2010 Tennessee Code
Title 56 - Insurance
Chapter 45 - Risk Retention Groups and Purchasing Groups
56-45-103 - Risk retention groups Permitted liability insurance Plan of operation or feasibility study Application for charter Contents.

56-45-103. Risk retention groups Permitted liability insurance Plan of operation or feasibility study Application for charter Contents.

(a)  A risk retention group shall, pursuant to this chapter, be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, must comply with all of the laws, rules, regulations and requirements applicable to the insurers chartered and licensed in this state and with § 56-45-104, to the extent the requirements are not a limitation on laws, rules, regulations or requirements of this state.

(b)  Before it may offer insurance in any state, each risk retention group shall also submit for approval to the commissioner of commerce and insurance a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten (10) days of the change. The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of the plan or study is approved by the commissioner.

(c)  (1)  At the time of filing its application for a charter, the risk retention group shall provide to the commissioner in summary form the following information:

          (A)  The identity of the initial members of the group;

          (B)  The identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group;

          (C)  The amount and nature of initial capitalization;

          (D)  The coverages to be afforded; and

          (E)  The states in which the group intends to operate.

     (2)  Upon receipt of this information, the commissioner shall forward the information to the National Association of Insurance Commissioners.

     (3)  Providing notification to the National Association of Insurance Commissioners is in addition to, and does not suffice as, satisfying the requirements of § 56-45-104 or any other sections of this chapter.

[Acts 1991, ch. 142, § 6; 1993, ch. 253, § 10.]