Tennessee § 56-5-113 Agreements between insurers or with other organizations - Application for deductible plan - Rating plans submitted by captive insurance companies providing workers' compensation coverage

Tennessee Statutes

§ 56-5-113 — Agreements between insurers or with other organizations - Application for deductible plan - Rating plans submitted by captive insurance companies providing workers' compensation coverage

(a)Except as provided in this chapter, no insurer may agree with any other insurer or with a rate service organization or an advisory organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses the material is not sufficient in itself to support a finding that an agreement to adhere or use exists but may be used for the purpose of supplementing other evidence as to the existence of the agreement. Two (2) or more insurers having common ownership or operating in this state under common management or control may act in concert between or among themselves in the same manner as if they constitute a single insurer.

(b)Any workers' compensation insurer may make written application to the commissioner for approval on its behalf of a d

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(a) Except as provided in this chapter, no insurer may agree with any other insurer or with a rate service organization or an advisory organization to adhere to or use any rate or supplementary rate information. The fact that any insurer adheres to or uses the material is not sufficient in itself to support a finding that an agreement to adhere or use exists but may be used for the purpose of supplementing other evidence as to the existence of the agreement. Two (2) or more insurers having common ownership or operating in this state under common management or control may act in concert between or among themselves in the same manner as if they constitute a single insurer. (b) Any workers' compensation insurer may make written application to the commissioner for approval on its behalf of a deductible plan where the insurer can be reimbursed by the policyholder, effective for a period of not less than one (1) year, to be applied to the rates or premiums, or both, produced by the rating system. The application shall specify the basis for the modification and a copy of the application shall also be sent simultaneously to the rate service organization. The commissioner shall approve the modification for the insurer if the commissioner finds it to be justified. The commissioner shall not approve the modification if the commissioner finds that the resulting premiums would be excessive, inadequate or unfairly discriminatory. (c) Notwithstanding any other provision in this chapter, the commissioner may approve any rating plan submitted by a captive insurance company that is formed under chapter 13 of this title and is authorized to provide workers' compensation coverage, so long as the captive insurance company demonstrates to the commissioner's satisfaction that the proposed rating plan does not endanger the solvency of the company and adequately protects the insureds.

Tennessee § 56-5-113 (Agreements between insurers or with other organizations - Application for deductible plan - Rating plans submitted by captive insurance companies providing workers' compensation coverage) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.