Tenn. Code Ann. § 56-1-416
This is the official text of Tenn. Code Ann. § 56-1-416, 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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Revocation or suspension of certificate of authority
Official statutory text
(a) The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that: (1) A foreign insurance company is: (A) In an unsound condition; or (B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or (2) A foreign insurance company has: (A) Failed to comply with the law; or (B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen. (b) No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner. Acts 1895, ch. 160, § 5; Shan., § 3283; Code 1932, § 6098; T.C.A. (orig. ed.), § 56-128.
(a) The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that: (1) A foreign insurance company is: (A) In an unsound condition; or (B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or (2) A foreign insurance company has: (A) Failed to comply with the law; or (B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(1) A foreign insurance company is: (A) In an unsound condition; or (B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(A) In an unsound condition; or
(B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(2) A foreign insurance company has: (A) Failed to comply with the law; or (B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(A) Failed to comply with the law; or
(B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(i) Refused to submit to examination;
(ii) Refused to perform any legal obligations in relation to examinations; or
(iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(b) No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner.
Acts 1895, ch. 160, § 5; Shan., § 3283; Code 1932, § 6098; T.C.A. (orig. ed.), § 56-128.
(a) The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that: (1) A foreign insurance company is: (A) In an unsound condition; or (B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or (2) A foreign insurance company has: (A) Failed to comply with the law; or (B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(1) A foreign insurance company is: (A) In an unsound condition; or (B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(A) In an unsound condition; or
(B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(2) A foreign insurance company has: (A) Failed to comply with the law; or (B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(A) Failed to comply with the law; or
(B) Its officers or agents have: (i) Refused to submit to examination; (ii) Refused to perform any legal obligations in relation to examinations; or (iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(i) Refused to submit to examination;
(ii) Refused to perform any legal obligations in relation to examinations; or
(iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(b) No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner.
Acts 1895, ch. 160, § 5; Shan., § 3283; Code 1932, § 6098; T.C.A. (orig. ed.), § 56-128.
Status: in_force
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