56-12-105 - Creation of association. - Tennessee Statutes

56-12-105. Creation of association.

(a)  There is created a nonprofit unincorporated legal entity to be known as the Tennessee insurance guaranty association.

(b)  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.

(c)  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.

(d)  For purposes of assessment, and the maintenance of records, the association shall be divided into two (2) separate accounts as follows:

     (1)  The workers' compensation insurance account; and

     (2)  The account for all other insurance to which this part applies.

[Acts 1971, ch. 180, § 5; T.C.A., § 56-4005.]