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Tennessee Code Title 56. Insurance § 56-45-112

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless the person, firm, association or corporation is licensed as an insurance agent or broker in accordance with chapter 6 of this title.

(b)(1) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless the person, firm, association or corporation is licensed as an insurance agent or broker in accordance with chapter 6 of this title.

(2) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless the person, firm, association or corporation is licensed as an insurance agent or broker in accordance with chapter 6 of this title.

(3) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an approved surplus lines insurer on behalf of a purchasing group located in this state unless the person, firm, association or corporation is licensed as a surplus lines agent or an excess line broker in accordance with chapter 14 of this title.

(c) For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to subsections (a) and (b), the requirement of residence in this state does not apply.

(d) Every person, firm, association or corporation licensed pursuant to chapter 6 of this title, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the notice required by § 56-45-104(g), in the case of a risk retention group, and § 56-45-109(b), in the case of a purchasing group.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-45-112 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-45-112/

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