Tenn. Code Ann. § 56-2-407
This is the official text of Tenn. Code Ann. § 56-2-407, 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 of authority of foreign companies
Official statutory text
The authority of a foreign insurance company may be revoked: (1) If it violates or neglects to comply with any law obligatory upon it; (2) Whenever, in the opinion of the commissioner, its condition is unsound, or its assets above its liabilities exclusive of capital and inclusive of unearned premiums, as provided in §§ 56-1-402 - 56-1-405 [see the Compiler's Notes], are less than the amount of its original capital or required unimpaired funds; or (3) If any foreign company licensed to transact business in this state reinsures or accepts reinsurance on property located in this state for any company not authorized to transact the business of insurance in this state; provided, that § 56-1-102 does not apply to foreign marine policies. Acts 1895, ch. 160, § 12; Shan., § 3295; Acts 1919, ch. 170, § 1; Code 1932, § 6111; T.C.A. (orig. ed.), §§ 56-312, 56-234.
The authority of a foreign insurance company may be revoked:
(1) If it violates or neglects to comply with any law obligatory upon it;
(2) Whenever, in the opinion of the commissioner, its condition is unsound, or its assets above its liabilities exclusive of capital and inclusive of unearned premiums, as provided in §§ 56-1-402 - 56-1-405 [see the Compiler's Notes], are less than the amount of its original capital or required unimpaired funds; or
(3) If any foreign company licensed to transact business in this state reinsures or accepts reinsurance on property located in this state for any company not authorized to transact the business of insurance in this state; provided, that § 56-1-102 does not apply to foreign marine policies.
Acts 1895, ch. 160, § 12; Shan., § 3295; Acts 1919, ch. 170, § 1; Code 1932, § 6111; T.C.A. (orig. ed.), §§ 56-312, 56-234.
The authority of a foreign insurance company may be revoked:
(1) If it violates or neglects to comply with any law obligatory upon it;
(2) Whenever, in the opinion of the commissioner, its condition is unsound, or its assets above its liabilities exclusive of capital and inclusive of unearned premiums, as provided in §§ 56-1-402 - 56-1-405 [see the Compiler's Notes], are less than the amount of its original capital or required unimpaired funds; or
(3) If any foreign company licensed to transact business in this state reinsures or accepts reinsurance on property located in this state for any company not authorized to transact the business of insurance in this state; provided, that § 56-1-102 does not apply to foreign marine policies.
Acts 1895, ch. 160, § 12; Shan., § 3295; Acts 1919, ch. 170, § 1; Code 1932, § 6111; T.C.A. (orig. ed.), §§ 56-312, 56-234.
Status: in_force
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