56-14-103 - Surplus lines insurance authorized. - Tennessee Statutes

56-14-103. Surplus lines insurance authorized.

(a)  If insurance coverages of subject resident, located or to be performed in this state, cannot be procured from licensed insurers after diligent effort, the coverages, designated as surplus lines insurance, may be procured from unauthorized insurers, subject to the following conditions:

     (1)  The insurance must be eligible for surplus lines under § 56-14-105;

     (2)  The insurer must be an eligible surplus lines insurer under § 56-14-108;

     (3)  The writing agent must be a licensed surplus lines agent; and

     (4)  The other applicable provisions of this chapter must be followed.

(b)  Any insurance of subject resident, located or to be performed in this state, procured through negotiations or an application, in whole or in part occurring or made within or from without this state, or for which premiums in whole or in part are remitted directly or indirectly from within this state, shall be deemed to be insurance procured, or continued or renewed in this state within the intent of subsection (a).

[Acts 1969, ch. 270, § 3; T.C.A., § 56-3803.]