§ 56-16-201 Statements of subscribers – Filing – Contents
§ 56-16-202 Deposit to be maintained – Required amount
§ 56-16-203 Board of directors – Selection – Powers
§ 56-16-204 Subscriber’s agreement and power of attorney – Power to modify – Contents
§ 56-16-205 Subscriber’s agreement and power of attorney – Modification
§ 56-16-206 Advancement of funds for operation
§ 56-16-207 Assessments – Power to levy – Computation
§ 56-16-208 Assessments – Time limit for paying
§ 56-16-209 Liquidation – Distribution of assets
§ 56-16-210 Assets insufficient to settle liabilities – Levy of assessment on subscribers – Delinquency proceedings
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Terms Used In Tennessee Code > Title 56 > Chapter 16 > Part 2 - Domestic Reciprocals

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-16-102
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Department: means the department of commerce and insurance. See Tennessee Code 56-16-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • 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
  • Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • Subscriber: means a person obligated under a reciprocal insurance agreement. See Tennessee Code 56-16-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105