56-37-102 - Chapter definitions. - Tennessee Statutes

56-37-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires:

     (1)  “Commissioner” means the commissioner of financial institutions;

     (2)  “Licensee” means a premium finance company holding a license issued under this chapter;

     (3)  “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized;

     (4)  “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or producing agent in payment of premiums of an insurance contract, together with interest and a service charge as authorized and limited by this chapter; and

     (5)  “Premium finance company” means a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies.

[Acts 1980, ch. 920, § 2.]