Minimum requirements of insurance policy or bond for security – Acceptable proof of existence of insurance or bond

(a) No policy or bond shall be effective under § 55-12-106, unless issued by an insurance company or surety company licensed to do business in this state, except as provided in subsection (b), and unless the policy or bond provides security not less than the amounts specified in § 55-12-102. Ask an insurance law question, get an answer ASAP!(1) year from the date of the accident or until final determination of any court action brought as a result of the accident, whichever may be the longer period of time. See Tennessee Code 55-12-102Commissioner: means the commissioner of safety, unless otherwise indicated or unless the context otherwise requires. See Tennessee Code 55-12-102Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCCState: means any state, territory or possession of the United States, the District of Columbia, or any province of the Dominion of Canada. See Tennessee Code 55-12-102Vehicle: means every device in, upon or by which any person or property is or may be transported or drawn upon a highway, excepting devices used exclusively upon stationary rails or tracks. See Tennessee Code 55-8-101(b) No policy or bond shall be effective under § 55-12-106 with respect to any motor vehicle that was not registered in this state or that was registered elsewhere as of the effective date of the policy or bond or the most recent renewal thereof, unless the policy or bond executes a power of attorney authorizing the commissioner to accept service on its behalf of notice or process of any action upon the policy or bond arising out of the accident. (c) The commissioner may rely upon the accuracy of the information in the report of an accident as to the existence of insurance or a bond unless and until the commissioner has reason to believe that the information is erroneous.