reglab/housing_qa huggingface dataset:
TN Code § 56-21-116 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-116. Regular and Contingent Premiums — Additional Assessments

  All companies operating under this chapter and not maintaining a nine hundred fifty thousand dollar ($950,000) guaranty capital or more and a full legal reinsurance reserve, exclusive of all other liabilities, shall charge one (1) full regular annual or term premium for each policy issued and collect the same at the times and under the conditions as the insurance contract provides for; and the insured or policyholders shall be liable for a contingent premium equal to and in addition to the regular premium if needed by the company for the purpose of paying its losses and other liabilities. If any such company desires, it may make provisions in its insurance contract for assessments in addition to the one (1) contingent premium, which is herein made mandatory.   The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.
TN Code § 56-21-117 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-117. Policyholder's Liability — Computation as Assets of Company

 The contingent liabilities of the policyholders shall be computed as contingent assets of the company. The unpaid regular premium and premium notes of the policyholders not over twelve (12) months due shall be computed as ledger assets of the company.
TN Code § 56-21-118 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-118. Extent of Policyholder's Liability

 No policyholder shall be liable for any amount in excess of the regular premium and contingent premium as herein provided for and required to be stated in the policy or insurance contract; nor shall any policyholder be liable for losses or expenses accruing before the policy was issued, nor for losses or expenses accruing after the termination of the insurance.
TN Code § 56-21-119 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-119. Lien on Insured Property for Premiums and Other Policy Obligations

 Every company operating under this chapter shall have a lien upon the property insured to secure the payment of all regular premiums, contingent premiums and other policy obligations due the company.
TN Code § 56-21-120 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-120. Action to Collect Premiums or Other Obligation — Costs and Attorney's Fee

 If the company is compelled to collect the premiums or obligation by suit or through a collecting attorney, the insured shall be liable for all costs incident to the proceeding, including reasonable attorney's fee.
TN Code § 56-21-121 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-121. Voting Rights of Policyholders and Guarantors — Election of Directors — Qualifications of Officers and Directors

 Every policyholder in good standing of any company doing business under this chapter shall have one (1) vote at the election of the board of directors, and may vote either in person or by proxy. Guarantors in a guaranty capital company shall have one (1) vote each for each of their respective paid-up shares, and may vote either in person or by proxy. Not less than two thirds (2/3) of the directors in any such company shall be residents of this state. No person not a policyholder or guarantor shall be eligible to hold any principal office or be a director in any such company.
TN Code § 56-21-122 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-122. Accepting or Rejecting Insurance Shall Not Be Compensated by Commissions on Premiums

 No officer or other person whose duty it is to determine the character of the risk and upon whose decision the application for insurance thereon shall finally be accepted or rejected shall receive as compensation any commission upon the premium; but the person's compensation shall be a fixed salary, fee, or the part of the net profits of the company as the board of directors may determine.
TN Code § 56-21-123 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-123. Maximum Amounts of Fire Risks Prescribed

  The maximum amount carried by any such company on any one (1) or more risks reasonably subject to one (1) fire shall not exceed the amounts prescribed in the following schedule when under the protection of a full paid fire department, not exceeding three fifths (3/5) of that amount when not under the protection of a full paid fire department:  Total amounts of fire insurance in force  Maximum single risk   When under $400,000  $ 2,000   $400,000 and under $600,000   3,000   $600,000 and under $900,000   4,000   $900,000 and under $1,200,000   5,000   $1,200,000 and under $1,500,000   5,500   $1,500,000 and under $2,000,000   6,000   $2,000,000 and under $2,500,000   7,000   $2,500,000 and under $3,000,000   8,000   $3,000,000 and under $3,500,000   9,000   $3,500,000 and under $5,000,000   10,000   $5,000,000 and over   12,500    When the insurance in force exceeds five million dollars ($5,000,000), the maximum permissible risk shall increase in the amount of one thousand dollars ($1,000) for each one million dollars ($1,000,000) of the amount of insurance in force; provided, that the maximum permissible risk shall in no case exceed thirty-five thousand dollars ($35,000). Notwithstanding any of the foregoing provisions, any state mutual fire insurance company having and maintaining seven hundred fifty thousand dollars ($750,000) in surplus funds, exclusive of contingent surplus funds, may insure any single risk up to fifty thousand dollars ($50,000). For purposes of this section, homeowners' policies, farm owners' policies and commercial multi-peril policies shall be considered permissible up to the limits of the property coverage.   State mutual fire insurance companies not maintaining guaranty capital securities equal to or more than two hundred thousand dollars ($200,000), deposited prior to July 1, 1975, or maintaining seven hundred fifty thousand dollars ($750,000) in surplus funds, exclusive of contingent surplus funds, may retain up to ten percent (10%) of risks classified as vehicle insurance, casualty insurance and surety insurance. Ninety percent (90%) shall be reinsured with another state mutual fire insurance company or any casualty insurance company licensed to transact the specific lines of coverage to be reinsured in this state.
TN Code § 56-21-124 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-124. Reinsurance of Fire Risks With or for Other Companies

 Any state mutual fire insurance company organized under the laws of this state is empowered to contract by policy or other agreement with any insurance company authorized to do business in this state for reinsurance by the insurance company of the whole or any part of any risk it has outstanding by reason of the issuance of its policy of insurance. The state mutual fire insurance company is further empowered to reinsure for any state or county mutual fire insurance company organized under the laws of this state the whole or any part of any risk that the other company may be carrying and that such other company may desire to reinsure, in whole or in part.
TN Code § 56-21-125 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-125. Reinsurance of Excess Fire Risks — Reinsurance in Unauthorized Company — Premium Tax

 All amounts in excess of those provided by § 56-21-123 shall be reinsured concurrently with its writing. No company doing business under this chapter shall reinsure any of its business in any unauthorized company, except upon the written approval of the commissioner. The company shall pay the tax prescribed by chapter 4, part 2 of this title on all business it reinsures in companies not having their domicile in this state.
TN Code § 56-21-126 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-126. Reinsurance of Fire Risks to Be Deducted in Determining Limit of Insurance

 The reinsurance which any state mutual fire insurance company may secure upon any risk it has outstanding shall be deducted in determining whether the amount of the risk exceeds the limit that by law such company may insure.
TN Code § 56-21-127 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-127. Premium Rate or Assessment Paid to Reinsuring Company

 When any company subject to this chapter reinsures in another company the whole or a part of any risk it has outstanding by reason of the issuance of a policy of insurance, the company shall pay to the reinsuring company the regular rate or assessment that the company accepting the reinsurance may establish or require, and any money or assets of the state mutual fire insurance company shall be liable for the payment of the premium or assessment due.
TN Code § 56-21-128 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-128. Regular Policies, Assessments and Premium Rates Apply to Reinsurance

 When any company subject to this chapter agrees to reinsure for another state or county mutual fire insurance company the whole or any part of the risk, as authorized by § 56-21-124, it shall issue its regular policy of insurance for the amount of the risk, or part thereof so reinsured upon application therefor, and the company whose risk, in part or in whole, is reinsured, shall be liable to assessments or to pay a premium at the same rate as other members of the company for like insurance.
TN Code § 56-21-129 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-129. Dividends to Policyholders

 Dividends in cash or otherwise may be paid to policyholders annually, or at such times as the directors may decide upon. The percent of dividend to be paid shall be fixed from time to time by the board of directors, and the board's action shall be final, both as to the percent of dividend and the time when it shall be paid to the policyholders. The percent of dividend shall be the same to all in each class of policyholders, but shall not be so large as to require the payment for any calendar year of more than fifty percent (50%) of the company's net cash surplus at the close of that year.
TN Code § 56-21-130 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-130. Certificate of Authority for Agents — Fee

 Every company subject to this chapter shall be required to obtain from the commissioner a certificate of authority for each of its agents who solicits or writes insurance in this state, the fee for which shall be two dollars ($2.00).
TN Code § 56-21-131 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-131. Conversion of State Mutual Fire Insurance Company to State Stock Fire Insurance Company

 A state mutual fire insurance company organized under this chapter may become a state stock fire insurance company operating under chapter 23 of this title pursuant to a plan and procedure that is approved in advance by the commissioner. The commissioner shall not approve any such plan or procedure unless:   The plan or procedure is equitable to the insurer's policyholders;   The plan or procedure is subject to approval by vote of not less than three fourths (¾) of the votes cast in person, by proxy, or by mail at a meeting of policyholders called for the purpose pursuant to the notice and procedure as may be approved by the commissioner;   The equity of each policyholder in the insurer is determinable under a fair formula approved by the commissioner, which equity shall be based upon not less than the insurer's entire surplus, after deducting contributed or borrowed surplus funds and any outstanding guaranty capital securities, plus a reasonable present equity in its reserves and in all nonadmitted assets;   The policyholders entitled to receive stock upon conversion and to participate in the purchase of additional stock, if any, include all policyholders having policies in force on the date of conversion;   The plan provides that each policyholder of the insurer specified in subdivision (4) shall receive a proportionate part of the capital stock to be issued in respect to the policyholders' equity, and further gives to each such policyholder a nontransferable preemptive right to acquire a proportionate part of any additional capital stock to be issued and sold by the insurer, within a designated reasonable period. In addition to the issuance of shares in respect of the policyholders' equity, in the event the insurer has outstanding guaranty capital securities, the plan shall require the sale of a sufficient number of shares (at the same price per share as all other shares issued under the plan) to retire the guaranty capital securities; and to the extent each policyholder specified in subdivision (4) does not exercise the preemptive right to purchase a pro rata number of shares to retire the guaranty capital securities, the holders of the guaranty capital securities shall have the right to convert the securities, including all accrued interest, into shares of capital stock at such price;   Shares are so offered to policyholders at a price not greater than that thereafter offered to others nor at more than five (5) times the par value of the shares; and   The plan, when completed, would provide for the converted insurer paid-in capital stock in an amount not less than the minimum paid-in capital required of a state stock insurer organized under chapter 23 of this title; provided, that this provision does not apply to any converting mutual companies that were qualified and authorized under this chapter prior to May 7, 1969.
TN Code § 56-21-132 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 21 - State Mutual Fire Insurance Companies|§ 56-21-132. Guaranty Capital — Contingent Premiums

 All companies operating under this chapter and not maintaining a nine hundred fifty thousand dollar ($950,000) guaranty capital or more and issuing policies providing for a contingent premium equal to and in addition to the regular premium and the contingent liabilities of the policyholders are included as contingent assets of the company, and the inclusion of these contingent assets on a statement of financial condition of the company at any date is required to show admitted assets equal to or greater than the outstanding liabilities, including provision for unearned premiums, the company shall cease to write any contracts of insurance except policies providing insurance against damage by fire, lightning, hail, extended coverage and tornadoes.
TN Code § 56-22-101 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-101. Short Title

 This chapter shall be known and may be cited as the “Tennessee County Mutual Insurance Company Act of 2006.”
TN Code § 56-22-102 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-102. Scope of Chapter

 This chapter governs the qualifications and procedures for licensing and general regulatory requirements for county mutual insurance companies insuring risks and property in this state.
TN Code § 56-22-103 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-103. Chapter Definitions

 As used in this chapter, unless the context otherwise requires:   “Certificate of authority” means a legal right granted by the commissioner and enjoyed by a county mutual insurance company to provide insurance as provided for in this chapter;   “Commissioner” means the commissioner of commerce and insurance;   “County mutual insurance company” means a person that is authorized to provide insurance coverage pursuant to this chapter;   “Department” means the department of commerce and insurance;   “Gross premium” means maximum gross premiums as provided in the policy contracts, new and renewal, including policy or membership fees, whether paid in part or in whole by cash, automatic premium loans, dividends applied in any manner whatsoever, and without deduction or exclusion of dividends in any manner, but excluding premiums returned on cancelled policies, on account of reduction in rates, or reductions in the amount insured;   “Insurer” or “insurance company” means any corporation, association, partnership or individual engaged as a principal in the business of insurance not licensed pursuant to this chapter;   “Person” means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of these acting in concert;   “Policyholder” means a person who is insured by a county mutual insurance company;   “Premium” means money given in consideration to a county mutual insurance company on account of or in connection with an insurance policy for a specified policy period;   “Principal place of business” means the primary office maintained by a county mutual insurance company in the county in which a county mutual insurance company was first granted a certificate of authority; and   “Surplus” means the accumulated assets of a county mutual insurance company that exceed the county mutual insurance company's accrued losses and expenses.
TN Code § 56-22-104 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-104. Unlawful to Transact Insurance Business Without Certificate of Authority

 It is unlawful for any person to enter into a contract of insurance as a county mutual insurance company or transact insurance business in this state as a county mutual insurance company without a certificate of authority provided by the commissioner.
TN Code § 56-22-105 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-105. Application for Certificate of Authority — Minimum Requirements

  To apply for a certificate of authority, a person shall file with the commissioner an application on a form adopted by the commissioner, accompanied by a nonrefundable filing fee in the amount referenced in § 56-4-101(a)(1). A person in this state applying for a certificate of authority to act as a county mutual insurance company shall, under penalty of refusal, suspension or revocation of the certificate of authority, declare that the statements made in the application are true, correct and complete to the best of the person's knowledge and belief.   An application for a certificate of authority shall include the following documentation, together with any other information or documentation the commissioner may require:  A certified copy of the articles of incorporation, charter or other such document;   A certified copy of the bylaws or other similar document; and   The names of the officers and directors of the county mutual insurance company.     No certificate of authority shall be granted or maintained, unless the applicant or county mutual insurance company can prove to the commissioner's satisfaction that it will be able to write at least one hundred (100) policies of insurance and possesses at least two hundred thousand dollars ($200,000) in surplus.
TN Code § 56-22-107 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-107. Elections — Commissions — Compensation — Benefits — Expense Ratios

  Every policyholder in good standing shall be entitled to one (1) vote in person or by ballot transmitted by mail, as shall be provided in the bylaws, in any election for directors or upon any other issues properly brought to the policyholders for consideration.    No officer, director or other person whose duty it is to determine the character of risk and upon whose decision the application for insurance shall be accepted or rejected shall receive as any part of the person's compensation a commission upon the premium, but the compensation shall be a fixed salary, and/or a share of the net profits of the county mutual insurance company that the board of directors may determine appropriate.   Nothing under subdivision (b)(1) shall be construed to prohibit a county mutual insurance company from providing for its directors, officers and other employees reasonable benefits, including, but not limited to, directors' compensation, health insurance benefits and retirement benefits. Such benefits may be offered by a county mutual insurance company.   The commissioner may promulgate rules to set appropriate expense ratios to address those expenses incurred in subdivisions (b)(1) and (2).
TN Code § 56-22-108 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-108. Surplus or Emergency Fund — Investment of Assets — Borrowing to Cover Losses

  In the event that the commissioner determines the existing surplus to be inadequate, a county mutual insurance company shall seek to accumulate a surplus or emergency fund in an amount that might be deemed necessary by the commissioner.   A county mutual insurance company may invest its assets in the same manner as an insurance company licensed to write property and casualty lines of insurance as provided for by chapter 3, part 4 of this title.   A county mutual insurance company may borrow money for the purpose of paying extraordinary losses. A county mutual insurance company shall conduct its affairs in such a manner as to pay those losses as might normally be expected in the course of doing business and to accumulate a surplus that might be used to pay losses above normal losses. A county mutual insurance company may borrow money only when it incurs substantial, extraordinary losses, and must notify the commissioner of its intent to borrow money to pay losses at least ten (10) business days before borrowing the money.
TN Code § 56-22-110 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-110. Required Aggregate Excess of Loss Reinsurance Policy

 All county mutual insurance companies shall be required to carry an aggregate excess of loss reinsurance policy of no less than five percent (5%) of business in force. The amount required for such a policy shall be reduced by the county mutual insurance company's accumulated surplus.
TN Code § 56-22-112 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 22 - Tennessee County Mutual Insurance Company Act of 2006|§ 56-22-112. Acquisition or Merger

 The acquisition or merger of a county mutual insurance company is subject to the same standards and procedures set forth in § 56-11-103, and any rules promulgated thereunder.