Tennessee § 56-2-411 - Citizens procuring insurance with foreign companies — Liability for taxes.

§ 56-2-411. Citizens procuring insurance with foreign companies — Liability for taxes.

Under §§ 56-2-409, 56-2-410, and this section are also included citizens of this state procuring and holding insurance contracts or policies on the types of coverage listed in § 56-2-201 upon property situated or located in this state in companies not authorized to transact business in this state. The procuring or accepting policies or contracts of the insurance from unauthorized companies or associations makes every citizen of this state, including industrial insureds as defined in § 56-2-105(7), holding the contracts or policies liable for taxes, the same as if procured through a surplus lines agent. The taxes shall be paid at the same time, in the same manner, and at the same rate as the tax levied on surplus lines insurance in §§ 56-14-106 and 56-14-113. Acts 1899, ch. 430, § 5; Shan., § 3369a63; Code 1932, § 6345; T.C.A. (orig. ed.), §§ 56-318, 56-240; Acts 2015, ch. 155, § 3; 2016, ch. 735, § 3. Amendments. The 2016 amendment substituted “the same as if procured through a surplus lines agent” for “the same as if each company or association were transacting business in this state as a surplus lines insurer” at the end of the first sentence of (b). Effective Dates. Acts 2016, ch. 735, § 10. April 7, 2016.