Bill
Bill > HB0476
TN HB0476
TN HB0476AN ACT to amend Tennessee Code Annotated, Title 12; Title 29; Title 50 and Title 56, relative to insurance.
summary
Introduced
01/28/2025
01/28/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, increases from $50,000 to $100,000 the bond amount that every insurance company doing a workers' compensation business in this state must furnish with a surety company; increases from $100,000 to $200,000 the certificate amount that such a company may deposit with the commissioner of labor and workforce development in lieu of the bond. - Amends TCA Title 12; Title 29; Title 50 and Title 56.
AI Summary
This bill, effective January 1, 2026, increases the financial security requirements for insurance companies operating in Tennessee that provide workers' compensation coverage, which is insurance that covers medical expenses and lost wages for employees injured on the job. Specifically, it doubles the required bond amount that these companies must furnish with a surety company, a type of insurance that guarantees the performance of another party, from $50,000 to $100,000. Alternatively, companies can deposit a certificate with the commissioner of labor and workforce development, and this bill doubles that deposit amount from $100,000 to $200,000, in lieu of providing the bond.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Def. to Special Calendar to be Published with Final Calendar in Insurance Subcommittee (on 02/11/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0476&ga=114 |
| Fiscal Note - HB0476 | https://www.capitol.tn.gov/Bills/114/Fiscal/HB0476.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB0476.pdf |
Loading...