56-12-103 - Scope. - Tennessee Statutes

56-12-103. Scope.

This part shall apply to all kinds of direct insurance, but shall not be applicable to:

     (1)  Life, annuity, health or disability insurance;

     (2)  Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;

     (3)  Fidelity or surety bonds, or any other bonding obligations;

     (4)  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;

     (5)  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;

     (6)  Title insurance;

     (7)  Ocean marine insurance;

     (8)  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;

     (9)  Any insurance provided by or guaranteed by government;

     (10)  Any insurance issued on a limited or unlimited assessable basis; or

     (11)  Excess insurance.

[Acts 1971, ch. 180, § 3; 1975, ch. 62, § 3; 1977, ch. 203, § 1; T.C.A., § 56-4003; Acts 1987, ch. 27, § 1; 1999, ch. 48, § 1.]