Tennessee Code 56-49-101 – Short title

(a) This chapter shall be known and may be cited as the “Tennessee Creditor-Placed Insurance Act of 1999.”

Creditor-placed insurance: means insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense or damage to collateralized personal property as a result of fire, theft, collision or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral covered by limited dual interest insurance. See Tennessee Code 56-49-103
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
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

(b) The purposes of this chapter are to:

(1) Promote the public welfare by regulating creditor-placed insurance;

(2) Create a legal framework within which creditor-placed insurance may be written in this state;

(3) Help maintain the separation between creditors and insurers; and

(4) Minimize the possibilities of unfair competitive practices in the sale of creditor-placed insurance.

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