Tennessee § 56-41-108 - Stabilization reserve fund.
Full text of Tennessee Tennessee Code Annotated § 56-41-108 — Stabilization reserve fund., with citation guidance and answers to common questions.
§ 56-41-108. Stabilization reserve fund.
There is created a stabilization reserve fund, to be administered in accordance with procedures submitted by the association and approved by the commissioner. Each policyholder shall pay to the association a stabilization reserve fund charge equal to one half (½) of each premium due for insurance issued by the association until the fund reaches a level deemed appropriate by the commissioner. The means of payment shall be set forth in the plan of operation and shall be separately stated in the policy. The association shall cancel the policy of any policyholder who fails to pay the stabilization reserve fund charge. The moneys held in trust shall be used solely for the purpose of discharging when due any retrospective premium charges payable by policyholders of the association under the group retrospective rating plan authorized by this chapter. Payment of retrospective premium charges shall be made by the board of directors upon certification to the board by the association of the amount due. Any moneys remaining in the fund after all the retrospective premium charges have been paid shall be returned to policyholders under procedures authorized by the board of directors. Acts 1987, ch. 439, § 7.
Frequently Asked Questions About Tennessee § 56-41-108
What does Tennessee Code Annotated § 56-41-108 cover?
Section 56-41-108 ("Stabilization reserve fund.") 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 § 56-41-108?
A common citation format is "Tennessee Code Annotated § 56-41-108" (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 § 56-41-108 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.