Purpose

The purpose of this part is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an association to assess the cost of the protection among insurers. Acts 1971, ch. 180, § 2; T.C.A., § 56-4002. The purpose of this part is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an association to assess the cost of the protection among insurers. Acts 1971, ch. 180, § 2; T.C.A., § 56-4002.