Tennessee Code 56-12-105 – Creation of association

(a) There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.

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Terms Used In Tennessee Code 56-12-105

Account: means any one (1) of the accounts created by §. See Tennessee Code 56-12-104
Association: means the Tennessee insurance guaranty association created under §. See Tennessee Code 56-12-104
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

(b) All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state.

(c) The association shall perform its functions under a plan of operation established and approved under § 56-12-109 and shall exercise its powers through a board of directors established under § 56-12-107.

(d) For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows:

(1) The workers’ compensation insurance account; and

(2) The account for all other insurance to which this part applies.

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Tennessee Code 56-12-105 – Creation of association

Terms Used In Tennessee Code 56-12-105

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