Tennessee: Adjourns After Passing Insurance Law Revisions

The Tennessee Legislature burned the midnight oil last week, finally adjourning for the year late Wednesday night, May 21.

“We appreciate the efforts made by Tennessee lawmakers as they considered insurance-related proposals this year,” said Liz Reynolds, NAMIC’s Southeast state affairs manager. “They heard and responded to our concerns and ultimately passed legislation that is in the best interests of both insurance consumers and companies.”

HB 2547 bans so-called accident taxes and has been signed by the governor. NAMIC had sent a letter urging Gov. Phil Bredesen to support the bill.

The Legislature also passed SB 4208, the Unfair Trade Practices and Unfair Claims Settlement Act of 2008, and SB 4203, regarding producer licensing. Both bills revise present law and were introduced at the request of the Department of Commerce and Insurance. Reynolds participated in several meetings, along with NAMIC member-company representatives and others, during negotiations over specific language.

“The department really made an effort to thoroughly discuss the intent of the legislation and ensure bill language is appropriate,” Reynolds noted. “Many industry-suggested changes were incorporated into SB 4208 and SB 4203.”

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, May 27, 2008 12:00:00 AM. Modified: Tuesday, May 27, 2008 3:57:31 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.