Bill > SB2601

This bill, amending Tennessee Code Annotated, Title 56, Chapter 22, increases the maximum amount of money a county mutual insurance company can retain for a single risk it insures, from $100,000 to $250,000. A "county mutual insurance company" is a type of insurance provider that operates within a specific county and is typically formed by a group of individuals to insure each other's property. The "retained risk limit" refers to the maximum financial exposure a company is willing to take on for a single policy or event, meaning they can now cover a larger portion of potential losses themselves before needing to rely on reinsurance. This change is set to take effect on July 1, 2026.