Tennessee § 56-3-116 - Property and casualty insurers — Risk limitations — Applicability.
Full text of Tennessee Tennessee Code Annotated § 56-3-116 — Property and casualty insurers — Risk limitations — Applicability., with citation guidance and answers to common questions.
§ 56-3-116. Property and casualty insurers — Risk limitations — Applicability.
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. This section does not apply to any company organized pursuant to chapter 13 of this title except for risk retention groups as defined in 15 U.S.C. § 3901 et seq. and 42 U.S.C. § 9671. Acts 1991, ch. 142, § 2; 1999, ch. 394, § 1; T.C.A. § 56-3-115 ; Acts 2014, ch. 559, § 9. Compiler's Notes. Former § 56-3-116 , concerning foreign and alien insurers, was transferred to § 56-3-117 in 1999.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-3-116
What does Tennessee Code Annotated § 56-3-116 cover?
Section 56-3-116 ("Property and casualty insurers — Risk limitations — Applicability.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-3-116?
A common citation format is "Tennessee Code Annotated § 56-3-116" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-3-116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.