(a) 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.
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Terms Used In Tennessee Code 56-14-110

  • Contract: A legal written agreement that becomes binding when signed.
  • unauthorized company: means an insurance company not licensed to transact business in this state under this title. See Tennessee Code 56-14-102
(b) A contract of insurance placed in effect by an unauthorized company in violation of this chapter is unenforceable by the company. The insured shall not be precluded from enforcing the insured’s rights in accordance with the terms and provisions of the contract.
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