner may issue a surplus lines license to any agent licensed pursuant to chapter 6 of this title. Such license shall grant the agent authority to procure the kinds of insurance provided for in this chapter from unauthorized companies in this state under the conditions prescribed in this chapter. Every license issued pursuant to […]
No insurance coverage shall be eligible for surplus lines insurance unless the full amount of insurance required is not procurable, after a diligent effort has been made to do so, from among the authorized companies licensed to transact and actually writing such kind and class of insurance in this state, and the amount of insurance […]
On a quarterly basis, the surplus lines agent shall promptly file with the commissioner on or before February 15 for the quarter ending the preceding December 31, on or before May 15 for the quarter ending the preceding March 31, on or before August 15 for the quarter ending the preceding June 30, and on […]
For each insured whose home state is Tennessee, every new or renewed insurance contract certificate, cover note or other confirmation of insurance procured and delivered as a surplus line insurance coverage pursuant to this chapter shall bear the name and address of the writing agent and shall have stamped, affixed, or printed upon it the […]
An insurer shall not engage in the transaction of insurance unless authorized to do so pursuant to a valid license, exempted by this chapter or otherwise exempted by the insurance laws of this state. A person who does not have a valid license as required by § 56-14-104 shall not engage in the transaction of […]
No surplus lines agent shall place any coverage with a unauthorized insurer that is not an eligible surplus lines insurer as provided under this section. No unauthorized insurer shall be or become an eligible surplus lines insurer, unless: The unauthorized insurer is a United States domiciled insurer and it is authorized to write the type […]
Insurance contracts procured as surplus line insurance coverage from unauthorized companies in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect and extent as like contracts issued by authorized companies. A contract of insurance placed in […]
If an unauthorized company has assumed the risk in accordance with this chapter, and if the premium for the insurance has been received by the surplus lines agent who placed the insurance, then in all questions thereafter arising under the coverage as between the insurance company and the insured, the insurance company shall be deemed […]
An unauthorized company may be sued upon any cause of action arising in this state under any surplus lines insurance contract issued by it or certificate, cover note or other confirmation of the insurance issued by the surplus lines agent, pursuant to the same procedure as is provided for unauthorized insurers in chapter 2, part […]
The premiums charged for surplus lines insurance are subject to a gross premium tax in an amount to be determined by subsection (b). In addition to the full amount of gross premiums charged by the insurer for the insurance, every person licensed pursuant to § 56-14-104 shall collect and pay to the commissioner a sum […]
Any agent who is granted a surplus lines license in accordance with this chapter may bring announcements or statements before the public in respect to the agent’s ability to place surplus lines insurance as may be permitted by this chapter.
Agents licensed in accordance with this chapter shall not pay the whole or any part of the commission on surplus lines insurance to any person, except that the commissions may be shared or divided with any other person licensed by the commissioner as a surplus lines agent or licensed pursuant to chapter 6 of this […]
Each surplus lines agent shall keep in the agent’s office in this state a full and true record of each surplus lines contract procured by the agent for or on behalf of an insured whose home state is the state of Tennessee, including a copy of the daily report, if any, and showing such of […]
Any violation of this part shall subject the agent to the revocation or suspension of the surplus lines agent’s license for a period of not less than one (1) year and a fine of not more than five hundred dollars ($500).
