Tenn. Code Ann. § 56-1-415
This is the official text of Tenn. Code Ann. § 56-1-415, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Issuance of policies by domestic life insurance companies forbidden when assets are insufficient
Official statutory text
When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities. Amended by 2013 Tenn. Acts, ch. 260,s 2, eff. 7/1/2013. Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127.
When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities.
Amended by 2013 Tenn. Acts, ch. 260,s 2, eff. 7/1/2013.
Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127.
When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities.
Amended by 2013 Tenn. Acts, ch. 260,s 2, eff. 7/1/2013.
Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127.
Status: in_force
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