56-14-110 - Validity of contracts.
56-14-110. Validity of contracts.
(a) Insurance contracts procured as surplus line coverage from unauthorized insurers in accordance with this chapter shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect and extent as like contracts issued by authorized insurers.
(b) A contract of insurance placed in effect by an unauthorized insurer in violation of this chapter is unenforceable by the insurer. The insured shall not be precluded from enforcing the insured's rights in accordance with the terms and provisions of the contract.
[Acts 1969, ch. 270, § 10; T.C.A., § 56-3810.]