56-3-116 - Property and casualty insurers Risk limitations Applicability.
56-3-116. Property and casualty insurers Risk limitations Applicability.
(a) No insurance company engaged in the business of property and casualty insurance shall retain a maximum net amount on any single risk in excess of ten percent (10%) of the company's capital, or surplus funds, if the insurer is a mutual, reciprocal or Lloyd's plan insurer.
(b) This section does not apply to any company organized pursuant to chapter 13 of this title.
[Acts 1991, ch. 142, § 2; 1999, ch. 394, § 1; T.C.A. § 56-3-115.]