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59 chapters · 1,882 sections in this title.
Tenn. Code Ann. § 56-21-101 Paid-up guaranty capital — Division into shares
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(a) Any mutual fire insurance company organized under the laws of this state shall have a paid-up guaranty capital of not less than nine hundred fifty thousand dollars ($950,000) divided into shares of not exceeding one hundred dollars ($100) each. (b) The increase in the minimum…
Tenn. Code Ann. § 56-21-102 Deposit of securities
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Notwithstanding the provisions contained in § 56-2-104 to the contrary, guaranty capital securities, in amounts equal to the requirements of § 56-2-104(a)(4), must be deposited with the commissioner of commerce and insurance for the protection of the policyholders and creditors o…
Tenn. Code Ann. § 56-21-103 Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares
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Every mutual fire insurance company organized with a guaranty capital may allow its subscribers all the interest and dividends accruing from the guaranty capital securities, according to the amount paid in or deposited by the respective guarantors, and, in addition, may pay the g…
Tenn. Code Ann. § 56-21-104 Investment of guaranty capital and other assets
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The capital and other invested assets of the company shall be invested in real estate mortgages or mortgage notes, not exceeding one-half (½) of the value of the property, or in such other securities as are permitted for investment by domestic stock fire insurance companies.
