Tennessee Code 56-16-111 – Agent for reciprocal – License required – Appointment
Current as of: 2023 | Check for updates
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Terms Used In Tennessee Code 56-16-111
- 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
- Department: means the department of commerce and insurance. See Tennessee Code 56-16-102
- 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
- Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
- 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
- Subscriber: means a person obligated under a reciprocal insurance agreement. See Tennessee Code 56-16-102
No person shall act in this state as an agent of a reciprocal in the solicitation or procurement of applications for insurance, subscriber‘s agreements and powers of attorney, or in the collection of premiums in connection with the reciprocal insurer, without first procuring a license from the department pursuant to the requirements in chapter 6 of this title. An agent shall be appointed by each reciprocal the agent represents.