§ 56-6-501 Short title
§ 56-6-502 Part definitions
§ 56-6-503 Requirements for acting in capacity of an MGA – Bond – Errors and omissions policy
§ 56-6-504 Contract required for business between an MGA and an insurer – Required provisions
§ 56-6-505 Insurers doing business with an MGA – Requirements
§ 56-6-506 Acts of an MGA considered acts of the insurer
§ 56-6-507 Violations of provisions of part – Penalties
§ 56-6-508 Commissioner – Authority to promulgate rules and regulations
§ 56-6-509 Commissioner – Waiver of applicability of chapter
§ 56-6-510 Compliance with part – When required
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code > Title 56 > Chapter 6 > Part 5 - Managing General Agents Act

  • Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Tennessee Code 56-6-502
  • 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
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • 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 56-1-102
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to §. See Tennessee Code 56-6-502
  • MGA: means any person who:
    (i) Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. See Tennessee Code 56-6-502
  • 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
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105