56-1-102 - Definitions for this chapter, chapters 2-4, 7, 10 and 11 of this title.
56-1-102. Definitions for this chapter, chapters 2-4, 7, 10 and 11 of this title.
As used in this chapter and chapters 2-4, 7, 10 and 11 of this title, unless the context otherwise requires:
(1) Commissioner means the commissioner of commerce and insurance;
(2) Company or insurance company includes all corporations, associations, partnerships, or individuals engaged as principals in the business of insurance;
(3) Department means the department of commerce and insurance;
(4) Domestic designates those companies incorporated in this state;
(5) Foreign, when used without limitation, includes all companies formed by authority of any other state or government;
(6) Net assets means the funds of an insurance company available for the payment of its obligations in this state, including uncollected and deferred premiums not more than three (3) months due on policies actually in force, after deducting from the funds all unpaid losses and claims, and claims for losses, and all other debts and liabilities, inclusive of policy liability and exclusive of capital; and
(7) Unearned premiums, reinsurance reserve, and net value of policies or premium reserve, severally, mean the liability of an insurance company upon its insurance contracts, other than accrued claims computed by rules of valuation established by §§ 56-1-402 56-1-405.
[Acts 1895, ch. 160, § 1; Shan., § 3274; Code 1932, § 6084; modified; T.C.A. (orig. ed.), § 56-102.]