Tennessee Code 56-40-101 – Annual Registration — Exclusion of Catastrophic Loss
Current as of: 2021 |
Check for updates
|
Other versions
- Each plan that purchases a contract of insurance that provides for indemnification of claims made by plan participants, except in the event of a catastrophic loss, shall register annually with the department of commerce and insurance, in the manner and on forms prescribed by the department.
- “Catastrophic loss,” as used in this section, means any contract of insurance that provides for indemnification of claims made by plan participants in the amount of twenty-five thousand dollars ($25,000) or more per individual participant or an accumulated loss in any one (1) plan contract year in the amount of and over one hundred fifty thousand dollars ($150,000) for the employee plan.
Terms Used In Tennessee Code 56-40-101
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of commerce and insurance. See Tennessee Code 56-1-102
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105