Amends TCA Title 56, Chapter 8.

Under present law, the Tennessee Unfair Trade Practices and Unfair Claims Settlement Act specifies that:<br /> <br /> (1) The state insurance laws and the state laws governing employee/employer relationships (titles 56 and 50 respectively) provide the sole and exclusive statutory remedies and sanctions applicable to an insurer, person, or entity licensed, permitted, or authorized to do business under the insurance laws for alleged breach of, or for alleged unfair or deceptive acts or practices in connection with, a contract of insurance; and<br /> (2) The provisions of (1) above do not eliminate or otherwise affect any:<br /> (A) Remedy, cause of action, right to relief or sanction available under common law;<br /> (B) Right to declaratory, injunctive or equitable relief, whether provided under statute or rule; or<br /> (C) Statutory remedy, cause of action, right to relief or sanction referenced in title 50 or title 56.<br /> <br /> This bill revises the above provisions to remove the provision described above in (2)(A) whereby the provision described above in (1) does not affect a common law remedy, cause of action, right to relief, or sanction available under common law (thereby prohibiting such remedies, actions, relief, and sanctions against an insurance company).<br /> <br />