reglab/housing_qa huggingface dataset:
TN Code § 56-11-201 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-201. Purpose of Part — Applicability — Confidentiality of Orsa Summary Report

  The purpose of this part is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the insurance commissioner of this state.   The requirements of this part shall apply to all insurers domiciled in this state and all health maintenance organizations licensed in this state unless exempt pursuant to § 56-11-206.   The ORSA Summary Report will contain confidential and sensitive information related to an insurer, health maintenance organization or insurance group’s identification of risks material and relevant to the insurer, health maintenance organization or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer, health maintenance organization or insurance group if the information is made public. As such, the ORSA Summary Report shall be a confidential document filed with the commissioner and shared only as stated in this part and to assist the commissioner in the performance of the commissioner's duties, and that in no event shall the ORSA Summary Report be subject to public disclosure.
TN Code § 56-11-202 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-202. Part Definitions

  “Health maintenance organization” means a health maintenance organization as defined at § 56-32-102.   “Insurance group,” for the purpose of conducting an Own Risk and Solvency Assessment, means those insurers or health maintenance organizations and affiliates included within an insurance or health maintenance company holding company system as defined in part 1 of this chapter.   “Insurer” has the same meaning as set forth in § 56-1-102, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.   “ORSA Guidance Manual” means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC.   “ORSA Summary Report” means a confidential high-level summary of an insurer, health maintenance organization or insurance group’s ORSA.   “Own Risk and Solvency Assessment” or “ORSA” means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer, health maintenance organization or insurance group, conducted by that insurer, health maintenance organization or insurance group of the material and relevant risks associated with the insurer, health maintenance organization or insurance group's current business plan, and the sufficiency of capital resources to support those risks.
TN Code § 56-11-203 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-203. Risk Management Framework Required

 An insurer or health maintenance organization shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer or health maintenance organization is a member maintains a risk management framework applicable to the operations of the insurer or health maintenance organization.
TN Code § 56-11-204 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-204. When Orsa to Be Conducted

 Subject to § 56-11-206, an insurer or health maintenance organization, or the insurance group of which the insurer or health maintenance organization is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or health maintenance organization or the insurance group of which the insurer or health maintenance organization is a member.
TN Code § 56-11-205 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-205. Submission of Orsa Summary Report

  Upon the commissioner's request, and no more than once each year, an insurer or health maintenance organization shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer, health maintenance organization or the insurance group of which it is a member. Notwithstanding any request from the commissioner, if the insurer or health maintenance organization is a member of an insurance group, the insurer or health maintenance organization shall submit the report or reports required by this subsection (a) if the commissioner is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.   The report or reports shall include a signature of the insurer or insurance group’s chief risk officer or other executive having responsibility for the oversight of the insurer’s or health maintenance organization’s enterprise risk management process attesting to the best of such person's belief and knowledge that the insurer or health maintenance organization applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer’s board of directors or the appropriate committee thereof.   An insurer or health maintenance organization may comply with subsection (a) by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
TN Code § 56-11-207 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-207. Report to Comply With Orsa Guidance Manual — Review of Report

  The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b). Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner.   The review of the ORSA Summary Report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers or health maintenance organizations and insurance groups.
TN Code § 56-11-209 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-209. Failure to Timely File Orsa Summary Report — Penalty

 Any insurer or health maintenance organization failing, without just cause, to timely file the ORSA Summary Report as required in this part shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the general revenue fund of this state. The maximum penalty under this section is ten thousand dollars ($10,000). The commissioner may reduce the penalty if the insurer or health maintenance organization demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer or health maintenance organization.
TN Code § 56-11-210 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 11 - Insurance Holding Companies and Risk Management|Part 2 - Risk Management and Own Risk and Solvency Assessment|§ 56-11-210. Severability

 If any provision of this part, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this part which can be given effect without the invalid provision or application, and to that end the provisions of this part are severable.
TN Code § 56-12-101 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-101. Short Title

 This part shall be known and may be cited as the “Tennessee Insurance Guaranty Association Act.”
TN Code § 56-12-102 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-102. Purpose

 The purpose of this part is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an association to assess the cost of the protection among insurers.
TN Code § 56-12-103 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-103. Scope

 This part shall apply to all kinds of direct insurance, but shall not be applicable to:   Life, annuity, health or disability insurance;   Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;   Fidelity or surety bonds, or any other bonding obligations;   Credit insurance, vendors' single interest insurance, or other collateral protection insurance or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor transaction;   Insurance of warranties or service contracts, including insurance that provides for the repair, replacement, or service of goods or property, or indemnification for repair, replacement or service for the operational or structural failure of the goods or property due to a defect in materials, workmanship, or normal wear and tear or provides reimbursement for the liability incurred by the issuer of the agreements or service contracts that provide the benefits;   Title insurance;   Ocean marine insurance;   Any transaction or combination of transactions between a person, including affiliates of the person,  and an insurer, including affiliates of the insurer, that involves the transfer of investment or credit risk unaccompanied by transfer of insurance risk;   Any insurance provided by or guaranteed by government;   Any insurance issued on a limited or unlimited assessable basis; or   Excess insurance.
TN Code § 56-12-105 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-105. Creation of Association

  There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.   All insurers defined as member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state.   The association shall perform its functions under a plan of operation established and approved under § 56-12-109 and shall exercise its powers through a board of directors established under § 56-12-107.   For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows:  The workers' compensation insurance account; and   The account for all other insurance to which this part applies.
TN Code § 56-12-106 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-106. Board of Directors — Selection — Qualifications — Expenses

  The board of directors of the association shall consist of five (5) persons serving terms as established in the plan of operation. The members of the board shall be selected by the commissioner. Each board member so selected shall be a resident of this state and shall represent a company licensed to do business in this state. The last two (2) members of the board shall be an officer or employee of domestic insurance companies. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments.   In making selections to the board, the commissioner shall consider, among other things, whether all member insurers are fairly represented.   Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.
TN Code § 56-12-109 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-109. Powers and Duties of Commissioner — Judicial Review

  The commissioner shall:  Notify the association of the existence of an insolvent insurer not later than three (3) days after receiving notice of the determination of the insolvency. The association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time such complaint is filed with a court of competent jurisdiction; and   Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.     The commissioner may:  Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this part. Such notification shall be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient;    Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or that fails to comply with the plan of operation; or   As an alternative, the commissioner may levy a forfeiture on any member insurer who fails to pay an assessment when due. Such forfeiture shall not exceed five percent (5%) of an unpaid assessment per month, but no forfeiture shall be less than one hundred dollars ($100) per month; and     Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.     Any final action or order of the commissioner under this part shall be subject to judicial review exclusively by common law writ of certiorari in the chancery court of Davidson County.
TN Code § 56-12-110 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-110. Effect of Paid Claims — Rights of Association — Subrogation — Priorities — Statements

  Any person recovering under this part shall be deemed to have assigned that person's rights under the policy to the association to the extent of that person's recovery from the association. Every insured or claimant seeking the protection of this part shall cooperate with the association to the same extent as that person would have been required to cooperate with the insolvent insurer. The association shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out except those causes of action as the insolvent insurer would have had if the sums had been paid by the insolvent insurer and except as provided in subsection (b).   The association shall have the right to recover from the following persons the amount of any “covered claim” paid on behalf of such person pursuant to this part:  Any insured whose net worth on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer exceeds twenty-five million dollars ($25,000,000) and whose liability obligations to other persons are satisfied in whole or in part by payments made under this part; and   Any person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under this part.     The association and any similar organization in another state are claimants in the liquidation of an insolvent insurer for any amounts paid by them on covered claims obligations as determined under this part or similar laws in other states and shall receive dividends and any other distributions at the priority set forth in § 56-9-330. The receiver, liquidator or statutory successor of an insolvent insurer shall be bound by determinations of covered claim eligibility under this part and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this part against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses for handling claims.   The association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the association and estimates of anticipated claims on the association that shall preserve the rights of the association against the assets of the insolvent insurer.
TN Code § 56-12-111 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-111. Nonduplication of Recovery — Exhaustion of Other Remedies

  Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer, which is also a covered claim, shall be required to exhaust first such person's right under such policy. Any amount payable on a covered claim under this part shall be reduced by the amount of any recovery under such insurance policy.   Any person having a claim that may be recovered under more than one (1) insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured, except that if it is a first party claim for damage to property with a permanent location, the person shall seek recovery first from the association of the location of the property, and if it is a workers' compensation claim, the person shall seek recovery first from the association of the residence of the claimant. Any recovery under this part shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
TN Code § 56-12-112 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-112. Reports by Board

  The board of directors may, upon majority vote, make reports to the commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer. Such reports shall be considered public documents.   The board of directors shall, at the conclusion of any insurer insolvency in which the association was obligated to pay covered claims, prepare a report on the history and causes of such insolvency, based on the information available to the association, and submit such report to the commissioner.
TN Code § 56-12-113 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-113. Examination of the Association — Annual Financial Report

  The association shall be subject to examination and regulation by the commissioner.   The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the commissioner.
TN Code § 56-12-114 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-114. Tax and Fees Exemption

 The association shall be exempt from payment of all fees, except examination fees, and all taxes levied by this state or any of its subdivisions, except taxes levied on real or personal property.
TN Code § 56-12-115 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-115. Deduction From Premium Taxes

 Member insurers assessed a percentage of net direct written premiums for any preceding calendar year, as provided in § 56-12-107(a)(3), shall be allowed a credit against premium taxes imposed on such member insurers by § 56-4-205, up to twenty-five percent (25%) of the net premium taxes due in any one (1) calendar year until the aggregate of all assessments paid to the guaranty association has been offset by such premium tax credits. The guaranty association shall certify to the commissioner on an annual basis the names of the member insurers and the assessments paid. The provisions herein are applicable to all insolvencies occurring after April 28, 1975; provided, that only premium taxes paid on and after March 1977, will be subject to credit as herein provided.
TN Code § 56-12-116 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-116. Immunity

 There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer, the association or its agents or employees, the board of directors, or the commissioner or the commissioner's representatives for any action taken by them in the performance of their powers and duties under this part.
TN Code § 56-12-117 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 12 - Insurance Guaranty Associations|Part 1 - Tennessee Insurance Guaranty Association Act|§ 56-12-117. Stay of Pending Proceedings — Default Judgment

  All proceedings in which the association is obligated to defend by reason of this part shall be stayed for six (6) months from the date the insolvency is determined or such additional time as shall be granted either by the court in which the action is pending or by the chancery court of Davidson County, upon petition by the association for good cause shown to permit proper defense of such causes of action.   The association shall not be obligated to satisfy in part or in whole any decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, but shall be permitted to defend such claim on its merits.