As used in this chapter and chapters 2-4, 7, 10 and 11 of this title, unless the context otherwise requires:

Terms Used In Tennessee Code 56-1-102. Definitions for this chapter, chapters 2-4, 7, 10 and 11 of this title

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • 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

(1) “Commissioner” means the commissioner of commerce and insurance;

(2) “Company” or “insurance company” includes all corporations, associations, partnerships, or individuals engaged as principals in the business of insurance;

(3) “Department” means the department of commerce and insurance;

(4) “Domestic” designates those companies incorporated in this state;

(5) “Foreign,” when used without limitation, includes all companies formed by authority of any other state or government;

(6) “Net assets” means the funds of an insurance company available for the payment of its obligations in this state, including uncollected and deferred premiums not more than three (3) months due on policies actually in force, after deducting from the funds all unpaid losses and claims, and claims for losses, and all other debts and liabilities, inclusive of policy liability and exclusive of capital; and

(7) “Unearned premiums,” “reinsurance reserve,” and “net value of policies” or “premium reserve,” severally, mean the liability of an insurance company upon its insurance contracts, other than accrued claims computed by rules of valuation established by §§ Code Sec. 56-1-402″>56-1-402 – 56-1-405.

[Acts 1895, ch. 160, § 1; Shan., § 3274; Code 1932, § 6084; modified; T.C.A. (orig. ed.), § 56-102.]