Tennessee Code 56-22-110 – Required aggregate excess of loss reinsurance policy
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-22-110
- County mutual insurance company: means a person that is authorized to provide insurance coverage pursuant to this chapter. See Tennessee Code 56-22-103
- Surplus: means the accumulated assets of a county mutual insurance company that exceed the county mutual insurance company's accrued losses and expenses. See Tennessee Code 56-22-103
All county mutual insurance companies shall be required to carry an aggregate excess of loss reinsurance policy of no less than five percent (5%) of business in force. The amount required for such a policy shall be reduced by the county mutual insurance company‘s accumulated surplus.