56-14-111 - Liability of surplus lines insurer for losses and unearned premiums. - Tennessee Statutes

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56-14-111. Liability of surplus lines insurer for losses and unearned premiums.

(a) If the surplus lines insurer has assumed the risk in accordance with this chapter, and if the premium for the insurance has been received by the surplus lines agent who placed the insurance, then in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for the coverage. The insurer shall be liable to the insured as to losses covered by the insurance, and for unearned premiums that may become payable to the insured upon cancellation of the insurance, whether or not in fact the surplus lines agent is indebted to the insurer with respect to the insurance or for any other cause.

(b) Each surplus lines insurer assuming a surplus lines risk under this chapter shall be deemed to have subjected itself to the terms of this section.

[Acts 1969, ch. 270, § 11; T.C.A., § 56-3811.]

State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-14 > 56-14-111

56-14-111. Liability of surplus lines insurer for losses and unearned premiums.

(a) If the surplus lines insurer has assumed the risk in accordance with this chapter, and if the premium for the insurance has been received by the surplus lines agent who placed the insurance, then in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for the coverage. The insurer shall be liable to the insured as to losses covered by the insurance, and for unearned premiums that may become payable to the insured upon cancellation of the insurance, whether or not in fact the surplus lines agent is indebted to the insurer with respect to the insurance or for any other cause.

(b) Each surplus lines insurer assuming a surplus lines risk under this chapter shall be deemed to have subjected itself to the terms of this section.

[Acts 1969, ch. 270, § 11; T.C.A., § 56-3811.]

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State Codes and Statutes

Statutes > Tennessee > Title-56 > Chapter-14 > 56-14-111

56-14-111. Liability of surplus lines insurer for losses and unearned premiums.

(a) If the surplus lines insurer has assumed the risk in accordance with this chapter, and if the premium for the insurance has been received by the surplus lines agent who placed the insurance, then in all questions thereafter arising under the coverage as between the insurer and the insured, the insurer shall be deemed to have received the premium due to it for the coverage. The insurer shall be liable to the insured as to losses covered by the insurance, and for unearned premiums that may become payable to the insured upon cancellation of the insurance, whether or not in fact the surplus lines agent is indebted to the insurer with respect to the insurance or for any other cause.

(b) Each surplus lines insurer assuming a surplus lines risk under this chapter shall be deemed to have subjected itself to the terms of this section.

[Acts 1969, ch. 270, § 11; T.C.A., § 56-3811.]