Tennessee Code 56-18-115 – Existing contracts not affected by conversion of stock life insurance company into mutual
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Terms Used In Tennessee Code 56-18-115
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-18-108
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Statute: A law passed by a legislature.
Neither the retirement of its capital stock nor any other action taken under this chapter shall affect existing suits, rights or contracts of the corporation. Any deposit made by the corporation under any requirement of an applicable statute of this state shall be retained by the commissioner in trust for the benefit and security of all of the policyholders of the corporation.