Tennessee Insurance Laws and Coverages

The Tennessee Department of Commerce and Insurance has a huge responsibility for both consumers and insurance providers.  This organization, which also includes the Securities Division, is operated by trained professionals that establish and monitor regulations.  That way, agencies and companies that sell Tennessee insurance policies are all working from the same position so the consumers is provided with consistent and fair opportunities for various types of policies.

Just a few of the services this organization offers to consumers wanting to buy Tennessee insurance includes a license search to make sure the insurer is a legal and honest company, a means for filing a complaint if needed, and even a link whereby disciplinary action reports can be reviewed, both past and present.  That way, you can see complaints and other issues specific to each insurer you have interest in, which allows you to buy a policy from only the best of the best.

This agency serves many important purposes for people living in the state of Tennessee.  Again, not only is information and assistance provided to the public but also for business owners.  The services and information is diverse but it all focuses on one goal – protecting consumers that need to purchase a type of Tennessee insurance so they are provided with proper coverage, a fair premium, and insight into the industry as a whole.

Let us look at some of the specifics this agency provides.  For starters, the Division of Consumer Affairs works along with several agencies on the state and federal levels and has the responsibility to enforce the Tennessee Consumer Protection Act.  In addition, this division for the Tennessee Insurance Department works as a mediator when it comes to consumer complaints.  In fact, more than 6,000 insurance complaints are handled annually.  Additionally, this division helps coordinate educational efforts for consumers.

Next is the Division of Insurance, another entity of this organization.  In this case, more than 1,600 Tennessee insurance companies are regulated, along with 90,000 insurance agents to make sure they all follow the laws for this state.  Considering this industry is responsible for adding over $14 billion to the economy for this state, providing them with current regulatory information and overseeing that they follow the rules is imperative.

This organization also involves the Securities Division.  In this case, brokers, dealers, agents, and advisors are regulated for Tennessee insurance.  Within this division, the professional staff also investigates any potential fraud claims.  While the majority of insurance companies and agencies in the state of Tennessee are honest and operate with the highest level of integrity, unfortunately, some are dishonest.  Therefore, to make sure consumers are not being defrauded, the Securities Division plays a vital role.

The TennCare Oversight Division is yet another way in which this organization helps consumers in the state of Tennessee.  This division has the role of monitoring practices of HMOPs and BHOs, as well as overseeing the insurance company’s financial position along with timely payment practices.  Finally, the Division of Fire Prevention monitors safety and building codes for the state.  Obviously, since businesses need insurance, it is imperative they follow code to prevent fire and other potential problems.