Tennessee Code 56-1-404 – Determination of liability upon contracts of insurance on policies other than life for reinsurance
Current as of: 2023 | Check for updates
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Terms Used In Tennessee Code 56-1-404
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
- 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
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
To determine the liability upon the contracts of insurance for insurance companies doing business in this state, foreign and domestic, other than life, the commissioner shall require the companies to charge, as the liability for reinsurance of outstanding policies, fifty percent (50%) of the premiums received on policies or risks having not more than one (1) year to run, and a pro rata of all premiums received on policies or risks having more than one (1) year to run.