reglab/housing_qa huggingface dataset:
TN Code § 56-13-417 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-417. Cessation of Business

 At the cessation of business of an SPFC following termination or cancellation of an SPFC contract and the redemption of any related securities issued in connection with the SPFC contract, the authority granted by the commissioner expires or, in the case of retiring and surviving protected cells, is modified, and the SPFC is no longer authorized to conduct activities unless and until a new or modified certificate of authority is issued pursuant to a new filing under this part or as agreed by the commissioner.
TN Code § 56-13-418 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 13 - Revised Tennessee Captive Insurance Act|Part 4 - Special Purpose Financial Captives|§ 56-13-418. Applicability of Insolvency Provisions

  Except as otherwise provided in this section, chapter 9 of this title shall apply in full to an SPFC.   Upon any order of supervision, rehabilitation, or liquidation of an SPFC, the receiver shall manage the assets and liabilities of the SPFC pursuant to this part.   Notwithstanding chapter 9 of this title:  No asset of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell; and   An SPFC's capital and surplus shall, at all times, be available to pay any expenses of or claims against the SPFC.
TN Code § 56-16-101 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-101. Short Title — Applicability

  This chapter shall be known and may be cited as the “Exchange or Reciprocal Insurance Act of 1990.”   This chapter shall apply to all reciprocals and reciprocal insurance as defined in § 56-16-102.
TN Code § 56-16-102 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-102. Definitions

  As used in this title, unless the context otherwise requires:  “Reciprocal” means the aggregation of subscribers under a common name; and   “Reciprocal insurance” means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.     As used in this chapter, unless the context otherwise requires:  “Attorney” means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts;   “Commissioner” means the commissioner of commerce and insurance;   “Department” means the department of commerce and insurance;    “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; and   “Person” also includes the federal government, any state, any county, city, town, school board, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a locality or local government authority, with power to enter into contractual undertakings within or without the state; and     “Subscriber” means a person obligated under a reciprocal insurance agreement.
TN Code § 56-16-103 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-103. Licensed Reciprocal Authorized to Write Certain Classes of Insurance

 A reciprocal licensed to transact the business of insurance in this state may write the classes of insurance enumerated in § 56-2-101.
TN Code § 56-16-104 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-104. Applicable Laws

 Except as otherwise provided, all the provisions of this title relating to insurers generally, and those relating to insurers writing the same classes of insurance that reciprocals are permitted to write, are applicable to reciprocals.
TN Code § 56-16-105 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-105. Power and Authority to Enter Into Reciprocal Insurance Contract

  Persons of this state may enter into reciprocal insurance contracts with each other and with persons of other states and countries, providing indemnity among themselves from any loss that may be insured against under other laws, excepting life insurance.   For any corporation now existing or hereafter organized under the laws of this state, the power and authority to enter into reciprocal insurance contracts shall be in addition to the powers conferred upon it in its certificate of incorporation, and shall be incidental to the purposes for which the corporation is organized.
TN Code § 56-16-106 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-106. Business Name — Requirements

 Every reciprocal shall have and use a business name that includes the word “reciprocal,” “interinsurer,” “interinsurance,” “exchange,” “underwriters” or “underwriting.”
TN Code § 56-16-107 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-107. License Required

 No reciprocal shall engage in any insurance transaction in this state until it has obtained a license to do so in accordance with the applicable provisions of chapter 2, part 1 of this title.
TN Code § 56-16-108 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-108. Foreign Reciprocals — Licensing Requirements

 No foreign reciprocal shall be licensed to transact the business of insurance in this state unless it has filed with the department a certificate of the supervising insurance official of the state in which it is organized. The certificate shall show that the foreign reciprocal is licensed to write and is writing actively in that state the class of insurance it proposes to write in this state.
TN Code § 56-16-109 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-109. Attorney for Foreign Reciprocal — Residence and Principal Office

 Nothing in this title regarding the admission and licensing of foreign and alien insurers requires that the attorney of a foreign or alien reciprocal be a resident or domiciled in this state, or that the principal office of the attorney be maintained in this state. The office or offices of the attorney shall be determined by the subscribers through the power of attorney.
TN Code § 56-16-110 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-110. Attorney for Foreign Reciprocal — Execution of Contracts

 Reciprocal insurance contracts shall be executed by the attorney of the reciprocal.
TN Code § 56-16-111 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-111. Agent for Reciprocal — License Required — Appointment

 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.
TN Code § 56-16-112 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-112. Contingent Assessment Liability of Subscriber

  Each subscriber insured under an assessable policy shall have a contingent assessment liability for payment of actual losses and expenses incurred while the subscriber's policy was in force. This shall be in the amount provided for in the power of attorney or subscriber's agreement.   The contingent assessment liability on any one (1) policy in any one (1) calendar year shall equal the premiums earned on the policy for that year multiplied by not less than one (1) nor more than ten (10).   The contingent assessment liability shall not be joint, but shall be individual and several.   Each assessable policy issued by the insurer shall plainly set forth a statement of the contingent assessment liability on the front of the policy in capital letters in no less than ten-point type.
TN Code § 56-16-113 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-113. Reduction or Omission of Contingent Assessment Liability — Requirements — Revocation

  The department may issue a certificate authorizing the reciprocal to reduce or extinguish the contingent assessment liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent assessment liability in all policies delivered or issued for delivery in this state for as long as the two million dollar ($2,000,000) surplus requirement of this chapter remains unimpaired. The certificate shall be issued if:  A reciprocal has surplus to policyholders of at least two million dollars ($2,000,000); and   An application of the attorney for extinguishment has been approved by the board of directors.     Upon impairment of the surplus to policyholders, the department shall revoke the certificate. After revocation, the reciprocal shall not issue or renew any policy without providing for the contingent assessment liability of subscribers.   The department shall not authorize a domestic reciprocal to extinguish the contingent assessment liability of any of its subscribers or in any of its policies to be issued, unless it has the required surplus to policyholders and extinguishes the contingent assessment liability of all of its subscribers and in all policies to be issued for all classes of insurance written by it. However, if required by the laws of another state in which the domestic reciprocal is transacting the business of insurance as a licensed insurer, it may issue policies providing for the contingent assessment liability of its subscribers acquiring policies in that state and need not extinguish the contingent assessment liability applicable to policies already in force in that state.
TN Code § 56-16-114 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-114. Return of Savings or Credits to Subscribers — Distribution

 A reciprocal may return to its present or past subscribers, or both, any savings or credits accruing to their accounts. The distribution shall not unfairly discriminate between classes of risks or policies, or between subscribers. However, the distribution may vary for classes of subscribers based upon the experience of those classes.
TN Code § 56-16-115 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-115. Maintenance of Reserves — Requirements

 Each reciprocal shall maintain the same unearned premium and loss or claim reserves required for stock and mutual companies writing the same classes of insurance.
TN Code § 56-16-116 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-116. Consent to Service of Process

   Each attorney of a domestic reciprocal who files the declaration required by § 56-16-201, and each attorney of a foreign or alien reciprocal who applies for a license to transact the business of insurance in this state, shall file with the department a written power of attorney executed by the attorney appointing the commissioner as agent of the reciprocal.   Upon the appointment, the commissioner:  May be served all lawful process against or notice to the reciprocal; and   Shall be authorized to enter an appearance on behalf of the reciprocal.     A copy of the power of attorney, duly certified by the department, shall be received in evidence in all courts of this state.     Whenever process or notice is served upon the commissioner, a copy of the process or notice shall be mailed to the attorney at the address shown on the power of attorney. Nothing in this section shall limit the right to serve any process or notice upon any reciprocal in any other manner permitted by law.
TN Code § 56-16-117 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-117. Action by or Against Reciprocal — Venue — Service of Process

  Any reciprocal doing business in this state may sue or be sued in the name or designation under which its insurance contracts are effected.    Any action or suit against a reciprocal may be brought in any county where:  Its principal office is located; or   The cause of action or any part of the cause of action arose.     If the action or suit is to recover a loss under a policy of insurance, it may also be brought in the county where the property insured was situated at the date of the policy.   Any action or suit against a foreign or alien reciprocal may also be brought in any county of this state in which it has any debts owed to it.     In an action or suit against a reciprocal, process against or notice to the reciprocal may be served upon the commissioner.
TN Code § 56-16-118 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-118. Judgment Against Reciprocal — Effect

 Any judgment against a reciprocal based upon legal process duly served as provided in this chapter shall be binding upon the reciprocal and upon each of the reciprocal's subscribers as their respective interests may appear, in an amount not exceeding their respective contingent assessment liabilities.
TN Code § 56-16-119 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 1 - Exchange or Reciprocal Insurance|§ 56-16-119. Service on Board of Directors by Persons Who Perform Legal or Professional Service

 Section 56-3-103 shall not bar a person who performs legal or other professional services for a reciprocal from serving as a member of the board of directors, or committee of the board, or as an officer of the reciprocal because the person receives payment for legal or other professional services rendered to the reciprocal.
TN Code § 56-16-201 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-201. Statements of Subscribers — Filing — Contents

 Subscribers contracting among themselves pursuant to part 1 of this chapter shall, through their attorney, file with the commissioner a declaration verified by the oath of the attorney, setting forth:   The name or title of the office at which the subscribers propose to exchange the indemnity contracts. The name or title shall not be so similar to any other name or title previously adopted by a similar organization, or by any insurance corporation or association as in the opinion of the commissioner is calculated to result in confusion or deception. The office or offices through which the indemnity contracts shall be exchanged shall be classified as reciprocal or interinsurance exchanges;   The kind or kinds of insurance to be effected or exchanged;   A copy of the form of policy contract or agreement under or by which the insurance is to be effected or exchanged;   A copy of the form of the subscriber's agreement and power of attorney or other authority of the attorney under which the insurance is to be effected or exchanged;   The location of the office or offices from which the contracts or agreements are to be issued;   That applications have been made for indemnity upon at least twenty-five (25) separate risks aggregating not less than one million five hundred thousand dollars ($1,500,000) as represented by executed contracts or bona fide applications to become concurrently effective, or, in the case of liability or compensation insurance, covering a total payroll of not less than one million five hundred thousand dollars ($1,500,000); and   That there is on deposit with the attorney and available for the payment of losses a sum of not less than twenty-five thousand dollars ($25,000).
TN Code § 56-16-202 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-202. Deposit to Be Maintained — Required Amount

 The attorney shall maintain on deposit with the department an equal amount in cash or in value of securities as required by § 56-2-104(a)(4).
TN Code § 56-16-203 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-203. Board of Directors — Selection — Powers

 The board of directors exercising the subscribers' rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least three fourths (¾) of the board shall be composed of subscribers other than the attorney or any person employed by, representing or having a financial interest in the attorney. The board shall supervise the finances of the reciprocal and the reciprocal's operations to the extent required to assure their conformity with the subscriber's agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber's agreement.
TN Code § 56-16-204 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-204. Subscriber's Agreement and Power of Attorney — Power to Modify — Contents

  Every subscriber of a domestic reciprocal may execute a subscriber's agreement and power of attorney setting forth the rights, privileges and obligations of the subscriber as an underwriter and as a policyholder, and the powers and duties of the attorney. If the reciprocal does not require execution of a subscriber's agreement and power of attorney, the reciprocal shall include on its policies a statement that the subscriber shall be bound by the terms and conditions of the then current subscriber's agreement and power of attorney on file with the attorney and the department, and each subscriber shall by operation of law be bound by the subscriber's agreement and power of attorney as if individually executed. Without additional execution, notice or acceptance, every subscriber of a domestic reciprocal agrees to be bound by any modification of the terms of the power of attorney and subscriber's agreement that is jointly made by the attorney and the board of directors pursuant to § 56-16-205. The subscriber's agreement and power of attorney shall contain in substance the following:  A designation and appointment of the attorney to act for and bind the subscriber in all transactions relating to or arising out of the operations of the reciprocal;   A provision empowering the attorney to:  Accept service of process on behalf of the reciprocal; and   Appoint the commissioner agent of the reciprocal upon whom may be served all lawful process against or notice to the reciprocal;     Except for nonassessable policies, a provision for a contingent assessment liability of each subscriber in a specified amount in accordance with § 56-16-112; and   The maximum amount to be deducted from advance premiums or deposits to be paid the attorney, and the items of expense, in addition to losses, to be paid by the reciprocal.     The subscriber's agreement may:  Provide for the right of substitution of the attorney and revocation of the power of attorney;   Impose any restrictions upon the exercise of the power agreed upon by the subscribers;   Provide for the exercise of any right reserved to the subscribers directly or through the board of directors; or   Contain other lawful provisions considered advisable.
TN Code § 56-16-205 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-205. Subscriber's Agreement and Power of Attorney — Modification

 Modification of the terms of the power of attorney and subscriber's agreement of a domestic reciprocal shall be made jointly by the attorney and the board of directors. The modification shall be filed with the attorney and the department, and the filing shall by operation of law bind all subscribers the same as if each subscriber individually adopted and executed the modified, altered or amended subscriber's agreement and power of attorney. No modification shall be effective retroactively, nor shall it affect any insurance contract issued prior to the modification.
TN Code § 56-16-206 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-206. Advancement of Funds for Operation

 The attorney or other interested persons may advance to a domestic reciprocal any funds required in its operations. The funds advanced shall not be treated as a liability of the reciprocal and shall not be withdrawn or repaid except out of the reciprocal's earned surplus in excess of its minimum required surplus.
TN Code § 56-16-207 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-207. Assessments — Power to Levy — Computation

  Assessments may be levied upon the subscribers of a domestic reciprocal by the attorney in accordance with § 56-16-112. The assessments shall be approved in advance by the board of directors and the department.   Each domestic reciprocal subscriber's share of a deficiency for which an assessment is made shall be computed by multiplying the premiums earned on the subscriber's policies during the period to be covered by the assessment by the ratio of the total deficiency to the total premiums earned during the period upon all policies subject to the assessment. However, no assessment shall exceed the aggregate contingent assessment liability computed in accordance with § 56-16-112. For the purposes of this section, the premiums earned on the subscriber's policies are the gross premiums charged by the reciprocal for the policies, minus any charges not recurring upon the renewal or extension of the policies. No subscriber shall have an offset against any assessment for which the subscriber is liable on account of any claim for unearned premium or losses payable.
TN Code § 56-16-208 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 16 - Exchange or Reciprocal Insurance Act of 1990|Part 2 - Domestic Reciprocals|§ 56-16-208. Assessments — Time Limit for Paying

 Every subscriber of a domestic reciprocal having contingent assessment liability shall be liable for and shall pay the subscriber's share of any assessment computed in accordance with § 56-16-207 if, while the policy is in force or within one (1) year after its termination, the subscriber is notified:   By the attorney of the attorney's intention to levy the assessment; or   That delinquency proceedings have been commenced against the reciprocal under chapter 9 of this title, and the department or receiver intends to levy an assessment.