Tennessee Code 4-31-805 – Review by commissioner of commerce and insurance
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 4-31-805
- Association: means the Tennessee insurance guaranty association. See Tennessee Code 4-31-803
- Bond: means any bond authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
- Bonds: means all bonds, notes or other obligations issued by the authority under this part. See Tennessee Code 4-31-803
- claims: means a covered claim as defined in §. See Tennessee Code 4-31-803
Prior to the issuance of bonds to pay covered claims in the event of an insolvency, the commissioner of commerce and insurance shall recommend the amount of unpaid covered claims to be paid from the bond issuance. In making its recommendation, the commissioner shall review whether the amount of assessments proposed by the association could service repayment of the bond indebtedness and whether the insurers have the ability to pay the assessments to be levied.