(a)

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Terms Used In Tennessee Code 56-43-104

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-43-103
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Legal insurance: means the assumption of a contractual obligation to provide specified legal services or reimbursement for legal expenses in consideration of a specified payment for an interval of time, regardless of whether the payment is made by the beneficiaries individually or by a third person for them, in such a manner that the total cost incurred by assuming the obligation is to be spread directly or indirectly among a group of persons. See Tennessee Code 56-43-103
  • Person: means any natural or artificial person including, but not limited to, an individual, partnership, association, trust or corporation. See Tennessee Code 56-43-103
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(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 of authority to transact the business of legal insurance in compliance with this chapter. This section does not by itself enlarge the powers of any corporation given by its articles of incorporation or charter, but does authorize a corporation formed under the general business, insurance or general nonprofit corporation laws of this state to include in its powers the authority to transact legal insurance.
(3) Any application shall be in a form prescribed by the commissioner. If the applicant is not domiciled in this state, the application must be accompanied by a power of attorney duly executed by the applicant appointing the commissioner, and duly authorized deputies, as the true and lawful attorneys of the applicant in and for this state, upon whom all lawful process in any legal action or proceeding against the applicant on a cause of action arising in this state may be served.
(b) This chapter does not apply to any person issuing group, blanket or franchise policies if fewer than ten percent (10%) of the certificate holders or insureds reside in this state and the person is regulated to a comparable extent by another state in which a larger number of certificate holders or insureds reside.
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